The anti-counterfeiting technologies provide tools to determine whether a good is genuine or faux or has otherwise been subject to fraudulent activities. The anti-counterfeiting technologies vary as on the combination of critical features they perform, the methods they use to accomplish, and their mode of inspection. But, the characteristic shared with the aid of all anti-counterfeiting techniques is the use of particular marking gadgets, called markers. These are joined inseparably to the products and comprise the unique information that permits the anti-counterfeit technology to carry out its vital functionality.
The rising need and concern to curb counterfeit products is the primary factor for India's anti-counterfeit packaging market. Most of the products within the industry verticals, including consumer electronics and food and beverage, severely lack anti-counterfeiting measures. This scenario represents lucrative growth opportunities for the anti-counterfeit packaging solution providers in the near future. Also, the tremendous growth in the packaging industry is expected to impact the market growth and development positively. However, the high investment cost associated with anti-counterfeit technologies is projected to hamper the growth in the current situation.
As per the research studies, India’s anti-counterfeit packaging market is anticipated to grow around USD 24-bn by 2030, achieving a growth rate of 11.8% during the forecast years 2022 to 2030. The market was valued at around USD 9-bn in 2021. According to the analyst’s view, the Covid-19 pandemic had drastically affected the industrial supply chain across various industry verticals, owing to prolonged lockdown in major developing countries like India.
The Brainy Insights report comprises a detailed description of the impact of the pandemic on the market. India anti-counterfeit packaging market is segmented based on technology and end-user industry. The market has been bifurcated based on technology into RFID (Radio-Frequency Identification), mass encoding, holograms, barcodes, and others. The mass encoding system dominated the market in 2021. The mass encoding technology offers a tracking feature of the goods/products, which seems very helpful within the industrial supply chain. This primary factor contributes to segment growth.
Based on applications, the market is bifurcated into consumer electronics, food and beverage, healthcare and pharmaceutical, automotive, and others. The food and beverage segment is estimated to grow at the highest rate during the forecast period. The increasing awareness about human safety and health is the main factor contributing to the segment’s growth.
The key companies analysed for the India anti-counterfeit packaging market includes UFlex, NeuroTags, ACG, Opten India, Shriram Veritech, PharmaSecure, and Holostik India among others. With several regulatory bodies in India laying out stringent guidelines and requirements, the manufacturers realise the importance of authentication, and the market is set to flourish.
The mass encoding segment is predicted to be the largest market for anti-counterfeit packaging over the forecast period. The technology segment is divided into mass encoding, RFID, hologram, tamper evidence, forensic markers. The mass encoding segment is predicted to be the largest market for anti-counterfeit packaging based on technology. The mass encoding technology’s dominant market position can be attributed to its product tracking solution across numerous nodes in logistics and supply chain management.
The pharmaceuticals segment dominated the market with a market value of 33.82-bn in 2020. The application segment includes food and beverage, automotive, luxury goods, pharmaceuticals, electrical and electronics. The pharmaceuticals segment dominated the market with a market value of around 33.82 billion in 2020 because of the growing awareness of anti-counterfeit packaging and human health. The category is boosted even more by the government's rigorous anti-counterfeiting regulation.
Avinash Dhanwani is the research director of Brainy Insights. It is a market research company, aimed at providing insights through data analytics to companies to improve their business acumen.