The increasing concerns being raised many product manufacturing organizations in several countries over the losses incurred due to the sales of counterfeit products are causing a sharp rise in the demand for anti-counterfeit packaging solutions across the world. In addition to this, the concerns being raised by several pharmaceutical organizations over the damages caused due to the usage of spurious products are augmenting the demand for anti-counterfeit packaging technologies around the world.
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Many manufacturers are increasingly adopting these solutions, primarily because of their concerns regarding damage to brand image, on account of the usage of fake and counterfeit products by their customers. Furthermore, the threat of lawsuits, financial losses, and concerns over the health of their customers are making many organizations operating in the chemicals, consumer goods, and food and beverages industries adopt anti-counterfeit packaging solutions. This is, in turn, fueling the advancement of the global anti-counterfeit packaging market.
Depending on technology, the market is divided into track & trace, forensic, overt, and covert categories. Amongst these, the track & trace category recorded the highest growth in the market in the past. This was because of the large-scale usage of packaging technologies that allow manufacturing organizations to track and trace their shipments and mitigate the occurrence of technological impediments. Based on application, the anti-counterfeit packaging market is classified into food & beverage, pharmaceutical & healthcare, and clothing & apparel.
Out of these, the pharmaceutical & healthcare category registered the highest growth in the market during the last few years. The emergence of online pharmacies, the huge involvement of various under-regulated wholesalers and retailers, and the low production costs are encouraging the manufacturing companies to adopt anti-counterfeit packaging solutions. Furthermore, the implementation of government regulations and policies makes it necessary for packaging companies and manufacturers to adopt these technologies in order to ensure the quality of their products.
The prominent factors driving the advancement of the market in the APAC region are the rapid macroeconomic growth, the enforcement and ratification of various rules and policies by the governments of regional countries for consumer goods and pharmaceutical products packaging, the growing requirement for robust packaging, and the soaring demand for safely and securely packaged products among customers in India, China, Thailand, and Vietnam. In APAC, the industry will record the highest growth in China in the future years.
Hence, it can be said with full confidence that the demand for anti-counterfeit packaging solutions will explode all over the world in the upcoming years, primarily because of the rising concerns being raised over the sales of counterfeit products by various organizations across different verticals.
Read More: https://www.psmarketresearch.com/market-analysis/anti-counterfeit-packaging-market
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