I don't think it will completely replace animal meat. There are issues with taste. The synthetic meat itself tastes very similar (identical?) to the meat it is grown from, but it does not include fat, which is what gives most meat its taste. I don't know if they can solve that problem.

It will, however, have many, many, many important uses. You can use it to feed livestock, it can be useed to supplement some food, it does fine taste-wise in some situations (chicken nuggets, lean meat, burger, sausage), it can be used for the starving. That is assuming that it never matches in taste. But there is a decent chance that they can solve that or come close enough.

This WILL change the world for the better. It is a miracle of progress.