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A new report by Allied Market Research forecasts the global anti-counterfeit food and beverage packaging market to grow at a CAGR of 16.1 percent from 2015 to 2020. The report expects holograms to lead the overall authentication technology market and RFID technology to exhibit the fastest growth at 20.4 percent CAGR.
According to the report, every year millions of people mistakenly buy counterfeit food and beverages, increasing the demand for anti-counterfeit packaging (ACP).
The report explains that conventional authentication technologies still account for the highest revenue in the global ACP market due to low cost and ease of application. Track and trace technologies such as RFID and barcodes will see more use in premium products such as wines and spirits.
The report identifies lack of awareness of authentication solutions among local manufacturers and the high price of RFID technology as hindrances to the market. However, the report notes that awareness campaigns developed by anti-counterfeit trade associations and regular interventions from government authorities would result in wider usage of anti-counterfeit technologies.