Global Anti-Counterfeit Packaging Market Set to Grow at a CAGR of over 15% by 2020, Says Technavio
By Business Wire News
By Business Wire News
Technavio analysts forecast the global anti-counterfeit packaging market to reach around USD 134 billion by 2020, according to their latest report.
The report explains the main growth drivers of the anti-counterfeit packagingmarket, including the rising need for traceability systems and the increasing demand for anti-counterfeit packaging from emerging nations.
“Counterfeiting has become a matter of concern for all businesses globally. As per the data provided by the World Customs Organization and the International Chamber of Commerce, 5-9% of the annual global trade is accounted for by counterfeit goods and products. Counterfeit packaging has become a common problem, posing many challenges to businesses, especially to companies operating in the F&B, pharmaceutical, and consumer goods industries,” explains Technavio’s lead research analyst, Sharan Raj M.
In terms of application, the consumer goods segment accounted for the highest share of almost 31% in the global anti-counterfeit packaging market in 2015.
In terms of geography, North America led the market in 2015 with over 48% market share. The US dominates the anti-counterfeit packaging market in North America.
Technavio’s analyst team does an in-depth study of the drivers, challenges, and trends of the global anti-counterfeit packaging market. Below are the growth drivers analyzed in the report:
- Prevention of counterfeit products
- Rising need for traceability systems
- Demand from emerging nations
Prevention of counterfeit products
Counterfeit packaging has become a major issue for most businesses globally, which not only results in loss for the company, but also destroys the brand image of the products. In the pharmaceutical industry, pharmaceutical producers are taking stringent measures to prevent medicines or drugs from being counterfeited.
Rising need for traceability systems
Product traceability systems are intended to keep a record of the product flow and to track products throughout the production process or logistics network. As the manufacturing and distribution process of any product is so complex, companies consider traceability systems as the best tool to solve all counterfeit-related challenges.
“Product traceability tools help companies make available fresh and reliable products to their consumers, thus reducing the chances of counterfeit products in the market. In many countries such as the US and the UK, consumers are willing to pay a higher amount for products containing traceability certificates and the point-of-origin on food products,” says Technavio’s lead analyst, Sharan Raj M.
Demand for anti-counterfeit packaging from emerging nations
Anti-counterfeit packaging is gaining importance and demand from emerging countries in APAC. The anti-counterfeit packaging market in APAC is forecast to grow remarkably during the forecast period, owing to rising demand for food products, dairy products, pharmaceutical products, household items.
Sharan Raj M, Technavio’s research analyst says, “The increased disposable income of the population in emerging nations and the rising e-commerce in developing countries are encouraging anti-counterfeit packaging. Also, increase in trade among developed countries and developing countries will contribute to the growth of the anti-counterfeit packaging market.”
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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