No: An animal is capable of having a subjective existence, emotions and sensations. Slaughtering them needlessly (ie., for luxury purposes) is not okay to me.
The planet is warming. Biodiversity is plumetting. By not eating meat we can have FOUR TIMES the food or keep the forests in place as REALLY NICE. Its not just the animals suffering. It will be many of us suffering as we burn the earth to fill our greedy bellies.