New Delhi: India’s authentication and traceability (A&T) industry is set for robust growth, projected to reach ₹10,612 crore in FY 2024-25 and ₹16,575 crore by FY 2028-29, reflecting a compound annual growth rate (CAGR) of 11.3 percent, according to a report released on Thursday.

The sector, which stood at ₹9,705 crore in FY 2023-24, has grown at a CAGR of 7.4 percent since FY 2019-20, the joint study by the Authentication Solution Providers’ Association (ASPA) and Accenture noted.

Globally, the A&T market was valued at $147 billion in 2023 and is expected to expand to $382 billion by 2032, with the Asia-Pacific region leading the growth at a projected CAGR of 14.2 percent, driven by stricter regulatory mandates and rising consumer demand for transparency and authenticity.

In India, key sectors fueling this growth include pharmaceuticals (17 percent), consumer products (14 percent), cosmetics (13 percent), and automotive components (13 percent). Factors such as rising counterfeiting, expanding e-commerce penetration, increasing consumer awareness, and regulatory requirements are further accelerating the sector’s expansion.

Addressing the event, Manoj Kochar, President of ASPA, said, “This report is a milestone for India’s fight against counterfeiting. Authentication and traceability are no longer optional; they are essential to protect consumers, safeguard brands, and build trust in the marketplace.

With India’s A&T industry poised for double-digit growth, this study will guide policymakers, businesses, and stakeholders in shaping a safer, more transparent future.” While traditional technologies like holograms and QR codes continue to dominate, the report also highlighted growing interest in next-generation technologies such as blockchain, the Internet of Things (IoT), and artificial intelligence (AI).

The findings were based on survey responses from ASPA member companies, in-depth interviews with government authorities, industry stakeholders, and international organizations.