India's Authentication & Traceability Industry Poised for Robust Growth

India's authentication and traceability industry is expected to grow at a compound annual growth rate of 11.3% to reach Rs 16,575 crore by FY29. Key sectors fueling this demand include pharmaceuticals, consumer products, cosmetics, and automotive components, driven by increased counterfeiting and regulatory changes.

The Authentication Solution Providers' Association (ASPA) in collaboration with Accenture forecasts a significant rise in India's authentication & traceability industry, projecting it to hit Rs 16,575 crore by FY29, expanding at an 11.3% compound annual growth rate.

From Rs 9,705 crore in FY24, the sector is expected to surge to Rs 10,612 crore in FY25. Core sectors such as pharmaceuticals, consumer products, cosmetics, and automotive components are the main drivers, with increased counterfeiting and e-commerce penetration acting as catalysts.

The study reveals traditional technologies like holograms and QR codes are still popular, but there's a growing traction for blockchain, IoT, AI, and phygital technologies, as discovered through industry and government interviews.

(With inputs from agencies.)