Meat Production Forecasting: Balancing the Supply & Demand Using Time Series Forecasting Tool

The meat industry has been growing at a rapid pace over the past few years, with increasing demand from consumers. This has made it essential for businesses in the industry to plan their production processes meticulously. One of the critical techniques that these meat businesses can use is meat production forecasting.

Meat production forecasting enables businesses to predict how much quantity of meat they will be needed to produce & satisfy the demands. Besides, ensuring they do not overproduce & waste meat resources.

In this writing, we will explore why meat production forecasting is essential for beef, mutton, and poultry companies. The process and steps involved, balancing supply and demand in the meat industry using a time series forecasting tool called Odyx yHat.

Why Does Your Business Need Meat Production Forecasting?

Meat production forecasting is crucial for businesses in the meat industry for several reasons. It enables them to predict future market trends and anticipate potential risks. Meat production forecasting allows businesses to ensure they have enough meat reserves to fulfill demand while minimizing food wastage & reduce enterprise costs. Forecasting help enterprises by

Keeping the supply-demand in balance
Adjusting Meat Production Efficiently
Better Planning Business Outcomes & Revenue
Available Fresh Meat On/Off Premises
Accurately Managing Meat Yields
Improving Food Nutrients Security
Optimizing Feed Production
Reducing Meat Waste

This is particularly relevant in today’s world, where sustainability and reducing food waste are key concerns and forecasting helps them to achieve. Meat production forecasting also helps to plan for the future by giving insights into future market trends & potential risks beforehand.

According to Our World in Data, the global meat demand for Poultry, Beef, Sheep, & Eggs is continuously increasing from 1961 to 2050. It also forecasted that these demands will grow rapidly as the population is growing.

The graph above is demonstrating global meat consumption trends by 2050 based on historical data. Moreover, let’s learn in-depth how data science and machine learning can leverage the meat production industry.

Meat Production Forecasting: Process and Steps

The process of meat production forecasting is a multi-stage process. The first step is to gather historical data on meat production, including the number of animals processed, the amount of meat produced, and the demand for meat products. This data can be obtained from a variety of sources, including the business’s own records, industry publications, and government reports.

Once the historical data has been collected, the next step is to analyze it using time series forecasting tools. Time series forecasting is a statistical technique that involves analyzing past data to make predictions about future trends. This technique is particularly useful for predicting future demand for meat products.

The analysis involves several steps, including:

Cleaning the data to remove any outliers as well as errors.
Visualizing the data to identify trends and patterns.
Selecting the appropriate forecasting model based on the characteristics of the data.
Testing the model to ensure it is accurate and reliable.

Balancing Supply & Demand Using Time Series Forecasting

One of the key benefits of meat production forecasting is that it allows businesses to balance supply and demand. Time series forecasting analyzes historical time series data and makes future predictions based on it. By using the self-servicing data analytics tool, businesses can predict future demand for meat products and adjust their production processes accordingly. This ensures that they have enough meat to meet demand while avoiding overproduction and waste.

For example, a meat processing plant may use time series forecasting to predict that demand for ground beef will increase in the coming weeks. They may choose to increase their production of ground beef to meet this anticipated demand. Conversely, if they predict that demand for ground beef will decrease, they may choose to reduce their production to avoid excess meat.

Time Series Forecasting Tool: Odyx yHat

There are several time series forecasting tools available on the market but Odyx yHat is matchless. Odyx yHat is a self-servicing time series forecasting tool that uses machine learning algorithms to analyze historical data and predict future trends.

This tool is particularly useful for businesses in the meat industry, as it can help them predict demand for specific meat products and adjust their production processes accordingly.

Odyx yHat offers several benefits to entreprises, including:

Accurate forecasting

Odyx yHat uses machine learning algorithms to analyze historical data and make accurate predictions about future trends.

Scalability

Odyx yHat can handle large datasets and can be scaled up or down depending on a business’s needs.

Customization

Odyx yHat can be customized to meet a business’s specific needs and requirements.

The Final Verdict

Meat production forecasting is an essential tool for businesses in the meat industry. By using time series forecasting tools like Odyx yHat, businesses can predict future demand for meat products and adjust their production processes accordingly. This ensures that they have enough meat to meet demand while avoiding overproduction and waste.