As industries around the world transition to a new post-COVID era, brand protection, track and trace, and other anti-counterfeiting technologies in packaging are becoming more prevalent, stronger and more lucrative.
According to Smithers’ latest report, The Future of Anti-Counterfeiting, Brand Protection, and Security Packaging to 2026,[1] demand for these components will hit $3.25 billion in 2021. The pandemic is expected to contribute to a 5.6% compound annual growth rate (CAGR) for 2021-2026, resulting in a total market value of $4.26 billion in that year.
Fake products increased in 2020 as a result of the global pandemic and the expansion of e-commerce sales. There has been a 56% surge in counterfeit products supplied through online channels in the cosmetics and personal care industry.
Fears of shortages of medicines, pharmaceuticals, and now vaccines have led to an increase in the availability of counterfeit goods, which customers must be protected against. As a result, the usage of anti-counterfeiting systems is increasing, as well as the government interest in mandatory track-and-trace schemes.
How to combat counterfeiting and protect your brand?
To increase security in packaging and to improve traceability, companies will need to integrate new technologies. A number of emerging software and hardware solutions are expected to deliver good results such as Blockchain distributed ledger platforms, 5G and NFC connectivity, the wider use of the Internet of Things (IoT), and digital identities and automated verification.
About IDLogiq
IDLogiq, leader in anti-counterfeiting technology solutions, deploys unique blockchain and NFC security technologies to provide the most advanced solutions to fight against counterfeiting and optimize business intelligence. IDLogiq provides real-time authentication and validation technology to validate medications and other products in real time, ensuring that the supply chain and consumers are getting exactly what they need.
Contact IDLogiq to learn more about anti-counterfeiting technology solutions.
Reference:
- The Future of Anti-Counterfeiting, Brand Protection & Security Packaging To 2026 | Security Printing | Market Reports | Smithers. (n.d.). Smithers. https://www.smithers.com/en-gb/services/market-reports/security/future-of-anti-counterfeiting-security-pack-2026.
