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The global anti-counterfeiting packaging market size is expected to reach USD 189.9 billion by 2026 owing to increasing liberalization of world trade, shares Fortune Business Insights™ in its new report, titled “Anti-Counterfeiting Packaging Market Size, Share & Industry Analysis, By Technology (RFID, Holograms, Barcode, and Others), By End-Use (Food & Beverages, Healthcare & Pharmaceutical, Industrial & Automotive, Consumer Electronics, and Others), and Regional Forecast, 2019-2026”. According to the report, the value of the market stood at USD 104.5 billion in 2018 and is slated to register a CAGR of 7.8% from 2019 to 2026.
SML Opens New Facility, Deepens Its Presence in the US
Bolstering the anti-counterfeiting packaging market trends are the various strategies adopted by players to expand and consolidate their position in the market. In June 2019, the Texas-based SML Group, a leading Radio-frequency Identification (RFID) specialist in the US, inaugurated its new Retail Ideation Space (RIS) in Plano with a view to bring customer service, operations, and inventory activities under one roof. The new facility site will contain the company’s headquarters as well as house its primary software development center for engineering RFID solutions. The idea behind setting up of this facility is to provide advanced technologies to retailers and manufacturers to protect products from counterfeiting and streamline supply chain processes.
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Numerous Advantages of Barcodes to Boost Adoption
Barcodes are square- or rectangle-shaped images that are represented in the form of vertical black and white lines. These lines can be easily read by a scanner, providing a convenient and cost-effective way of identifying products. They form an important type of anti-counterfeiting packaging solution owing to their multiple advantages. For example, barcodes have wide applicability in terms of data collection as they can be utilized to retrieve price of products or gather information about inventory. Quick data collection also enables efficient and informed decision-making in organizations. Furthermore, barcodes are extremely reliable as they eliminate the possibility of human error or deceit. Given their accuracy, these images can ensure the authenticity of a product and work as effective instruments against counterfeiting activities. Thus, considering their benefits and versatility, barcodes are some of the most extensively used anti-counterfeiting measures across industries and sectors.
Dominance of Few Major Players to Stiffen Competition
Competition in this market is increasingly becoming monopolistic in nature owing to the ironclad grip that a few key players such as CCL Industries have on the market share. Their dominance is attributable to their robust portfolio of products, commanding global presence, and strong finances that they are using to enhance R&D and launch innovative solutions.
List of Players Covered in the Report:
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Value (USD million)