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A new report from Portland, Oregon-based Allied Market Research forecasts the anti-counterfeit cosmetics and pharmaceutical packaging market to grow at a CAGR of 15.7 percent between 2015 and 2020, reaching $80.2 billion, globally, by 2020.
According to the report, the hologram authentication technology segment accounted for about a 52 percent share in 2014 and will continue to lead the market through 2020, due mainly to varied products and economic pricing.
The report sees track-and-trace technologies, such as RFID, barcode, e-pedigree, in product tracking and inventory management surpassing the authentication technology segment by 2020. The report forecasts e-pedigree authentication technology as the fastest-growing segment in the RFID anti-counterfeit technologies market, estimated to grow at a CAGR of 21.5 percent through 2020.
The report also identifies hindrances to market growth, including higher cost of track-and-trace technology and limited awareness of product security and complex operational procedures. However, the report mentions that anti-counterfeit trade associations and pharmaceutical companies support the implementation of anti-counterfeit technologies, thus encouraging market growth.