The global track and trace packaging market is anticipated to grow from US$ 2,285.1 million in 2022 to US$ 3,977.9 million in 2032, at a CAGR of 5.7%.
Track & trace packaging specifically addresses the issue of preventing the counterfeiting of delicate and susceptible products, which is a key concern across many industry sectors internationally and is driving up demand for it. As a result, there is a growing need for track and trace packaging because it is an essential tool in the fight against criminality that endangers consumers’ health and costs manufacturers money.
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What Strong is the Competition in the Track and Trace Packaging Market?
There is fierce rivalry among suppliers as a result of the abundance of small and major market players who provide goods for tracking and tracing applications.
The suppliers are working with other market participants and placing more emphasis on developing strategic alliances with their clients, in turn expanding their track and trace packaging market share.
- Robert Bosch GmbH.
- ESS Technology Inc.
- Optel Vision Inc.
- PenWell Corporation
- Siemens AG
- Uhlmann Packaging Systems LP
- Marchesini Group S.p.A
Track and trace packaging Market – Market Dynamics
One of the most significant developments for the food and drug industries is the implementation of track and trace systems in packaging.
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
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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.
Key Segments Profiled in the Trace and Track Packaging Market Survey
By Printing Type:
- Laser Marking
- Thermal Transfer
By Product Type:
- Radio-Frequency Identification (RFID)
- Barcode Reader and Real Time Locating System
By End Use:
- Food & Beverages
- Electrical and Electronics
- Consumer Goods
- Cosmetic & Personal Care
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
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