Anti-counterfeit packaging is primarily used to prevent brand imitation, by enabling brand protection and ease for customers to distinguish between original and counterfeit products. Product imitations of clothing, electronics, pharmaceuticals, and other consumer goods are of poorer quality and do not meet stipulated safety standards. The imitations are sold in violation of law, incurs revenue loss on the company, and affects brand image. According to the Organization for Economic Co-operation and Development (OECD), counterfeiting costs the global economy US$ 250 billion per year. Around 10% of pharmaceuticals around the world are counterfeit, according to the WHO. Counterfeiting can take place anywhere across the supply chain and is difficult to regulate.
The anti-counterfeiting pharmaceutical packaging market is mainly driven by the consequences associated with the use of counterfeit product. Ingestion of counterfeit drugs may lead to serious health issues or death. Moreover, anti-counterfeit packaging are guarantors of product quality, in turn, driving sales of the product. Significant costs associated with adoption of security measures and lack of awareness among consumers about product authenticity are major factors restraining growth of the market.
Anti-counterfeit Pharmaceutical Packaging Market Taxonomy:
On the basis of security feature, the anti-counterfeit pharmaceutical packaging market segmented into:
Track and Trace features allows determination of location of products. Overt features are visible to the naked eye and are tactile, while covert features are only visible to trained personnel using specialized tools. Forensic features can only be observed in laboratory settings, whereas tamper evidence packaging is designed to reveal any interference with product.
Pharmaceutical and Food & Beverages are the largest end-use industries. Companies are involved in increasing security measures due to increased tampering and adulteration of food and medicines. This in turn, drives the anti-counterfeit pharmaceutical packaging market.
Anti-counterfeit Pharmaceutical Packaging Market Outlook:
Key player in Anti-counterfeit Pharmaceutical Packaging Market:
The major players in the anti-counterfeit pharmaceutical packaging market include SICPA Holding SA, Applied DNA Sciences Inc., SAVI Technology, Inc., Authentix Inc., Avery Dennison Corporation, CCL Industries Inc., 3M Company, E.I. du Pont de Nemours and Company, and Zebra Technologies Corporation.
Anti-counterfeit Pharmaceutical Packaging Market Key Developments:
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