Anti-Counterfeit Packaging Market – Chemicals and Materials Business News | Global Market Analysis of Chemicals and Materials Industry

Strict Product Safety Regulations Driving Anti-Counterfeit Packaging Market?

The global anti-counterfeit packaging market is predicted to generate a revenue of $208.3 billion by 2023, increasing from $114.4 billion in 2017, progressing at a 10.9% CAGR during the forecast period (2018–2023), according to a report by P&S Intelligence. The market has been registering growth due to the rising focus of manufacturers on brand protection and expanding counterfeit industry. When technology is taken into consideration, the market is divided into track & trace, forensic, overt, and covert.

Out of these, the track & trace division accounted for the largest share of the market in the past, owing to the surging adoption of packaging technologies. Such technologies enable manufacturers to track and trace the shipment and prevent any sort of technological impediments. The division is further projected to register the highest CAGR during the forecast period. On the basis of application, the anti-counterfeit packaging market is categorized into clothing & apparel, food & beverage, and pharmaceuticals & healthcare.

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Among all these, the pharmaceuticals & healthcare category held the largest share of the market during the historical period, and it is further expected to grow at the fastest pace during the forecast period. As the concerns regarding health and pharmaceutical production is increasing, the demand for anti-counterfeit packaging is also growing in the medical industry. Moreover, the penetration of online pharmacies, rising involvement of under-regulated wholesalers and retailers, and low production cost are also driving the integration of anti-counterfeit packaging in the industry.

Geographically, the North American region has been the largest anti-counterfeit packaging market during the historical period. The increasing production volumes of food & beverages, pharmaceuticals, and clothing & apparels in the region is creating high demand for anti-counterfeit packaging solutions in the region. The Asia-Pacific region is expected to witness the highest CAGR during the forecast period, owing to the enforcement of regulation by governments for pharmaceutical and consumer goods packaging and macroeconomic growth in the region.

What are Key Factors Boosting Global Anti-Counterfeit Packaging Market?

The demand for anti-counterfeit packaging is expected to boom in the coming years, mainly owing to the rise in the losses incurred by product manufacturers in various countries, on account of the steep surge in the sale of counterfeit products. According to the latest estimates published together by the Intellectual Property Office of the European Union and Organisation for Economic Cooperation and Development (OECD) in 2019, the sale of counterfeit goods make up for around 3.3% of the worldwide trade activities. The pharmaceuticals industry, in particular, is severely impacted by counterfeiting, which is why it is predicted to register a significant usage of this type of packaging.

Another major factor propelling the rise in the demand for anti-counterfeit packaging is the wide-scale adoption of these technologies by manufactures in order to protect their brands from the image-tarnishing effects of spurious products. Due to these reasons, the global anti-counterfeit packaging market is expected to flourish at a CAGR of 10.9% during the forecast period (2018–2023), to generate more than $208.3 billion in revenue by 2023, which would be a huge jump from its value of $114.4 billion in 2017.

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Anti-counterfeit packaging is produced to work on numerous technologies, namely forensic, covert, overt, and track and trace. Amongst these, the track- and-trace-technology-equipped anti-counterfeit packaging observed the largest sales in 2017. This is attributed to the fact that this technology allows the manufacturers to easily track and trace their products and shipments and avoid theft, piracy, and technological impediments during deliveries. It is because of the importance of these processes that the demand for packaging empowered by this technology would continue to be the highest in the coming years.

Anti-counterfeit packaging is being widely adopted in a wide array of industries, such as food and beverage, pharmaceutical and healthcare, and clothing and apparel. Out of these, the pharmaceutical and healthcare industry, due to the increasing need for genuine and reliable products, in order to reduce health risks from fake drugs, is predicted to witness the fastest growth in demand for anti-counterfeit packaging. Moreover, the production of pharmaceutical drugs is expected to increase significantly in the coming years, especially due to the rise in the geriatric population and various health problems, which will further catapult the demand for such technology.

The biggest rage currently being observed in the anti-counterfeit packing market is the swift rise in the strict product safety regulations and measures, in order to eliminate fake products from the market. The governments of various countries are rapidly enacting stringent laws and regulations, such as those mandating the implementation of safety tags for certified products and imposition of heavy fines and punishment on defaulters, to monitor and track counterfeiting activities and then destroy the spurious products that are being circulated in the market.

Geographically, the adoption of anti-counterfeit packaging was the highest in North America in 2017, and this trend is expected to continue during the forecast period. This is mainly attributed to the increasing adoption of anti-counterfeit packaging by the food and beverage, pharmaceuticals, and consumer goods manufacturing companies in the region. The U.S. is predicted to register the higher sales in the region during the forecast period. Asia-Pacific (APAC) is expected to record the fastest growth in demand for anti-counterfeit packaging in the forthcoming future, due to the rising consumption of packaged food.

Therefore, with people creating fake products for some easy money, the actual manufacturers of such stuff would adopt anti-counterfeit packaging to secure their image and keep people from harm.