Future Market Insights (FMI) predicts the global market for security holograms to expand at 5.3% CAGR between 2021 and 2031. Overall sales of security holograms are expected to total US$ 8.1 Bn by 2031.
Increasing focus on security and authentication along with surging demand for anti-counterfeit devices to prevent the sales of counterfeit products will strengthen growth prospects for the security holograms market.
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Security holograms are used in packaging, apparel, currency, passport, and document such as credit cards, tickets, and others as a measure taken to ascertain the authenticity. Security holograms can be customized as per the requirement of end users which adds value to the brand along with increasing the brand creditability.
Security holograms offer various benefits such as unique identification, safety & authentication, aesthetic look to a product, curbing duplication, and prevent counterfeiting among others. Considering myriad benefits they offer, security holograms are gaining popularity.
As per Future Market Insights (FMI), there are ample opportunities for manufacturers of security holograms due to the rise in usage across various sectors. By product type, the 2D/3D segment followed by the electron-beam segment is estimated to be the most lucrative segment. The targeted segments are anticipated to hold more than 3/5th of sales in the market over the coming decade.
In terms of end use, security holograms will register maximum application in documents. Demand in this segment is expected to nearly double over the course of the assessment period.
keaways from Security Holograms Market
- Polyethylene Terephthalate (PET) is expected to remain the preferred material for security holograms manufacturing. It is expected create an incremental opportunity of US$ ~1.6 Bn, during 2021-2031
- North America, Europe, and East Asia will showcase the high demand for security holograms. The regions together will account for more than 65% of the global market share by the end of 2031.
- The U.S. is expected to emerge as the most lucrative market for security holograms in North America, accounting for over 80% of sales through 2031.
- The demand for security holograms is expected to increase by 5% CAGR in Europe over the report’s assessment period.
- The East Asia market is expected to be dominated by China through 2031.
“In order to gain competitive edge, companies operating in the security holograms market are focusing on capacity expansion. They are completing strategic collaborations with regional distributors as well to uncover hidden opportunities in emerging nations,” says an FMI analyst.
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The increasing demand for anti-counterfeiting devices to tackle the threat of counterfeiting is the sales of security holograms. According to ‘The International Hologram Manufacturers Association’ (IHMA), hair care and cosmetic brands are hit harder due to the increase in counterfeit products.
Counterfeit products have been increased by 56% in 2020 across 700 brands that are sold online. Moreover, skincare device companies have experienced an increased sale of counterfeit products by 40%.
Security Hologram Adds Colorful Dimension to Product Packaging
Eye-catching security holograms make for beneficial packaging accoutrement. Advanced technologies, which help to create 3D security holograms, offer 3D visual effects to the packaging, which increases the packaging attractiveness. Security hologram helps to grab the attention of customers browsing through product shelves in a store, which increases the chances of sales of any product. On the back of this factor, the demand for security holograms will increase in the packaging industry.
Eye-catching security hologram maximizes the brand appeal, which attracts the brand owner to use them on product packaging. Security hologram also adds a premium look to product packaging. Therefore premium cosmetic and skincare brands and other companies use security hologram, which offers security as well as an eye-catching look.
Customized security hologram reinforces the brand identity, which is an added benefit for the brand. Customized security hologram adds real value to the product packaging and captures the essence of a product. Security hologram designed or used on a particular area of packaging enhances the visual impact. It plays a dual role of security and decoration. Overall, the security hologram adds a colorful dimension to the product packaging, which drives the demand for security holograms.
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Need for Verification of Vaccination Status Creating Growth Opportunity
Health management and other authorities are facing challenges in terms of verifying vaccination status for those who are travelling outside the country or coming back to the country. To resolve the challenge, a security hologram is being placed on the vaccination card to verify the details. These holograms also can be tracked online, which makes the work of authority easy.
Ghana Health Service (GHS) is taking steps to rectify the challenges faced in the verification of vaccination status. The organization is placing security hologram on vaccination cards, which will make the work easy to verify the status of vaccination. Also, to verify the status, it has placed a separate desk at the airport, which functions only to check whether the traveler is fully vaccinated or not.