According to WHO, approximately 10% of the world’s pharmaceutical products could be counterfeit, and this percentage can be much higher for developing countries. Further, about 1 million people die annually due to the use of counterfeit drugs. This aptly summarises the threat posed by counterfeit drugs to human health. However, the pharmaceutical industry is not the only one to bear the brunt of counterfeit products. Several other industries have also faced huge losses due to fake or counterfeit products.
The problem of counterfeit products is a complex problem that requires a multi-pronged approach and constant innovation. This has encouraged the development of several innovative measures to tackle the problem of counterfeiting and Anti-Counterfeit Packaging is one of them. Anti-Counterfeit Packaging can be overt or covert (hidden). A few examples of Anti-Counterfeit Packaging are, holograms, watermarks, RFID technology, barcode technology, etc.
The global Anti-Counterfeit Packaging market is projected to grow from USD 5.3 billion in 2018 to USD 9.4 billion by 2023, growing at a CAGR of 12.1% during this period. The market will be driven by factors such as increasing number of counterfeit products, development in printing technologies, growing brand awareness and the impact of counterfeit products on brand image, and the growth of the e-commerce industry.
Governments across the world have also enacted stringent rules and regulations to tackle the menace of counterfeit drugs and products. Manufacturers are also giving more importance to packaging security, which in turn, is increasing the demand for Anti-Counterfeit Packaging technologies.
As per market projections, the clothing & apparel sector is likely to be the fastest growing end-user of Anti-Counterfeit Packaging in the next 5 years. Among the various Anti-Counterfeit Packaging technologies, the RFID technology is projected to grow at the highest CAGR in the coming years. The technology is being widely used in the packaging industry to improve and track the supply chain processes through different stages.
Region-wise, North America has been leading the Anti-Counterfeit Packaging market. However, the Asia-Pacific Anti-Counterfeit Packaging market is likely to grow at the fastest rate, owing to growing awareness among manufacturers about counterfeiting activities and reduced cost of anti-counterfeit technologies. Further, increasing population and growing disposable incomes will create more demand for packaged food items in the region, and consequently, will increase the demand for anti-counterfeit technologies.
Growing awareness about brand protection and economic losses due to counterfeit products are prompting companies to invest in Anti-Counterfeit Packaging technologies. Some of the major players dominating the market are, Zebra Technologies Corporation (the U.S.), Avery Dennison Corporation (US), CCL Industries Inc. (Canada), Alien Technology Corporation (the U.S.), Authentix (U.K.), Essentra PLC (U.K.), 3M Company (US), DuPont (US), SICPA Holding SA (Switzerland), Applied DNA Sciences Inc. (US), SAVI Technology, Inc. (US), and Advanced Track & Trace (France).