The anti-counterfeiting packaging market is projected to grow at a CAGR of 11.98% to reach US$169.847 billion by 2025.
The rising incidents of counterfeiting of products are causing a concern among the end-user industries and brands to make use of efficient and effective anti-counterfeiting technologies to minimize losses and enhance their market position
According to the data provided by the organizations such as theOrganization for Economic Cooperation and Development (OECD) and EU’s Intellectual Property Office, the trade in the number of counterfeited goods have increased at a steady pace over the past few years and are approximately 3.3% of the total global trade. The trends in the trade of pirated and counterfeit goods and has made the value of imported fake goods reach a value of US$509 billion in 2016 from US$461 billion in the year 2013, according to the Customs Seizure Data 2016. In the case of the European Union (EU), the number of counterfeit goods was 6.8% in 2016, which has increased from 5% in 2013. However, these figures are not inclusive of the products that have been produced or manufactured domestically or even the products that are pirated and are being sold via e-retail and e-commerce channels. In addition, the trade in the fake or counterfeit goods which are infringing the trademarks and copyrights, creates profits for the organized crime sector, whereas bringing problems and leading to losses for the big brands in the end-user industries such as pharmaceutical and healthcare industries, automotive industry, and consumer electronics industries among others. The sale of fake and counterfeit products, mainly of pharmaceuticals and consumer electronics, poses a serious threat to the health of the consumers. Some of the examples are prescription drugs, which are ineffective in the treatment, poorly wired electronics goods and other cheap chemicals in a variety of cosmetics. Interestingly this is happening due to poor guidelines and governance in regards to the improper methods for the protection of intellectual property and address corruption. Therefore, this is leading to the increasing concerns among the end-users which is making the opt for much safer product packaging solutions that are able to effectively tackle the problem of counterfeiting and leads to a surge in the market growth over the forecast period.
Product Offerings by Major Market Players
The better, advanced and diverse varieties of anti-counterfeiting packaging products and solutions with enhanced properties that are able to effectively prevent and control the chances and probability of the production of fake products. These products are being offered by existing and new players in different markets is estimated to lead to increased adoption and propel the market growth further over the forecast period.
Some of the examples of the product offerings are as follows:
The increasing popularity of RFID technology and the presence of the strict guidelines associated with the usage and the promotion of RFID technologies is expected to increase its adoption among different end-users due to the advancement of track and trace packaging solutions
RFID technology is estimated to hold a significant share over the forecast period, which is attributable to the fact the RFID technology, is able to provision of a lot of benefits. These include facilitating the visibility of assets effectively and able to facilitate the location of products that have been lost or misplaced, in order to increase the productivity of employees and also mitigate the risk theft and loss, which is being given utmost priority and importance across different industry verticals. In addition, there is a presence of guidelines called the GS1 guidelines for the use of EPC/RFID, in the light of the GDPR (General Data Protection Regulations) by European Union (EU). The Electronic product Code-enabled RFID technology makes the use of radio frequency identification (RFID) for facilitating the automatic detection of products for consumers. RFID is used in every sector such as automobiles including the EZ Pass in the US and the Liber-t pass in France that are able to allow the faster passage of automobiles through the toll booths present on highways. The GS1 provides the guidelines on different issues such as Consumer Notice, which is going to provide clear notice to the presence of the EPC/RFID tags on the products on the packaging materials, Consumer Choice, which provides the consumers with an option to be able to discard and remove the EPC/RFID tags on the purchased products. Consumer Education, which provides an opportunity to easily obtain the information related to the genuineness of the product. Lastly, Record Use, Retention, and Security, which says that the tags do not contain, collect or store any information, which is easily and personally identifiable.
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Frequently Asked Questions (FAQs)
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