I'd guess there'd be a lot of sudden interest in energy-efficient LED grow lights and there'd be an over-supply of beef in the short term because there's no food for the cattle, so we might as well eat them.
Long term, it's all about being able to have enough indoor hydroponic/aeroponic space to grow enough food for ~7.5 billion people, which sounds really difficult and impractical.
I find it interesting that one possible benefit of Elon Musk's Mars plan is that the same space/energy/resource efficient food production technology that will be needed on Mars is the same technology we would need on Earth in order to ride out certain catastrophes. By creating an interplanetary "insurance policy" to ensure human survival, we may improve our ability to survive on Earth.