Invisible Taggants Market Size, Share, Growth, And Industry Analysis By Type (Hand-Held Instrument Detection And Fixed Instrument Detection) By Application (Cosmetics, Alcoholic Drink & Tobacco, BFSI, Pharmaceutical, Luxury Accessory, Automotive, Chemical, And Others), Regional Insights, and Forecast From 2024 To 2031

Updated On: 22 April 2024

Invisible Taggants Market Report Overview

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The global invisible taggants market size was USD 280.84 million in 2021 and is expected to reach USD 678.24 million in 2031, exhibiting a CAGR of 9.22% during the forecast period.

To enable a variety of testing, a chemical component called an invisible taggant is added to the materials. There are two different sorts of invisible taggants since a physical marking can occasionally double as an invisible taggant. Even though the actual tag is affixed to the items, it is a very small, easily detectable identifier that is tiny in size. The prime objective of invisible taggants is to distinguish original products from various counterfeit ones on the market by demonstrating the authenticity of the originals and eliminating them from the group. The animal feed industry, the pharmaceutical industry, polymers, dyes, and flexible explosives are just a few industries where invisible taggants are used extensively. When pushed through a scanner, the invisible taggants produce a string of data pertaining to the products or objects.

The popularity of products that are widely utilized generically, such as alcohol and cosmetics, has a significant impact on the popularity of the invisible-taggants market. The expansion of the invisible-taggants market has been boosted by a number of other markets. The success of the numerous marketplaces using invisible taggants in their products is closely related to the success and expansion of those markets since the invisible taggants are used to distinguish genuine products from counterfeit ones.

COVID-19 Impact: Halt In Production Affected Market Development

The global COVID-19 pandemic has been unprecedented and staggering, with invisible taggants market experiencing lower-than-anticipated higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

As a result of the pandemic that began in the year 2020, the market for invisible taggants on a global scale suffered. The sudden appearance of a highly contagious airborne virus has caused the existence of many markets all across the world to become chaotic. The manufacturing of the majority of the products that utilized invisible taggants came to a grinding halt, causing the market for them to slowly decline. During the early stages of the pandemic, the markets' regular operations and the invisible-taggants market were both impacted by the lockdown that was imposed owing to the COVID-19 outbreak. The market is anticipated to grow over the projected period as a result of the manufacturing process restarting as a result of increased product demand.

Latest Trends

"Inclusion Of IR Taggants Facilitates Product Demand"

The market for invisible taggants is anticipated to experience tremendous success thanks to infrared taggants. The integration of covert infrared invisible taggants is used primarily for the purpose of tracking and identifying the goods and products; they operate by releasing coded signals that are optical outside the visual spectrum to aid in the identification of certain objects during checking. Even though infrared invisible taggants are employed in both commercial and military settings, the military application has a substantial positive impact on the growth of the invisible-taggants market.

Invisible Taggants Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into hand-held instrument detection and fixed instrument detection. Among these, hand-held instrument detection is expected to pioneer the market by type during the forecast years of 2021-2027.

• By Application Analysis

Based on application, the market can be divided into cosmetics, alcoholic drink & tobacco, BFSI, pharmaceutical, luxury accessory, automotive, chemical, and others. The cosmetics segment will lead the market by application during the market years mentioned above.

Driving Factors

"String Of Government Policies Drive Market Value"

The governments of several nations have implemented the technology of invisible taggants to utilize to distinguish fake products from genuine ones due to the variety of sectors being flooded with counterfeit goods that dangerously mimic the original products. Due to the prevalence of numerous counterfeit items, the cosmetics sector suffers considerably. Additionally, customers are frequently duped into using these harmful counterfeit products on their skin. Due to these reasons, the government is forcing invisible taggants into practically all products in an effort to track their information and screen out fakes.

"Rise Of the Pharmaceutical Industry Augments Market Growth"

Since a few decades ago, the pharmaceutical sector has experienced an increase in sales; in particular, following the pandemic panic, the industry has grown even more resilient. While the pharmaceutical business has grown quickly, giving people more alternatives for treating certain as well as specific diseases and disorders, it is also experiencing a large number of counterfeit drugs, which is directly driving manufacturers to use invisible taggants and reassuring consumers of the authenticity of the medications; this factor is significantly driving the invisible taggants market growth.

Restraining Factors

"Lack Of Awareness Hampers Market Expansion"

The majority of people are still, to this day, unaware of the number of fake goods they are purchasing, which is the main factor for the market's slow growth despite the presence of the invisible taggants market. The expansion of the invisible-taggants market is impeded by the fact that this is a widespread problem in the emerging nations of the world, which are also among the largest consumers of goods as a result of expanding population.

Invisible Taggants Market Regional Insights

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"Due To High Demand, North America Leads The Market"

The North American region is the highest consumer of the variety of goods manufactured by various industries, whether its medicines, beauty products, electronics, etc. due to this, the North American region is in the lead among other regions of the world for having the most of the invisible taggants market shares.

Similar to how the European region dominates the market for visible taggants, invisible taggants are popular due to the great demand for a variety of products. One of the main causes of the market explosion in the area is the stringent regulations for the destruction and separation of counterfeit items from genuine ones.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Merck (U.S.)
• Microtrace (U.S.)
• VIAVI Solutions (U.S.)
• Olnica (France)
• Honeywell (U.S.)
• NanoMatriX International (China)
• Eluceda (United Kingdom)
• Spectra Systems (U.S.)
• Authentix (United Kingdom)
• Essentra (United Kingdom)
• U-NICA (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors such as segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.