The global food and beverages anti-counterfeit packaging market is anticipated to foresee a growth at a CAGR of 19.37% from a market size of USD30.833 billion in 2019 to reach a market size of USD89.205 billion by the end of 2025. The demand for food and beverages anti-counterfeit packaging will surge due to the growing concerns regarding health risks associated with the sales and consumption of low-quality food products. Additionally, this, in turn results in huge economic losses to the manufacturers and the company. Hence, with the adoption of anti-counterfeit authentication technologies, the market is poised to hold strong prospects for growth during the course of the forecast period. Authentication is referred to as the act of establishing or conforming a product as genuine. This is of immense importance due to the utilization of counterfeit food and beverages products owing to the lack of consumer awareness, this may lead to deleterious health effects. Hence, anti-counterfeit authentication technologies provide protection against the sale of false products. Authentication is done via overt or hidden features on the product packaging. These features include optical variable coatings with changing colors, thermochromic inks and watermarks. Other features include barcodes, holograms, and RFID tags. Growing counterfeit concerns is further providing an impetus in fueling the market demand during the forecast period. The presence of regulations to take action against counterfeiting is also contributing to driving the market growth during the forecast period. Furthermore, the growing retailing industry is further augmenting the market demand in the forecast period, especially with rise in contactless shopping of food and beverage items. The growing frictionless grocery shopping along with COVID-19 global spread is demanding digitally enabled shopping, which not only serves as a mode of convenience, but has emerged as a life-saver as well. The utilization of technologies like RFID is a less-time consuming and is more socially-distanced option, also, the technology is cost-effective in deployment.
Additionally, technological advancements in anti-counterfeit technologies will provide an opportunity for the market to thrive during the forecast period.
Geographically, North America and Europe is projected to hold a significant market share in the global food and beverages anti-counterfeit packaging market. This is mainly due to early adoption of technology and innovations. Also, the presence of stringent regulations to combat counterfeiting is further fueling the market growth in these regions. On the other hand, the Asia Pacific region is projected to hold high market growth prospects owing to the growing awareness regarding authenticated food products.
COVID-19 impact on the food and beverages anti-counterfeit packaging market:The market amid novel coronavirus infection scenario is projected to remain largely unaffected due to the supply of essential food and beverage to customers. Additionally, efforts are being made to ensure that the food is safe from COVID-19 virus as well. This is mainly due to the fact that virus is capable of being transmitted from an infectious worker in a food supply chain. Hence, this will require authentication technologies to make sure that the food distributed is free from the virus particles. In order to ensure food safety and to prevent supply chain disruptions, a high demand for the creation of tools for the detection of SARS-COV-2 in food and beverage items is being realized. Thus, anti-counterfeit technology with sensors capable of sensing SARS-COV-2 in foods will hold strong chances for growth in 2020 and this is predicted to continue till the end of the forecast period.
The market is projected to rise during the course of the forecast period in the form of an opportunity provided by significant technological advancements made in the anti-counterfeit sector.
It has been observed that companies are adopting AI solutions for anti-counterfeit applications. AlpVision SA, a company manufacturing anti-counterfeit solutions for different industrial products extended its business activities in 2015 by the introduction of artificial intelligence in its products. The company provides artificial intelligence (AI)-based counterfeit solutions in quality control, image analysis and understanding and many other applications. Today, the company offers digital invisible anti-counterfeit and product authentication solutions to Forbes Global 2000 companies and at present provides protection to more than 30 billion branded products throughout a wide range of industries at the global level. For wine & spirits industry, the company offers a patented security solution, Crytoglyph® technology. Counterfeit alcoholic beverages are a growing problem for producers and consumers. In order to fight the growing wine and liquor fraudulent practices, the company’s product requires no visible markings, no additional consumables, no special reading devices, and no changes to production processes. The product can be applied on spirits and aluminium closures and tin capsules by using regular visible varnish and standard printing process.
Furthermore, with advancements like the introduction of edible barcode technology is further providing an opportunity for driving the market growth during the forecast period. For example, TruTag Technologies company is a leader in providing security and technology solution to serve several businesses and governments round the world. The company, in October 2018 announced that it has entered into an alliance with PwC Australia incorporating the company’s edible barcode technology as a part of PwC Food Trust initiative. The strategic partnership is focused on addressing critical issues like adulteration, diversion and counterfeiting that pose a threat to consumer safety and thus contribute to bringing huge loss in revenue to the food and beverage industry. The alliance is therefore aimed at bringing security and traceability to the food supply chains at the global level. Through the integration of TruTags’s edible barcode technology into the Food Trust Platform, this will further enable the delivery of unmatched supply chain visibility. The PwC Food Trust Platform is one of the most advanced and holistic anti-counterfeit technology solutions. This is for the food and beverage industry. PwC Australia has developed the platform for providing manufacturers and consumers greater confidence regarding the origination of the food products. TruTag covert edible barcodes is poised to act as a perfect crypto anchor providing exceptional security and a unique ability to directly mark foods and food-contact packaging. The two organizations are already working on the development of the supply-chain technology programs along with lead customers in the meat and wine industry. They are also working towards expansion to other food and beverage applications.