Meat industry would collapse due to 1. Daily foods like steak, bacon, eggs, milk would get extremely expensive leaving the population to lousy unsatisfying vegetables.
Might solve the obesity epidemic :) Might also cause riots because people are not used to eating yucky foods like vegetabables.
Vegetables in the sense of wheat, peanuts, and such? Sure (but since these things will get processed, so I wouldn't hold out that it helps with our obesity).
Vegetables like kale and broccoli? No way. The ratio of labor and land required per produced calorie for these kinds vegetables is far too high. In addition to existing farmland, we would need to convert large amoutns of existing natural environments areas like forests into farms.
But back to your point, why would the industry collapse? Wouldn't prices just increase?
Well, given that the majority (more than 80%) of land is used for growing grass, wheat, soybean and corn for cattle there's no fear for vegetables.
Although soy grown for human consumption is not popular now, it's the most efficient legume there is. More protein than a steak.
This went a little bit off topic, although my point was that removing subsidies on food makes things tricky. Given that in some parts of US burger price is halved if not 20% of what it should be due to subsidies on water and corn and soybean etc.
Might solve the obesity epidemic :) Might also cause riots because people are not used to eating yucky foods like vegetabables.