Product counterfeit has become a matter of concern for brand owners as well as brand marketers, with approximately 5-7% of all world trade is affected by counterfeiting and tampering. Therefore, for big brands, fraud and counterfeit mitigation is no longer optional and has become a very important parameter to maintain its brand image and protect its customer.
The Food and Beverages, Pharmaceuticals, consumer electronics, and high-end cosmetics are a few segments where demand for the security labels is the highest. In addition, today’s consumer also likes to be informed and needs protection against any false information regarding the product they consume or purchase. All these factors along with the growth in the overall packaging industry drives the demand in the Security labels Market.
Security Labels Market Dynamics:
The growth in food and beverage industry driven by the rise in demand for packaged goods is the key factor contributing to the growth in demand for security labels market. Additionally, the growth in the electronic industry, pharmaceutical industry, rising manufacturing activities also fuels the growth in the security labels market.
This is further backed by the increased technology investments by the manufacturers in the packaging industry. The manufacturers in the security labels market operate in a competitive industry, due to which they keep on improving their current offerings and developing new products. This factor together with increase in government regulations to overcome counterfeits and thefts provides growth opportunities in the security labels market.
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One of the trends in the security labels market is the increasing dominance of smart labels as compared to the conventional bar code data. The smart labels are like a slip for identification that offers advanced technologies with real time tracking. Meanwhile, the lack of any constant standard acts as a key restraining factor for the growth of the global security labels industry.
Geographically, the Security Labels Market can be segmented into North America, Latin America, Europe, Asia-Pacific (APAC) and Middle East & Africa (MEA). North America is expected to witness high growth in demand for security labels market due to rising theft issues and growth in the packaging industry in the region.
Moreover, recent U.S. initiative by U.S. legislators to pass a bill mandating a tracking methodology to monitor the authenticity of prescribed drugs might further boost the demand for security labels markets in the region. The Europe market is projected to register healthy growth in the security labels market as consumer demand for secured packaging is rising rapidly in the region.
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Moreover, Asia Pacific is expected to witness the highest growth in the forecast period primarily driven by high demand from developing economies like India and China. The growing manufacturing activities, rising population, increasing disposable income, increasing GDP, all these factors create opportunity for growth in the developing economies. MEA is expected to witness a moderate growth in the security labels market.
Security Labels Market - Key Players:
Some of the leading players identified across the globe in the Security Labels Market are: 3M Company, Honeywell International Inc., UPM Raflatac Ltd, Avery Dennison Corporation, CCL Industries Inc., Tesa SE, Security Labels International, Group DC, Colour Data UK Ltd
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