Anti-counterfeit packaging market 2020 can possibly advance at a rate of close to 12% between 2017 and 2023 (evaluation period), confirms Market Research Future (MRFR).
Top Drivers and Main Barriers
With the counterfeiting industry rapidly rearing its head, the consumer goods market is constantly taking a hit with each passing year. Recent years have noted a surge in counterfeit car parts, technologies like cell phone batteries and prescription drugs. Counterfeit pharmaceutical has emerged as one of the most profitable industries in the worldwide trade of illegal goods. Unauthentic drugs not only harm but also lead to fatality all across the world, leading to significant damage of the brand belonging to renowned pharmaceutical manufacturers. The surge in the use of online pharmacies, and the emergence of mass producers of various counterfeit medical products, has unfortunately boosted the growth of the falsified drugs market. This calls for more demand for anti-counterfeiting packaging, an ideal solution to such a grave situation.
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The latest trend picking up speed in the market is the rising number of strict product safety regulations associated with counterfeiting. Since the fake products are continuously rising in number around the world, governments across several nations are various countries are setting up stringent rules that aim to curb these counterfeiting activities. The growth of these regulations is bound to leave a positive impact on the market for anti-counterfeit packaging, while weakening the market for fake products.
The market also benefits from the consistently mounting concerns among manufacturers regarding the losses being incurred due to the sales of counterfeit items. Concerns with regard to brand dilution have risen considerably among leading companies, which boosts the requirement for anti-counterfeit packaging. It is anticipated that a huge demand for this type of packaging will be generated in the pharmaceutical sector, given the high possibility of losses incurred by the rising use of spurious goods. In the face of growing concerns linked with brand image as well as the negative effects of hazardous drugs, more and more manufacturers are expected to make higher use of anti-counterfeiting packaging technologies in subsequent years.
The study of the anti-counterfeit packaging market covers segments like technology, usage feature, and end-users.
The technologies used in the market are labels, barcode, holograms, RFID, and others. Out of these, RFID has the highest potential to gain the largest share in the market, owing to its use in various sectors for capturing and reading that is stored on the product’s tag.
The usage features listed in the report are tamper evidence, track & trace, covert, forensic markers and overt. In 2016, the market was dominated by track & trace usage feature, and the predictions confirm that the segment can attain the fastest growth rate in the following period. Track and trace find widespread use in every type of packaging variables, since they help brand documentation symbols, transportation data during transport and also display product statistics.
The main end-users in the market identified by MRFR are food & beverages, healthcare, apparel, automotive, consumer goods, and others. Healthcare was the leading end-user in 2016 and can also procure the fastest CAGR over the next couple of years. Anti-counterfeiting helps curb the sale of fake medicines and other unauthentic healthcare items.
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North America, Asia Pacific or APAC, Europe, and the Rest of the World or RoW are the top markets for anti-counterfeit packaging across the world.
In 2016, APAC clinched the top position in the global market; on account of the surging awareness among manufacturers regarding counterfeit activities and the urgent need to diffuse this situation. The market growth in the region has also been induced by the burgeoning population and the rising disposable income of people. Owing to the latter, the demand for packaged food has also soared in the region, eventually favoring the market. A number of vendors are making sizeable investments in these technologies, which can result in the emergence of lucrative opportunities for market contenders during the conjectured period.
MRFR estimates the shares held by North America and Europe to be equal, with the market growth in these regions to be the result of the rising focus among manufacturers on the development of more advanced anti-counterfeit packaging to avoid business loss. These manufacturers are also working towards maintaining the authenticity of the products, which induces the need for anti-counterfeiting packaging in the region.
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