High Investment in Anti-Counterfeiting Packaging will Boost the Growth of Chemical Industry
The chemical industry has undergone tremendous changes over the past decade. Armed with an extensive and diverse range of products, the industry has found prolific success in developing as well as developed economies. Digitization is an emerging trend in the chemical industry, which is driving the Anti-Counterfeiting Packaging Market, Digital tools will help companies to collect and analyse important and relevant data and draw valuable insights, thereby enabling them to make more informed and better quality decisions. Advanced technologies such as machine learning (ML), artificial intelligence (AI), Internet of Things (IoT), blockchain, and others are envisaged to disrupt the present governing dynamics of the Anti-Counterfeiting Packaging Market Increasing urbanization and globalization, especially in emerging economies, is further supporting the expansion of the Anti-Counterfeiting Packaging Market.
According to Fortune Business Insights™ The global anti-counterfeiting packaging market size is projected to reach USD 189.9 billion by 2026, exhibiting a CAGR of 7.8% during the forecast period. Rising menace of flagrant counterfeiting on e-commerce platforms is likely to emerge as the central growth driver for this market.
The report on this market states that the market value stood at USD 104.5 billion in 2018. Besides this, the report shares the following information:
- Diligent segmentation of the market and careful study of each segment;
- Detailed evaluation of the factors driving and restraining the market;
- Comprehensive research into the regional and competitive dynamics influencing the market; and
- Precise computation of market values and figures.
Concerted Efforts to Tackle Counterfeiting to Boost the Market
Counterfeiting practices are running rampant across all the major sectors and industries around the world. These practices have gained firm ground in critical sectors and have the potential to cause serious, long-term damage to the health of consumers. For example, the World Health Organization estimates that roughly 10% of the pharmaceutical drugs and medicines sold in low- and middle-income countries are fake or substandard. This, and many such findings, has spurred governments into action. For instance, China came out with a law in early 2019 that holds sellers and e-commerce platforms jointly accountable for counterfeit products sold on such platforms. Many leading technology companies are also coming to the fore with advanced solutions. For instance, IBM developed the Crypto Anchor Verifier, an Artificial Intelligence- and blockchain-based counterfeit detector that runs on a smartphone. These independent efforts have considerably augmented the potential of this market.
E-commerce platforms have become a breeding ground for counterfeiters to sell fake products to unsuspecting customers. A study conducted by a community media platform called Local Circles found that approximately 20% of the products sold on e-commerce sites are counterfeit. Widespread presence of such fake products across online marketplaces poses a grave threat not just to the well-being of consumer, but also to investments being made into these companies. In response, e-commerce giants such as Amazon and Alibaba are implementing advanced anti-counterfeiting measures to protect both consumers and investors, which are leading the anti-counterfeiting packaging market trends.
North America to Hold Commanding Lead; Asia-Pacific to Showcase Remarkable Growth
With a market size of USD 37.28 billion in 2018, North America is slated to dominate the anti-counterfeiting packaging market share during the forecast period owing to extensive utilization of superior anti-counterfeiting packaging solutions. This is further propelled by the surging demand for packaged food and beverage products in the region, which is boding well for the market.
Asia-Pacific is expected to present plenty of lucrative opportunities on account of rapid economic growth in India and China. Moreover, private players and the government in China are focused on effectively tackling the high rate of counterfeiting in the country through policy and technology, thereby fueling this market. In Europe, stable demand for consumer electronics will mainly drive the growth of the market.
- March 2020: The US-based RFID provider SML RFID introduced the RFID FactoryCare™ with the aim to smoothen the supply chain in fashion retailing by enabling manufacturers efficiently manage RFID-tagged products. Furthermore, the product will enhance item visibility all through the supply chain process and ensure foolproof delivery.
- March 2020: Avery Dennison Corporation, the US-based adhesive manufacturer, announced the successful acquisition of the transponder business arm of Smartrac, a leading developer and manufacturer of RFID inlays based in Netherlands. The deal was sealed at an estimated value of €225 million.
Launch of Novel Solutions to Animate Competitive Fervor among Players
Incorporation of advanced, intelligent technologies in the e-commerce industry has paved the way for key players in this market to innovate and come out with next-gen solutions, as per the anti-counterfeiting packaging market report. As a result, some of the top companies are focusing on launching new products to entrench their market position, while some are acquiring businesses to expand their portfolio.