New Delhi: India’s authentication and traceability (A&T) industry is poised for rapid growth, projected to expand from ₹9,705 crore in FY 2023-24 to ₹10,612 crore in FY 2024-25, and further to ₹16,575 crore by FY 2028-29, according to a report released on Thursday. This represents a strong compound annual growth rate (CAGR) of 11.3 percent.
The joint study by the Authentication Solution Providers’ Association (ASPA) and Accenture noted that the sector has grown at a CAGR of 7.4 percent since FY 2019-20. Globally, the A&T market stood at $147 billion in 2023 and is expected to reach $382 billion by 2032, with the Asia-Pacific region leading growth at a 14.2 percent CAGR—driven by stricter regulations and rising consumer demand for transparency.
In India, key industries fueling demand include pharmaceuticals (17 percent), consumer products (14 percent), cosmetics (13 percent), and automotive components (13 percent). The surge is being propelled by increasing counterfeiting, rapid e-commerce expansion, greater consumer awareness, and evolving regulatory requirements.
“This report is a milestone in India’s fight against counterfeiting. Authentication and traceability are no longer optional; they are essential to protect consumers, safeguard brands, and build marketplace trust. With the A&T sector set for double-digit growth, this study will help guide policymakers, businesses, and stakeholders toward a safer, more transparent future,” said Manoj Kochar, President of ASPA.
While holograms and QR codes remain dominant, the report also highlighted rising adoption of advanced technologies like blockchain, Internet of Things (IoT), and artificial intelligence (AI). The findings are based on surveys of ASPA member companies and interviews with government bodies, industry stakeholders, and global organizations.
With inputs from IANS