Future Market Insights
Inhibiting the counterfeiting of sensitive and vulnerable product is a major concern across various industrial verticals globally. Packaging plays a crucial role on the front line in preventing crime that causes the product as well as the manufacturer economic damage and risk the health. The introduction of Track and trace system in packaging industry is a foremost advancement for pharmaceutical and food companies. The track and trace system prints a unique identification code onto each product after it has been packaged. This allows the individual product to track throughout the supply chain i.e. from production to the end consumer. Track and trace exhibit a unique blend of benefit across the supply chain that includes developing central database for product backtracking, easy integration into product supply chain and maintain the overall equipment effectiveness. Track and trace packaging is gaining attraction in the marketplace and is expected to reflect increasing growth in terms of value and volume over the forecast period.
Track and trace packaging Market - Market Dynamics:
One of the significant factor contributing to the growth of track and trace packaging market is the increasing consumer awareness for secured and reliable products. Manufacturing companies with the use of track and trace packaging can now preserve their USP related to the product. Additionally, technological advancement, new application areas and improved supply chain are some of the other drivers expected to contribute to the demand for track and trace packaging market over the forecast period. Moreover, increasing government regulation and emphasis laid on eradicating counterfeit good in emerging and developed economies is set to further drive the market by 2024 end.
However, high cost involved in implementing track and trace packaging and apprehension among the manufacturers about the security features of track and trace packaging is expected to restrain the growth of this market
Track and trace packaging Market- Market Segmentation:
Global track and trace packaging market is segmented on the basis of printing technology, product type and end use industry. On the basis of printing technology, global track and trace packaging market can be segmented into inkjet, laser marking and thermal transfer. On the basis of product type track and trace packaging market can be segmented into radio-frequency identification (RFID), Barcode reader and real time locating system. Barcode reader is further segmented into linear barcodes and 2D barcodes. On the basis of end the track and trace market is segmented into food & beverages, pharmaceutical, automotive, electrical and electronics, consumer goods, cosmetic & personal care and others
Track and trace packaging Market - Regional Outlook:
Geographically, the global track and trace packaging market is segmented into North America, Latin America, Europe, Asia-Pacific (APAC) and the Middle East & Africa (MEA). Among regions mentioned above, North America accounts for significant share and is expected to maintain its dominance during the forecast period. The dominance of pharmaceutical packaging industry is the key factor contributing to the growth of track and trace system market in North America compared to other region. Government regulations minimizing the counterfeiting practices in the food & beverage and pharmaceutical products is another factor attributing to the growth of track and trace system market in the region. Asia-Pacific is anticipated to grow at a significant rate over the forecast period, owing to the rapid industrialization in the region and promising future for pharmaceutical industries in the region. Overall, the global track and trace market is anticipated to register a healthy CAGR over the forecast period.
Track and trace packaging Market - Major Players:
Some of the key industry stakeholders identified across the globe in the track and trace packaging market are Robert Bosch GmbH, ESS Technology Inc., Optel Vision Inc., PenWell Corporation, Siemens AG, Uhlmann Packaging Systems LP, Marchesini Group S.p.A
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