Every year millions of people are deceived into buying counterfeited food and beverages, posing significant health and safety risks, leading the demand of anti-counterfeit packaging (ACP).
The ACP market, says Allied Market Research (AMR), will grow at a CAGR (Compound Annual Growth Rate) of 16.1% through 2020, reaching $62.5 billion by 2020.
The forecast is revealed in AMR’s new report, "World Anti-counterfeit Food & Beverage Packaging Market- Industry Analysis, Size, Growth, Trends, Opportunities, and Forecast, 2014-2020."
The report forecasts that holograms will enjoy the leading position in overall authentication technology market through to 2020, while RFID technology exhibits fastest growth at 20.4% CAGR during the forecast period.
Conventional authentication technologies still account for the highest revenue in the global ACP market owing to their economic pricing and ease of application. The growing adoption of track-and-trace technologies, such as RFID and barcode, in premium product segments including wines and spirits, will gain significance over the forecast period.
Furthermore, barcode-enabled product tracking helps in maintaining supply chain integrity. Emerging tracking technologies, such as DNATrax, exhibit the highest potential in tracking food products with minimal side effects on human health.
Lack of awareness for authentication solutions among local manufacturers and the lack of affordability of high-end technologies such as RFID will limit the market growth. However, the awareness campaigns organized by anti-counterfeit trade associations, and regular interventions from government authorities would result in increased penetration of anti-counterfeit technologies.
Additional key findings of the study include the following:
• In 2014, overt holograms held about two-third revenue share in the overall hologram authentication technologies market
• North America will continue to lead the global market due to higher adoption rate and affordability for novel traceable technologies, followed by Europe
• Asia-Pacific is projected to be the fastest-growing region at an estimated CAGR of 18.1% from 2015 to 2020
• Consumers continue to prefer paper barcodes over polyester barcodes
Allied Market Research is a market research and business-consulting wing of Allied Analytics LLP based in Portland, OR.