Predicting the Global Halal Food Industry Market Share
DOI:
https://doi.org/10.58968/hs.v2i1.668Keywords:
Halal Food, Global Halal, PredictionAbstract
The Halal Food Industry is one of the largest sectors in the global Islamic economy and has experienced significant growth over the past decade. This study aims to predict the global market share of the halal food and beverage industry using data from 2012–2017 sourced from the 2018 Global Islamic Economics Report (GIER). Three forecasting methods were used, namely Trend Analysis, Multiplicative Decomposition, and Exponential Smoothing with Trend, with the help of POM-QM Version 3 software. The results show a general upward trend in the Halal Food market share, although some methods show variations in certain years. The MAPE value shows that the Trend Analysis and Multiplicative Decomposition methods have a higher accuracy rate (0.04) than Exponential Smoothing with Trend (0.06). These findings provide an initial overview to understand the dynamics of global Halal Food industry growth and can be used as a reference for industry players, policymakers, and academics in formulating strategies for the development of the halal sector in the future.
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