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, 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.
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.
Manufacturers in different industries are highly concerned with counterfeit activities, which is further driving the growth of the anti-counterfeit packaging market. Manufacturers often face losses because of counterfeiting of products. This is also resulting in high concerns regarding brand dilution, which is creating high demand for anti-counterfeit packaging solutions in different industries. Companies are increasingly focusing on preserving the names of brand and therefore are making heavy investments in the anti-counterfeit packaging domain.
The rapid rise in the implementation of stringent product safety regulations regarding counterfeiting is a major trend that is being observed in the anti-counterfeit packaging market. The counterfeit market has been growing significantly. Therefore, as the concentration of fake products is growing, governments of several countries are widely implementing strict rules for controlling such activities. Such regulations are targeting to eliminate the market of fake products across the globe and protect consumers from potentially harmful products.
Hence, the market is growing due to the increasing concerns regarding brand dilution and wide implementation of stringent regulations.
