No, you sell more product when the price decreases making the industry more profitable.

https://en.wikipedia.org/wiki/Jevons's_paradox is the same basic idea.

I think the amount of food they can sell is limited by appetite. The only question is at what price point.

US corn production may have started by feeding people, then animals, then substituting for other food (corn syrup>sugar), then being burned in cars. Which just shows people tend to find ever wider demand for products as they get cheaper.

Meat demand as price drops may end up in pet food or 'corn' flakes, but the usage does not really matter. In competitive markets producers tend to make a fixed percentage of sales as profits. Thus, increasing total sales tends to also increase industry profits.