According to Reports & Data, the global anti-counterfeit packaging market is forecasted to reach a value of USD 248.90 billion by 2026. As per the report, the massive rise in globalization has increased the level of counterfeiting across the globe. Duplicate goods include jewellery, electronic items, apparels, medicines, tobacco products, liquor and much more. Due to this trend, secure packaging is witnessing high demand among different industries.
Anti-counterfeit packaging involves the action of assigning secure packaging to the product so as to minimize the incidents of counterfeiting and infringement. Currently, the market of fake products is growing across the globe at an alarming rate and manufacturers are finding it harder to counter the threat. Among the many sectors pharmaceutical is one of the worst-hit by counterfeits. Fake medicines include the proliferation of dangerous and illegal substance used in counterfeit drugs.
Organizations are using different anti-duplication packaging to counter the imitation and confirm the safety of items. Counterfeiting leads to a reduction in profits and loss in the brand image for the affected company.
In the year 2018, North America had the largest share at 31.4% in the anti-counterfeit packaging market. The report states that the high demand from healthcare products, electronics, food and beverages, and cosmetics is pushing the growth in this market. Moreover, awareness among consumers is leading to an increase in the demand for transparency which in turn is boosting traceability of the products. In order to cater to the rising demand, manufacturers are coming up with innovative technologies in equipment with specific functionalities for efficient identification and tracking of products.
Other key findings of the report:
- Barcodes held the largest market share of 21.8% in the year 2018. The barcode is a series of numbers which, when decoded, identifies the product by date and place of manufacture. These codes are one-dimensional, and the information included in them is limited by the maximum available number of characters that can be scanned or printed at a time.
- Overt Feature is forecasted to grow with the higher CAGR of 10.9% during the forecast period. This feature enables instant authentication of packaging via visual inspection by a layman. An optically variable feature like holographic devices within designs and color shift links are some of the most common and effective overt security features.
- Counterfeit medicines in pharmaceutical are among the most lucrative sectors of the global trade. Fake drugs kill or harm millions across the globe and inflict some severe damage to the brand names of big pharmaceutical manufacturers. Lifesaving drugs are also included from the trade-in fake medicines. Healthcare & Pharmaceutical held the largest market share of 24.6% in the year 2018.
- The Asia Pacific region is forecasted to grow with the highest CAGR of 10.7% during the forecast period, owing to the development of the anti-counterfeit packaging market in China and India. Increasing awareness among consumers has led consumers to check the product-related information before purchasing products, in turn, increasing the demand for anti-counterfeit packaging in this region.