The global track and trace packaging market is projected to be appraised at USD 4,204.65 million by 2033, up from USD 2,415.35 million in 2023, advancing at a CAGR of 5.7% from 2023 to 2033.
Inhibiting the counterfeiting of sensitive and vulnerable products is a key concern across various industrial verticals globally and this is precisely what track and trace packaging caters to, in turn surging the demand for the same. Hence, the demand for track and trace packaging rises as it plays a crucial role on the front line in preventing crime that causes the product as well as the manufacturer economic damage and risks the health.
The introduction of a track and trace system in the packaging industry is a foremost advancement for pharmaceutical and food companies that are shaping the market trends as well.
The adoption of track and trace packaging is fostered by the unique identification code printed by it onto each product after it has been packaged, allowing the individual product to track throughout the supply chain i.e. from production to the end consumer.
The adoption is also fostered by the packaging’s unique blend of benefits across the supply chain that includes developing a central database for product backtracking, easy integration into the product supply chain, and maintaining the overall equipment effectiveness. Furthermore, as per the track and trace packaging sector analysis by FMI, track, and trace packaging is gaining attraction in the marketplace and is expected to reflect increasing growth in terms of value and volume.
The deployment of track-and-trace solutions in the healthcare sector is also projected to be driven by favorable legislation for the implementation of serialization.
A strategic increase in the governing agreement for serialization, which has become a significant priority area for pharmaceutical companies and supply chain partners, is another driver for expanding the track and trace packaging industry size.
| Attributes | Details |
|---|---|
| Track and Trace Packaging Market CAGR (2023 to 2033) | 5.7% |
| Track and Trace Packaging Market Size (2023) | USD 2,415.35 million |
| Track and Trace Packaging Market Size (2033) | USD 4,204.65 million |
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One of the significant factors contributing to the track and trace packaging business growth 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 chains are also likely to cater to the rising demand for track and trace packaging over the forecast period.
The rise in government regulation and emphasis laid on eradicating counterfeit goods in emerging and developed economies is set to further drive the market. However, the 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 impede the growth of this market
North America captured a track-and-trace packaging market share of 22% in 2022. The main factor driving the growth of the track and trace system market in North America relative to other regions is the dominance of the pharmaceutical packaging sector.
Another factor contributing to the growth of the track and trace system market in the region is government legislation aimed at reducing counterfeiting practices in the food and pharmaceutical industries.
Principal Consultant
In terms of revenue, Europe has overtaken Asia as the second-leading regional market for track and trace solutions, and this trend is anticipated to continue through 2033. In 2022, the European market had a share of 31.3%.
This can be due to the region's proximity to developed economies like Germany, the United Kingdom, Turkey, Italy, and France. To combat prescription fraud and theft, the European Union wants to gradually integrate track and trace technologies throughout the healthcare supply chain, auguring well for the region’s track and trace packaging industry future trends.
All throughout the world, start-up ecosystems are growing including the track and trace packaging business. A number of ambitious founders and inventive startup teams looking for novel approaches to achieve a strong product-market fit and address global issues.
Example:
Lightning Technologies, a USA-based start-up, provides an all-inclusive logistics solution with its Lightning Pallet.
The system provides precise IoT pallet tracking and monitoring by providing the pallet, the technology, and the software to administer it.
The built-in Lightning Intelligence Modules monitor temperature, vibration, shock, shipment, humidity, and position down to the pallet level while ensuring continuous performance.
This most recent data is subsequently transferred to a cloud-based dashboard to improve quality assurance, monitoring, and the ability to take remedial action when necessary.
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There is fierce rivalry among suppliers as a result of the abundance of small and key 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 market share.
Recent Developments:
Key Players:
Rising pharmaceuticals companies are growing the demand in Asia Pacific.
The growing food sector in the United Kingdom have increased the demand.
Rising consumers awareness on reliable products has necessitated automotive head-up display.
The United States held a maximum share of the global market in 2023.
North America region to witness a higher CAGR through 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Printing Type 5.1. Inkjet 5.2. Laser Marking 5.3. Thermal Transfer 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 6.1. Radio-Frequency Identification (RFID) 6.2. Barcode Reader and Real-Time Locating System 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 7.1. Food & Beverages 7.2. Pharmaceutical 7.3. Automotive 7.4. Electrical and Electronics 7.5. Consumer Goods 7.6. Cosmetic & Personal Care 7.7. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Robert Bosch GmbH 18.2. ESS Technology Inc. 18.3. Optel Vision Inc. 18.4. PennWell Corporation 18.5. Siemens AG 18.6. Uhlmann Packaging Systems LP 18.7. Marchesini Group S.p.A 18.8. Lightning Technologies 18.9. SpiderLog 18.10. Smark Technology 19. Assumptions & Acronyms Used 20. Research Methodology
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Track And Trace Packaging Market
