It would increase the cost of meat a little due to the fact that the leather would be cheaper with decreased demand. Since the cost of the cow would be the same

It would increase the cost of meat a little due to the fact that the leather would be cheaper with decreased demand. Since the cost of the cow would be the same and the income from leather would drop, ranchers would need to increase prices on meat to maintain the same income. Increase in meat prices would decrease demand a little. While this wouldn't strike the demand for cattle it would net some marginal gains.