LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global anti-counterfeit packaging in consumer goods market to grow at a CAGR of close to 18% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global anti-counterfeit packaging in consumer goods market for 2017-2021. The report also lists authentication and traceability, as the two major anti-counterfeiting technology segments. The authentication segment dominated the market by more than 68% in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global anti-counterfeit packaging in consumer goods market:
- Rise in implementation of traceability systems
- Prevention from counterfeit products
- Demand for anti-counterfeit packaging from APAC
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Rise in implementation of traceability systems
Manufacturers of consumer goods have started implementing traceability systems that provide a trail of information of each item in a supply chain. These systems ensure product safety and efficiency. The producers can identify and locate potentially faulty items that could be hazardous to customers and remove them. The companies are implementing vision systems, 2-D barcodes, and image-based ID readers in product traceability systems. Data Matrix is very popular and adopted as a standard in several applications, as it allows the storage of more information such as product ID, manufacturer, lot number, and expiry.
According to Sharan Raj, a lead analyst at Technavio for packaging research, “Customers in the US and the UK pay a higher amount for products that contain traceability certificate and labeled-information of the place of origin of a particular food product. Therefore, companies are adopting this system at a greater pace due to increased demand for traceability certified products across the world.”
Prevention from counterfeit products
Counterfeiting and frauds are common occurrences in the commercial sector worldwide. Fake products, including consumer electronics, food, beverages, agricultural products, and pharma products, are penetrating the global market at a rapid pace. This has serious implications for consumers. For instance, counterfeiting of food products results in health hazards and even death. Key food items such as baby milk powder and fake medicines have been a cause of death to thousands since 2014.
E-commerce is considered as the major driver for sales of counterfeit products. China's USD 272 billion e-commerce powerhouse is taking steps to bring down counterfeit sellers on its network. It includes a digital ledger system to track genuine food products through a supply chain.
“Alibaba took down around 400 million product listings and shut down more than 160,000 Taobao stores and 700 operators because of anti-counterfeiting measures in 2016. This will further trigger the demand for anti-counterfeit packaging in consumer goods market during the forecast period,” says Sharan.
Demand for anti-counterfeit packaging from APAC
China accounts for the largest market share of counterfeit packaging market and is estimated to dominate the APAC anti-counterfeit packaging market in 2021. The market is growing significantly due to rise in demand for food products, dairy product, and cosmetics. In addition, the country’s overall positive economic environment, large consumer base, and an increase in manufacturing activities will fuel demand for anti-counterfeit packaging in the packaging industry.
The e-commerce market is growing at a steady pace in APAC and is expected to reach around USD 1.5 trillion in 2021. China accounts for 62% of digital buyers in APAC, followed by India at 11% and Japan at 9%. The food industry is adopting innovative anti-counterfeiting technologies, as food is directly related to consumer's health. Consumers are becoming more aware and health conscious due to which they demand anti-counterfeit packaging for the products they consume.
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