Globalization is creating an increasingly complex, continuously growing supply chain. With more suppliers and more products coming from different countries, it is critical to identify, capture and share accurate product information. In this environment, counterfeiting has become a growing challenge.
According to the 2016 Brand Protection and Product Traceability Market Research report from PMMI, The Association for Packaging and Processing Technologies, counterfeiting is predicted to increase three percent per year worldwide. This rise will lead to increased growth in the anti-counterfeiting market over the next five years with CAGRs ranging from 12.8 to 16 percent. The growth of the global anti-counterfeiting market will outpace the overall combined market segment growth of food, beverage and pharmaceutical industries by roughly two to three times in the next five years.
“As this trend continues to increase on a global level, it is of paramount importance that all involved in the packaging and processing industry make continued efforts to maintain tracking control in order to prevent counterfeiting and aid in product recall,” says Paula Feldman, director, Business Intelligence, PMMI. “With North America alone accounting for fifty percent of the total growth of the global anti-counterfeit food packaging market in 2014, it is increasingly important that we as an industry continue to take the necessary action to protect our brands, as well as those around the globe.”
