What are Anti-Counterfeit Packaging Technologies?
Anti-Counterfeit Packaging Products as the name suggests protecting consumers from Counterfeit products. Some of the key end-products and technologies associated with this sector include holograms, 2-D barcodes, radio frequency identification (RIF), forensic techniques, visible (also known as overt) features, covert (also known as hidden) markers, serialization, and track & trace solution-based technologies. Amongst anti-counterfeiting technologies, it is noteworthy that the overall market can be widely bifurcated into physical and chemical technologies. The four basic types of anti-counterfeiting technologies include DNA coding, chemical coding, and tracers, glue coding, as well as surface analysis, et al.
Market trends for the Anti-Counterfeit Packaging Technologies vertical
Business intelligence tools state that the overall growth of the Anti-Counterfeit Packaging Technologies market is bolstered by the growing manufacturing capacity and demand for consumer products, food, and beverage, as well as the pharmaceutical companies. Market research tools state that strict anti-counterfeiting laws are poised to restrict the penetration of counterfeit products into the market. The induction of these regulations is also poised to increase the market opportunities and future potential for Anti-Counterfeit Packaging Technologies. However, the overall market was impacted by the supply bottlenecks caused in light of the pandemic. Packaging companies were significantly impacted by the limited sourcing of raw materials like paper, plastic, and other materials.
This supply constraint was predominantly caused due to an increased surplus of e-commerce-based orders as well as online shopping. A shift in purchasing patterns was observed during the pandemic which led to an increase in online shopping as well as digital transactions. Therefore, the demand grew exponentially owing to which a supply bottleneck was caused. Moreover, the public hoarding, as well as bulk purchasing of products, were other factors that led to an overall increase in demand.
According to business intelligence tools, growth in online shopping is a key market opportunity that can be explored by the players in the Anti-Counterfeit technologies segment. The overall growth in the packaging sector and its increased demands, as well as lucrative trends, are key market opportunities to be explored. On a holistic scale, the packaging sector is noted to shift towards sustainable alternatives that are poised to pose a lesser threat to the environment. Therefore, players in the Anti-Counterfeit Packaging sector could potentially increase their customer base within these companies owing to the change in purchasing patterns and increased environmental awareness amongst the population. The reduction of physical retail was a direct implication of the pandemic, market database suggests that the growth associated with anti-theft devices was seen to be the slowest within the overall market.
Alternatively, market research tools suggest that an overall increase in online shopping led to a global increase in the percentage of counterfeit products sold to achieve a value of 56%. Shortages associated with pharmaceutical products as well as vaccines owing to the spread of the virus led to a surge in counterfeit products. The implementation of track and trace solutions hereby skyrocketed owing to the pandemic, primarily bolstered by the pharmaceutical domain.
Technology limitations as a key market restraint in the Anti-Counterfeit technologies market
As per the market database, the ease of replication of certain Anti-Counterfeit Packaging products is a noteworthy concern as well as a restraint within this market. Technologies like QR codes and barcodes are easy to replicate which in turn reduces customer trust. This is noted to be one of the key challenges to be addressed in terms of the technological segment. Moreover, it is noted that Anti-Counterfeit Packaging based technologies can cost cumbersome in terms of innovation. Therefore, the barriers to entry for new players within this domain are presently very high. Studies suggested that printed coding is used widely across the market, however, to increase its market reliability, the technology is to be used in combination with specialty inks and diffractive optically variable image devices (DOVIDs). Market research tools suggest that a combination of these technologies would potentially bolster product authentication and hereby customer trust which is a long-term benefit in terms of building brand image.
The market database suggests that in terms of volume processing, the pharmaceutical sector has the highest growth potential for the Anti-Counterfeit Packaging products segment. The sector’s overall growth and its subsequent impact on the growth of expansion of its supply chain are some of the key factors that are poised to drive the Anti-Counterfeit Packaging products market.
