Satisfied eating ace food (4)
I believe the answer is:
meat
'food' is the definition.
(meat is a kind of food)
'satisfied eating ace' is the wordplay.
'satisfied' becomes 'met' ('meet' can be a synonym of 'satisfy').
'eating' indicates putting letters inside.
'ace' becomes 'a'.
'met' going around 'a' is 'MEAT'.
(Other definitions for meat that I've seen before include "Food for carnivores" , "Animal flesh as food" , "The flesh of animals as food" , "Edible flesh" , "Beef, chicken, pork etc" .)