Anti-counterfeit Food Packaging Market: Industry Analysis, Opportunity Assessment and Forecast upto 2024
The malpractice of introducing counterfeit products is severely affecting the global food industry, causing legitimate and well-established brands tangible and intangible losses. Such unethical practices affect the revenue of food companies and also creates distrust towards brands among end-users. Major players in the global food industry are constantly striving to remove counterfeit products from their supply chain, as these affect their sales revenue, thus impacting profits.
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Besides this, poor quality of counterfeit products affects respective brand image of various companies and also raises severe health concerns among consumers. Well-industrialised counterfeit products are so well packaged that normal detection techniques are unable to effectively spot any difference during regular inspection, and these products are sent to the retail market for sale. Each year, major players in the global food industry suffers losses, estimated in hundreds of million dollars, due to the presence of counterfeit products in the market.
Anti-counterfeit food packaging technology has emerged in the recent past, and has been proving to be an efficient and important solution against counterfeiting globally. Since food products are available easily at all levels of the market, the food industry is most vulnerable. Increasing cases of counterfeiting in the food industry are forcing manufacturers to use anti-counterfeit food packaging at various levels, and this is expected to increase growth of the concerned market significantly over the forecast period.
The global anti-counterfeit food packaging market is projected to account for significantly high revenue by end of 2024. Several efficient and innovative technologies are fast emerging in the market for validation of original products, which are gaining popularity among manufacturers globally. In addition, increasing use of highly efficient RFID technologies is one of the most significant factors expected to drive overall growth of the anti-counterfeit food packaging market globally.
Rising health awareness among consumers, understanding of the hazards associated with forged or counterfeit products, and emergence of anti-counterfeit technologies are factors expected to fuel growth of the global anti-counterfeit food packaging market over the forecast period. Besides, increasing government regulations for eliminating counterfeit food products from local markets is also encouraging global companies to invest more in advanced anti-counterfeit technologies.
Intense capital expenditure for anti-counterfeit technology setups and their impact on the product distribution system and supply chain network are factors expected to hamper growth of the anti-counterfeit food packaging market.
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The global anti-counterfeit food packaging market is segmented on the basis of technology and regions. The technology segment is categorized into authentication packaging technology and track and trace packaging technology. The authentication technology is further sub-segmented into ink & dyes, holograms, watermarks and taggants. The track and trace packaging technology is sub-segmented under barcode technology and RFID technology.
In terms of geography, the global anti-counterfeit food packaging market is segmented into seven main regions namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Middle East & Africa, and Japan. Due to high awareness about the technology and products, North America is expected to hold the largest market share in the global anti-counterfeit food packaging market, followed by Europe. The Asia Pacific anti-counterfeit food packaging market is expected to expand at the highest CAGR in terms of revenue over the forecast period.
Some key players in the market include Zebra Technologies, Alien Technology Corp., AlpVision, Avery Dennison Corp., SICPA HOLDING SA and others.