Increasing Focus of Manufacturers on Brand Protection Driving Anti-Counterfeit Packaging Market

In 2017, the global anti-counterfeitpackaging market generated $114.4 billion and is predicted to attain a value of $208.4 billion in 2023, advancing at a 10.9% CAGR during the forecast period (2018–2023). The market is registering growth due to the rising focus on brand protection and expansion of the counterfeit industry. The unauthorized reproductions of a trademarks brand which are identical to genuine products is counterfeiting. Secure packaging is needed for avoiding this counterfeiting of products. Anti-counterfeit packaging is the process of assigning secure packaging to the products for minimizing infringement and counterfeiting. 

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When technology is considered, the anti-counterfeit packaging market is divided into track & trace, covert, forensic, and overt. Among these, the track & trace division dominated the market during the historical period (2013–2017) and is predicted to register the highest CAGR of 11.3% during the forecast period. This is because of the increasing adoption of tracking and tracing by the manufacturers for avoiding any technological complications n the supply chain. The technology includes the assigning of unique identity to each product that helps in the tracing of product later in the supply chain. 

The growing focus of manufacturers on brand protection is a key driving factor of the anti-counterfeit packaging market. The concern among manufacturers regarding losses due to the sales of counterfeit products is increasing. This, along with concerns regarding brand dilution, is driving the market. For example, the requirement for anti-counterfeit technologies by the pharmaceutical industry is rising because of the high demand caused by the utilization of spurious products. As per the industry experts, at least 1% of all the drugs that are circulated are counterfeit even in the most secure market. 

Among the different regions, namely Middle East & Africa, North America, Central & South America, Europe, and Asia-Pacific, North America held the largest share of the anti-counterfeit packaging market during the historical period and is further predicted to dominate the market during the forecast period. The reason for this is the strong base of food & beverage, pharmaceutical, and consumer goods manufacturing companies in the region. The Asia-Pacific region is expected to grow at the fastest pace during the forecast period.

Hence, the market is growing due to the expanding counterfeit industry and rising focus of manufacturers on brand protection.

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Created on Mar 26th 2020 08:47. Viewed 246 times.

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