Market set to boom as serious concerns over counterfeits arise
Over the past few months the severity of the counterfeit beauty industry has been cast under the spotlight, with serious concerns arising over risk to consumer health and the ongoing damage to brand equity and revenue. As a result, anti-counterfeit technologies are in higher demand than ever before and, according to new research, the market looks set to boom.
The global anti-counterfeit packaging industry across both cosmetics and pharmaceuticals is predicted to grow at a CAGR of 15.7% over the next five years, according to a recent report by Allied Market Research. North America is due to continue as market leader, while Asia Pacific is projected to be the fastest growing region. Authentication packaging technology remains a popular option, and is predicted to dominate market share through to 2020; in 2014 it accounted for approximately 52% of the market.
However, the track and trace market is picked out as an area to watch. Track and trace products, which include RFID, barcode and ePedigree technology used in product tracking and inventory management, are growing in popularity, although the high cost, limited awareness and complex operational procedures are currently thought to hinder market growth. But breaking through this barrier is ePedigree authentication technology, which is in fact forecast to be the fastest growing segment in anti-counterfeit technology over the next five years, growing at a CAGR of 21.5% through to 2020.
Manufacturers in the global anti-counterfeit technology market are in a strong position, sustaining market presence via NPD, acquisitions and collaborations. According to Allied Market Research, the key players in this industry include the following companies:
*all companies mentioned are profiled in Allied Market Research’s full report