Growth Prospects for Anti-Counterfeit Packaging Market Brightest in Asia-Pacific

In 2016, $461.0 billion worth of counterfeit goods were traded across the world! The European Intellectual Property Office (EUIPO) and Organization for Economic Co-operation and Development (OECD), which jointly published these numbers, also said that of all the goods exported that year, 2.5% were counterfeits. This has led to manufacturing companies increasing the use of anti-counterfeit packaging to secure their products and brand image. At $114.4 billion, the anti-counterfeit packaging market valued almost a quarter of the global counterfeit goods trade in 2017. But, with retailers and manufacturing companies raising the usage of such safe and secure techniques, the market is projected to grow to $208.4 billion in the coming years.

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Covert, track and trace, overt, and forensic are the various technologies on which anti-counterfeit packaging works. Among these, track and trace has been the most popular technology among end-users as it helps them trace the products throughout the shipping process to keep a better tab on where they are headed. The usage of the track and trace technology will continue growing the most rapidly in the future. Track and trace uses machine-readable data and radio-frequency identification (RFID) to give each product a unique identity and an easily readable code for swift identification.

Almost all industries use anti-counterfeit packaging, but pharmaceutical & healthcare, clothing & apparel, and food & beverages are the most prominent ones. Among these, the pharmaceutical & healthcare sector is the largest user of such packaging, as the authenticity of products really matters here. Fraudulent drugs are a real cause for worry in developing countries, where they are produced in large amounts. Often, the production happens at hush-hush places, making it difficult for authorities to crack down on them. Fraudulent drugs are often cheaper than authentic drugs, which is why people in emerging economies buy them. The repercussions of consuming illicit drugs can be severe, including death.

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A major aspect of growth which is pushing companies to deploy anti-counterfeit packaging is brand identity. The sale of products not made by the parent firm not only costs it money, but can also hurt its image if the products prove to be harmful. This is why several global firms, such as GSK, Pfizer, and Purdue Pharma, are already making good use of the technology to secure their brand image and also protect people against the ill-effects of fraudulent drugs.

Up till now, the most considerable growth of the anti-counterfeit packaging market has been in North America, owing to the presence of global end-users. As the North American pharmaceutical & healthcare, clothing & apparel, and food & beverages industries grow further, so will the usage of anti-counterfeit packaging. But, in the coming years, the fastest growth in the technology's usage would be witnessed in Asia-Pacific, due to the presence of a large counterfeit sector and government initiatives to make sure people only get authentic products. Further, the increasing disposable income in the region, especially China, India, and Indonesia, is leading to the rising demand for packaged food, which is now being secured with anti-counterfeit technologies.

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This release was published on openPR.