The growing market for anti-counterfeit food packaging
Every year millions of people are deceived into buying counterfeited food and beverages, posing significant health and safety risks. This has led to a rising demand for anti-counterfeit packaging (ACP), the market for which is expected to reach US$62.5 billion globally by 2020. The Asia Pacific region is projected to be the fastest growing area, with an estimated CAGR of 18.1% from 2015 to 2020.
Research released by Allied Market Research highlights the growing adoption of track-and-trace technologies, such as RFID and barcode, in premium product segments, such as wine and spirits. RFID technology is expected to exhibit the fastest growth (20.4% CAGR) during the forecast period; however, its penetration is still hindered by lack of awareness for authentication solutions among local manufacturers and the high cost of the technology, according to the report, titled ‘Global Anti-counterfeit Food & Beverage Packaging Market-Industry Analysis, Size, Growth, Trends, Opportunities, and Forecast, 2014-2020’.
Conventional authentication technologies still account for the highest revenue in the global ACP market, owing to their economic pricing and ease of application. Barcode-enabled product tracking helps in maintaining the supply chain integrity, while emerging tracking technologies, such as DNATrax, exhibit the highest potential in tracking food products with minimal side effects on human health.
North America accounted for about 50% of the global anti-counterfeit food packaging market in 2014, with increasing counterfeiting practices from European and Asian regions, higher adoption rates of anti-counterfeit technologies, the rise in healthcare concerns and growing awareness for tracing technologies the most significant factors in the growth of the market.
The increasing focus from government authorities towards food crisis management and the rising awareness for authenticated food products across middle income populations are driving the market growth among developing regions.
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