A cursory Google search indicates that beef meat is 73% water, 3% fat, and 23% protein. So the world's ocean levels will be going up by almost exactly 6 feet when all is said and done. But that's a minor thing. We're looking at approximately 2.6*10^17 kg of fat and protein. There's only 1.2*10^18 kg of oxygen in Earth's entire atmosphere, so if that decays we could be looking at a major global anoxic event.

Fortunately half the world is winter, which should put a big chunk on ice for a while. A lot more will sink into the ocean depths and possibly be sequestered for a while that way too. So it might be survivable.

http://what-if.xkcd.com/4/

I'm imagining both happening, where veal is one of my favourite foods that I'm becoming allergic to - and then the Earth is covered in it. I'd obviously be doomed.

This sounds like a serious problem. On the one side, vomit-world. On the other, world hunger would end, but I'd get sick of Veal after a day or two.

My best friend will probably suffer more from the veal cutlet scenario