TIME SERIES ANALYSIS AND FRACTAL CONFIGURATION OF GLOBAL MEAT PRODUCTION OF PORK, POULTRY AND BEEF

Abstract

 This paper aims to examine the meat production figures as individual time series, and intra-correlated time series. Both traditional autocorrelation technique and fractal methods were utilized to highlight the unique dynamics of global meat production. The study is anchored on the premise that the dynamics of the meat production data provides deep insights into the geopolitical-economic context in the global setting Production data for chicken, beef, and pork was obtained from United Nation-Food and Agricultural Organization from 1965 to 2015. The result shows that the increase in any of the meat production values would imply a corresponding increase in the other meat products. Apparently, the meat production values obtained over the years are really functions of the population growths experienced by all countries worldwide. The pork and poultry are considered staple meats in most parts of the world. Among the meat products, poultry meat production is the most erratic followed by beef production with pork registering the least erratic movement in the global market. Poultry meat production appears to be the most unpredictable compared to other meat product. The study concludes that poultry meat has the highest demand in the market than other meat products. The continual increases in demand of these meat products are due to inexpensive prices which make it more available to a lower class family. Development of poultry meat production is necessary to supply the demand for meat worldwide because it characterized with a short production period than other meat products. In contrast,   pork and beef are more expensive which make it unavailable to a lower class family and has a long production period.