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. Besides this, poor quality of
counterfeit products affects respective brand image of various companies
and also raises severe health concerns among consumers.
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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.
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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.
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.
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