Track and Trace Packaging Market to Reach US$ 4,204.65 million by 2033, Combatting Counterfeiting Across Industries with a 5.7% CAGR

The global track and trace packaging market is set to reach an estimated valuation of US$ 4,204.65 million by 2033, demonstrating significant growth from its 2023 value of US$ 2,415.35 million. This progress is driven by a robust Compound Annual Growth Rate (CAGR) of 5.7% from 2022 to 2032.

Addressing the pervasive issue of counterfeiting within sensitive industries is a paramount concern worldwide. Track and trace packaging emerges as a solution to this challenge, amplifying its demand. The pivotal role it plays in thwarting economic damage, safeguarding health, and preventing crimes related to product counterfeiting heightens its appeal.

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This innovation holds immense significance for sectors such as pharmaceuticals and food, influencing market trends. Track and trace packaging's adoption hinges on the unique identification codes it imparts to each packaged item, enabling comprehensive tracking along the supply chain, from production to end consumers.

Its advantages reverberate throughout the supply chain, encompassing the creation of central databases for product tracing, seamless integration into supply chains, and the enhancement of overall equipment effectiveness. The field analysis by FMI underscores growing traction and an anticipated surge in both value and volume, further establishing track and trace packaging's prominence.

The healthcare sector's deployment of track-and-trace solutions is additionally driven by favorable legislation mandating serialization. With a strategic upswing in serialization agreements, a pressing priority for pharmaceutical entities and supply chain partners, the track and trace packaging industry is poised for expansive growth.

Track and trace packaging Market - Market Dynamics:

One of the significant factor contributing to the growth of track and trace packaging market is the increasing consumer awareness for secured and reliable products. Manufacturing companies with the use of track and trace packaging can now preserve their USP related to the product. Additionally, technological advancement, new application areas and improved supply chain are some of the other drivers expected to contribute to the demand for track and trace packaging market over the forecast period. Moreover, increasing government regulation and emphasis laid on eradicating counterfeit good in emerging and developed economies is set to further drive the market by 2024 end.

However, high cost involved in implementing track and trace packaging and apprehension among the manufacturers about the security features of track and trace packaging is expected to restrain the growth of this market

Track and trace packaging Market- Market Segmentation:

Global track and trace packaging market is segmented on the basis of printing technology, product type and end use industry. On the basis of printing technology, global track and trace packaging market can be segmented into inkjet, laser marking and thermal transfer.

On the basis of product type track and trace packaging market can be segmented into radio-frequency identification (RFID), Barcode reader and real time locating system. Barcode reader is further segmented into linear barcodes and 2D barcodes. On the basis of end the track and trace market is segmented into food & beverages, pharmaceutical, automotive, electrical and electronics, consumer goods, cosmetic & personal care and others

Track and trace packaging Market - Regional Outlook:

Geographically, the global track and trace packaging market is segmented into North America, Latin America, Europe, Asia-Pacific (APAC) and the Middle East & Africa (MEA). Among regions mentioned above, North America accounts for significant share and is expected to maintain its dominance during the forecast period.

The dominance of pharmaceutical packaging industry is the key factor contributing to the growth of track and trace system market in North America compared to other region.

Government regulations minimizing the counterfeiting practices in the food & beverage and pharmaceutical products is another factor attributing to the growth of track and trace system market in the region.

Asia-Pacific is anticipated to grow at a significant rate over the forecast period, owing to the rapid industrialization in the region and promising future for pharmaceutical industries in the region.

Overall, the global track and trace market is anticipated to register a healthy CAGR over the forecast period.

Track and trace packaging Market - Major Players:

Some of the key industry stakeholders identified across the globe in the track and trace packaging market are Robert Bosch GmbH, ESS Technology Inc., Optel Vision Inc., PenWell Corporation, Siemens AG, Uhlmann Packaging Systems LP, Marchesini Group S.p.A

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, product type, material type and end-use.

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Key segments:

By Printing Type:

Inkjet
Laser Marking
Thermal Transfer

By Product Type:

Radio-Frequency Identification (RFID)
Barcode Reader and Real-Time Locating System

By End Use:

Food & Beverages
Pharmaceutical
Automotive
Electrical and Electronics
Consumer Goods
Cosmetic & Personal Care
Others

By Region:

North America
Latin America
Asia Pacific
The Middle East and Africa
Europe

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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.