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What are the emerging technologies for the development of Anti-Counterfeit Packaging Market ?
Anti-Counterfeit Packaging Market by Type (Covert, Overt, Forensic, Track & Trace), by Application (Pharmaceuticals & Healthcare, Food & Beverage, Clothing & Apparel), by Geography (U.S., Canada, Mexico, Germany, U.K., France, China, Japan, India, South Korea, Taiwan, Brazil, Argentina, South Africa)
Covert, track and trace, overt, and forensic are the various technologies on which anti-counterfeit packaging works. Among these, track and trace has been the most popular technology among end-users as it helps them trace the products throughout the shipping process to keep a better tab on where they are headed. The usage of the track and trace technology will continue growing the most rapidly in the future. Track and trace uses machine-readable data and radio-frequency identification (RFID) to give each product a unique identity and an easily readable code for swift identification.
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A major aspect of growth which is pushing companies to deploy anti-counterfeit packaging is brand identity. The sale of products not made by the parent firm not only costs it money, but can also hurt its image if the products prove to be harmful. This is why several global firms, such as GSK, Pfizer, and Purdue Pharma, are already making good use of the technology to secure their brand image and also protect people against the ill-effects of fraudulent drugs.
Geographically, in 2017, North America led the anti-counterfeit packaging market with a revenue contribution of more than 40.0%. This is attributed to the presence of a large number of food and beverages, pharmaceutical, and consumer goods- producing companies in the continent. In addition, governments here are taking initiatives to protect users from fraudulent products, thereby favorably impacting the growth of the market. Due to the increasing fake production and surging stringent security policies related to counterfeiting, the market has witnessed a boom in recent years.
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Rising counterfeiting activities is impelling manufacturers to protect their name. Additionally, various countries’ governments are implementing rules and regulations to control counterfeiting, which is further boosting the growth of the anti-counterfeit packaging market. For instance, the International Trademark Association backs the passing and development of trade agreements, regulations, and legislations throughout the world, which accelerates international and national enforcement processes against counterfeiting.
In the past few years, the market for counterfeit product has grown significantly, owing to the high profit margin gained by selling these products. Counterfeiting is adopted in a majority of industries, such as pharmaceuticals, clothing and apparel, food and beverages, and consumer goods. According to a joint report by the European Intellectual Property Office (EUIPO) and Organization for Economic Co-operation and Development (OECD), in 2016, the global sale of counterfeit goods generated a revenue of $461 billion. Thus, to control counterfeiting activities and ensure product authenticity, manufacturers are using secure packaging.
Hence, the increasing concerns of manufacturers on product counterfeiting is helping in the growth of the anti-counterfeit packaging market.
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