A security label is a concept associated with a resource or bundle that provides specific security metadata about the information to which it is defined. These labels can be used as a security seal. They illustrate either some security information or brand logo. Security labels disintegrate when attempted to remove it and are stronger and durable compared to the conventional labels. They leave a pattern when peeled off and can, thus, protect against any theft. Security labels are widely used in various end-use industries, such as consumer electronics, pharmaceutical, food and beverages, cosmetics, and others. This in turn is expected to augment the growth of the security labels market.
Product counterfeit has become a matter of concern for owners and marketers, with around 5 to 7% of all world trade is affected by tampering and counterfeiting. Counterfeit goods affect the reputation of the brand and cost millions in lost revenue, as well as hinder growth of the business, resulting in direct lost productivity and investment; foreign direct investment (FDI). Safety labels are used to shield the contents of packaging products and ensure that the material is not interfered with. These labels are also outfitted with various protective measures. This increases the demand for security labels, thereby driving the security labels market growth.
Moreover, growth of the security labels market is mainly driven by the rapid growth of the e-commerce, especially in Asia Pacific region. E-commerce has become mainstream in people's daily lives with profound benefits. According to the Brand Equity Foundation (IBEF), the Indian E-commerce market is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion as of 2017. E-commerce has transformed the way business is done in India. Moreover, to increase the participation of foreign players in E-commerce, Indian Government hiked the limit of FDI in E-commerce marketplace model to up to 100% in B2B models. This in turn is expected to propel the security labels market growth.
Furthermore, there is increasing demand for security labels in both pharmaceutical and food and beverages industries. Safe labeling is of utmost importance in the healthcare. Labeling is a printed information that is connected to the identification of product and provide detailed information about the product. For instance, in Feb. 2021, Covectra launched a new version of StellaGuard, a smart label to avoid counterfeiting. This on-pack technology enables consumers, retailers, and others to harness mobile devices to verify the authenticity of the pharmaceutical products. This in turn is also expected to drive the market growth.
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