Anti-counterfeit pharmaceutical and cosmetics packaging expected to reach $80.2 billion by 2020
A recent report by Allied Market Research (alliedmarketresearch.com) titled "Global Anti-Counterfeit Pharmaceutical and Cosmetics Packaging Market-Industry Analysis, Size, Growth, Trends, Opportunities, and Forecast, 2014-2020" forecasts the anti-counterfeit pharmaceutical and cosmetics packaging market to grow at a CAGR of 15.7% during 2015-2020. The hologram authentication technology segment accounted for about 52% share in 2014 and would continue to lead the market through 2020, mainly due to varied products and economic pricing. E-pedigree authentication technology would be the fastest growing segment among RFID anti-counterfeit technologies market, estimated to grow at a CAGR of 21.5% during 2015-2020.
Counterfeiting of pharmaceutical and cosmetic products have emerged as a serious concern for the original product manufacturers. Life threatening consequences due to counterfeit pharmaceutical and cosmetics products have increased the risk of losing brand equity and revenue by the manufacturers, which in turn, fuels the demand for anti-counterfeit technologies.
Authentication packaging technology garnered a promising market share as compared to track and trace technologies in 2014. However, the growing adoption of track and trace technologies, such as RFID, Barcode and ePedigree, in product tracking and inventory management would surpass the authentication technology segment by 2020. The emerging product tracking technique, "ePedigree track and trace," would consolidate its position in the track and trace technology market over the forecast period. This is due to the mandatory drug safety and authentication regulatory impositions. Factors, such as higher cost of track and trace technology, limited awareness about product security, and complex operational procedures, would hinder the market growth. However, active initiatives from anti-counterfeit trade associations, and pharmaceutical companies would endorse the adoption of anti-counterfeit technologies.