Global anti-counterfeit food, pharma packaging market to reach £85.3bn

06th March 2014 - Fine Cut
Global anti-counterfeit food, pharma packaging market to reach £85.3bn

In a nod to the importance of verification and standard enforcement procedures, a new report has forecast that the value of the worldwide anti-counterfeit packaging market for food and pharmaceuticals will peak at $142.7 billion (£85.3 billion) by 2020.

Allied Market Research's prediction - as outlined in the 'Anti-counterfeit Packaging Market in Food and Pharmaceuticals - Technologies, Applications and Global Forecast through 2020' - will represent a significant increase on last year's figure of £34.3 billion.

It is thought that advances in technology and increased support by governmental authorities will be key factors in promoting this growth rate.

Should the forecasts prove founded, this would equate to a compound annual growth rate of 13.9 per cent, highlighting the growing importance of such operations across the food and pharmaceuticals sectors.

Improvements in connectivity - both in the digital sense and in terms of logistics and transport - have meant that international borders are becoming increasingly less of an obstacle to retail operations. For this reason, a global landscape has arguably made it more important than ever that authorities are able to curb the inevitable flow of fraudulent goods.

Such items pose a threat not only to suppliers and manufacturers in the form of lost revenue and reputational threats, but also to consumers, who will not be receiving the item they believe they have purchased. Reports suggest that traditionally over-the-counter pharmaceuticals bought over the internet present a particularly high risk of counterfeiting incidence. 

Allied Market Research analysts Debbie Shields and Roshan Deshmukh also cited the "dilution of [the] supply chain" as another factor in increased investment in anti-fraud operations.

"Anti-counterfeit packaging market in track and trace technology for product tracking is growing and expected to mature in next few years," they said.

According to the research body, anti-counterfeit packaging is defined as "the process of assigning secure packaging to the product in order to minimise counterfeiting or infringement, [...] that prevents imitation and confirms safety of the goods."

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