Our modern understanding of biology means the sharp line we have drawn between humans and animals, historically justified in religious terms, just can't be maintained any more - as covered by Peter Singer's analysis of moral progress as widening the 'circle of moral concern'. We have to consider future capacities of other species, and their potential to develop into full moral agents and subjects. I don't think there's an answer to that, that wouldn't also justify human slavery eg of specially bred humans like in Cloud Atlas.
The meat industry has already wiped out many breeds of animals, with for instance wild boar wiped out in the UK (until recently reintroduced), and tougher more self-reliant but less meat producing breeds allowed to go extinct (like Lincolnshire curly coat). So it's hard to argue the problem is breeds going extinct, when modern farming does this more. Nearly all US dairy cows come from 2 bulls, with inbreeding risks, and such strong selection for milk that they have much lower intelligence than most cattle, and can't be left on grass overwinter because of large size - it's happened in recent times, and could be reversed. It's not that the current system looks to their wellbeing, it doesn't, it actively decreases it.
The current situation is part of a high productivity but high resource use system that contributes massively to climate change eg with methane (food emissions are 30% of total and alone unaddressed could prevent reaching targets).
Many places like grasslands and mountainous Tibet, are very difficult to grow enough crops for a balanced diet, but can raise animals. Plus getting through winter in Northern climates was difficult without animals, and preservative fats. In the developed globalised world we don't face these issues now, but that's pretty recent, and there's certainly an equity issue for already poor people living in areas that can't produce non-animals foods.
Vegans argue for animal autonomy, ie not that there should be no carnivorous animals. We don't need to eat meat anymore is the issue. Vegans seriously consider issues of transition to a non-meat-eating world, and generally look toward rewilding and allowing the mixing of domestic and wild animals in conditions with initial extra support until evolution does it's work.
Wider discussion of the ethics here: Is 'veganism' a settled issue in Philosophy and Ethics?
A more interesting subjective ethics case you might be interested in, which reveals more about how ethical systems are part of culture:
Is artificially generating images of minors in sexual positions unethical?