Global anti-counterfeit market is expected to witness brisk growth over the forecast period owing to increasing awareness regarding counterfeit products. Increasing demand for genuine packaging and coupled with technological advances is presumed to positively impact the market over the next seven years. Feigned products cause serious problem to the world economy and result in massive monetary losses across all industries. Forged products related to health, textiles, food and consumer products as well as avenues have induced severe financial losses and problems related to authenticity across the globe in the recent past.
Demand for the anti-counterfeit technology is presumed to increase over the near future owing to stringent laws and regulations imposed by the governments. Governments and related agencies across the world are taking extra measures to counter counterfeiting operations as they negatively impact the economy. Increasing consumer awareness regarding bogus packaging is projected to positively impact the market in the near future.
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Anti-counterfeit technologies are implemented by many manufacturing companies and regulatory bodies in recent years across almost every industry. Anti-counterfeit measures play a key role in preserving the brand value for any product. For such reasons, companies across almost all industries, big and small, have invested heavily in anti-counterfeiting measures. Such a trend is expected to gain more traction over the forecast period and positively impact the market. Thus, to safeguard the company against financial losses and brand devaluation, the companies are accommodating appropriate authentication technologies in their product manufacturing and packaging operations.
Increasing safety concerns among the consumers is a key factor expected to motivate companies to adopt adequate authentication and anti-counterfeit technology. Rising concerns over human health as spurious products have negatively affected the pharmaceuticals sector in the recent years has encouraged in-depth anti-counterfeit technology in this sector. Stringent anti-counterfeit regulatory policies, particularly related to pharmaceutical industry are projected to result in this sector witnessing the highest growth rate among all application industries.
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Increase in easily available and cheap forgery technologies has prompted packaging companies to opt for authentication technology with an aim to safeguard against financial losses and brand valuation. Every company requires an efficient supply chain to increase its performance. Track &trace features are the most useful type for the companies to keep a check on their supply chains. Logistics and transportation companies are expected to benefit the most from such technologies as they help in effectively tracing the packages.
Existence of several counterfeiting technologies and non-availability of anti-counterfeit measures is expected to be a major restraint for the market over the forecast period. Huge initial setup cost is expected to hinder market growth over the forecast period. Innovations and technological advances due to growing demand across all industries is expected to offer ample opportunities for the industry participants. Demand for the remote authentication technology is expected to promise abundant opportunities in the near future.
The market can be segmented on the basis of technology, usage, end-use industry and regions. Technology wise the key product segments are coding & printing, RFID, holograms, security labels and packaging designs. Usage segmentation includes track & trace technology, tamper evidence, overt features, covert features and forensic indicators. The key end-use industries for this market include food & beverages, healthcare & pharmaceuticals, industrial & automotive, consumer products and clothing & accessories.
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