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.
