Market Trends of Anti-Counterfeit Packaging Industry
This section covers the major market trends shaping the Anti-Counterfeit Packaging Market according to our research experts:
Pharmaceuticals and Healthcare to Drive the Market Demand
- Counterfeit pharmaceutical is one of the most lucrative sectors of the global trade in illegally copied goods. Fake drugs harm and even kill millions of people across the world. It inflicts serious damage on the brand names of big pharmaceutical manufacturers.
- Several incidents of fake COVID vaccines being administered to the populations of various countries have recently been reported. For example, the World Health Organization (WHO) discovered counterfeit versions of Covishield (manufactured by the Serum Institute of India), which caused widespread concern among stakeholders worldwide. Also, Pfizer's counterfeit vaccine vials were discovered in various parts of the United States and around the world. This has caused concern among consumers and the government, to overcome to this governments across regions are exercising laws to probability the use of counterfeiting medicines.
- The growing public use of online pharmacies, along with a new mass producer of counterfeit medicines, has widened the market for falsified drugs. According to the WHO, around 50% of the drugs for sale in the internet are estimated to be fake.
- Additionally, many counterfeit products are low-quality and can cause injuries to numerlous industries. For instance, according to U.S. Customs and border protection has seized goods worth USD 367.92 million in FY 2021.
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Regulations Have Assisted North America to Hold Major Share
- North America is one of the most significant markets in the anti-counterfeit packaging market. Increasing consumer demand for food and beverages, healthcare products, cosmetics, and electronics is expected to contribute extensively in the growth of this market.
- Consumers are increasingly demanding for transparency, which results in a significant rise in the traceability of these products. The region has the United States, whose counterfeit goods exceed USD 1 trillion annually based on the value of goods seized by law enforcement, as per the Organization for Economic Cooperation and Development. The presence of refined anti-counterfeit regulation has helped the market in increasing its market share.
- Thus, in order to cater to the growing demand, manufacturers are integrating innovative technologies in equipment with specific functionalities for efficient identification and tracking of products. Additionally, according to AstraZeneca, North America is projected to have a sale of USD 706 billion by 2025, this exposes the region to more counterfeit products. But, since it is a matured market the demand for anti-counterfeit packaging market will increase.
- The North American anti-counterfeit packaging market is being driven by an increased emphasis on brand fortification and government support. Aside from these drivers, less investment in R&D and high-cost set-ups may stifle the growth of the anti-counterfeit market in North America.
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