Middle East & Africa Authentication and Brand Protection Market
Published On: Nov 2023
Published On: Nov 2023
According to Business Market Insights’ research, the Middle East & Africa authentication and brand protection market was valued at US$ 243.01 million in 2022 and is expected to reach US$ 508.65 million by 2030, registering a CAGR of 9.7% from 2022 to 2030. Accentuating demand for genuine products, growing concerns over duplicate consumer electronics products and automotive components and focus of governments on implementation of stringent anti-counterfeiting regulations are the critical factors attributed to the Middle East & Africa authentication and brand protection market expansion.
The consumer electronics and automotive industries in developed and developing countries have witnessed unprecedented growth over the years; the demand for these products continues to grow annually. With this, the demand for components used in consumer electronics and automotive is also growing, prompting a rise in the supply of counterfeit products. Smartphones, tablets, and laptops are among the most popular consumer electronics. The grey market for electronic and automotive components is witnessing a boom because of the high demand for vehicles and electronics. The grey market for consumer electronics and other equipment is booming in highly taxed countries; dealers import these products directly from low-taxed countries and sell them at lower prices, promoting competition against legitimate local and international OEMs. Such an emerging grey market for consumer electronics and automotive parts fuels the demand for genuine products. The automotive component industry is vast, with a significant number of players operating worldwide. Owing to soaring demand for new brands of vehicles, the need for auto parts has upsurged in manufacturing plants, which, in turn, has spurred the market of forged parts. The rampant use of counterfeit products has been associated with several vehicle breakdowns and accidents in the past, tarnishing the image of vehicle manufacturers. Therefore, OEMs, aftermarket players, wholesalers, and dealers seek authorized and genuine auto parts to reduce such mishaps. Thus, end users are now becoming aware of the cons of duplicate products, which is resulting in the soaring demand for authenticating products. Thus, the rising demand for authenticated products is compelling OEMs to adopt product authentication solutions, boosting the authentication and brand protection market. Many OEMs are procuring high volumes of authentication labels.
On the contrary, counterfeiting of authentication labelling hurdles the growth of Middle East & Africa authentication and brand protection market.
Based on component, the Middle East & Africa authentication and brand protection market is categorized into overt, covert, forensic, and digital. The overt segment held 49.6% market share in 2022, amassing US$ 120.50 million. It is projected to garner US$ 238.01 million by 2030 to expand at 8.9% CAGR during 2022–2030.
Based on technology, the Middle East & Africa authentication and brand protection market is categorized into security printing & tamper proof labels, security inks & coatings, OVDS and holograms, unique codes, bar codes, RFID, authentication ICS, and others. The bar codes segment held 38.7% share of Middle East & Africa authentication and brand protection market in 2022, amassing US$ 94.00 million. It is projected to garner US$ 184.80 million by 2030 to expand at 8.8% CAGR during 2022–2030.
Based on application, the Middle East & Africa authentication and brand protection market is categorized into consumer electronics, automotive, medical, chemical, food & beverage, tobacco, and others. The food & beverage segment held 29.0% share of Middle East & Africa authentication and brand protection market in 2022, amassing US$ 70.48 million. It is projected to garner US$ 130.38 million by 2030 to expand at 8.0% CAGR during 2022–2030.
Based on country, the Middle East & Africa authentication and brand protection market has been categorized into Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 32.9% share of Middle East & Africa authentication and brand protection market in 2022. It was assessed at US$ 80.03 million in 2022 and is likely to hit US$ 181.85 million by 2030, exhibiting a CAGR of 10.8% during 2022–2030.
Key players operating in the Middle East & Africa authentication and brand protection market are 3M Co, Authentix, Avery Dennison Corporation, De La Rue Plc, Eastman Kodak Co, and Giesecke Devrient GmbH, among others.
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