Counterfeiting practices are rising for food and pharmaceutical products due to globalization of retail sector and dilution of supply chain.
PORTLAND, OR, UNITED STATES, October 26, 2020 /EINPresswire.com/ — UPDATE AVAILABLE ON-DEMAND
The report on the global anti-counterfeit packaging market highlights that the market is expected to reach $57.4 billion by 2013, from $142.7 billion in 2020, growing at a CAGR of 13.9% from 2013 to 2020. The report offers the current market size and forecasts along with Porter’s Five Forces analysis to help market players, stakeholders, startups, and investors to determine the current scenario and take further steps for the future. Drivers and opportunities for highest revenue generating and fastest growing segments would help in tapping into specific segment to achieve growth. Moreover, regional analysis would assist in expansion strategies for the market players and startups. Technological advancements and government initiatives to curb counterfeiting is expected to drive the market growth.
Anti-counterfeit measurements are taken by companies, so as to minimizing loss due to counterfeiting in-terms of revenue and loyalty. Cost is the significant factor responsible for counterfeiting. However, it is observed that drugs and food items that cost lower are mostly counterfeited mainly due to lower risk involved in terms of penalties.
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Anti-counterfeit packaging is used in both over the counter and prescription based drugs. Increase in demand for over the counter drug, through internet, raises counterfeiting incidence. These threats can be minimized through implementation of RIFD technology, which is collaborated with e-pedigree software.
Leading application of anti-counterfeit packaging includes pharmaceutical drugs, food products, electronic products, apparels etc. Ultra-High Frequency RFID technology in collaboration with E-pedigree is providing real time tracking of products with inventory level management during supply chain. The global market for pharmaceutical and food anti-counterfeit packaging is braced by stringent government legislations assigned for specific regions. Pharmaceutical drugs packaging market was valued for$33.7 billion in 2013 and is expected to grow at 13.2% CAGR during 2013-2020. Similarly, surge in demand for packaged food is luring counterfeiters to duplicate the food products. The anti-counterfeit market for packaged food products was valued at $23.7 billion in 2013, is forecast to grow at a CAGR of 14.8% during 2013-2020.
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Geographically, anti-counterfeit packaging technology is prevalent in developed countries, as these countries face more problems from duplicate products, especially in food, pharmaceutical and apparels. Increase in awareness for authenticating counterfeit products is reinforcing the anti-counterfeit packaging market. North America is highest revenue generator with $35.6 billion by 2015 and Asia-pacific region is forecast to be the fastest growing market at a CAGR of 15.5% during 2013-2020. This report offers updated trends commercialized in anti-counterfeit packaging market by key companies.
The Major Key Players Are:
Alien Technology Corp., Alpvision, Intermec, Zebra Technologies, Inksure Technologies, Holostik, Hologram Industries, Datamax Corp., Avery Dennison and Flint Group.
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Source: EIN Presswire