I'm cheating, I'll admit, combining two posts that are only tangentially related. However, what do we think can replace the giant beef industry? While it's not in any danger, one thing taking a few acres of land in a way that wasn't done before is aquaculture. This video is produced by a news organization in North Carolina and is somewhat propaganda-esque promoting local businesses, but I still think it's interesting. Much of NC is lowlands, and more of the state may be available for this kind of business going forward.
Meanwhile water is an issue in the arid southwest, where lots of land is devoted to cattle ranching. Flows down rivers are down about 17% (alternate source) and irrigation used to grow alfalfa for animal feed all over. Basically that's repackaging water, which is a tough sell in places like the southwest.
While the land and water aren't comparable, the food produced might be....