I doubt this'll be the sort of thing we'll be doing at home. At least in the foreseeable future, this will be done in labs. But it might very well eventually be cheaper than raising cows just to slice them up for food.
Interestingly, I just saw an episode of the sitcom Better Off Ted where they grew meat in the lab, but found that they needed to exercise it to make it taste good. First time I've seen a sitcom make an accurate scientific prediction.