India's authentication and traceability market to reach Rs 16,575 crore by FY29: Report

India's authentication & traceability (A&T) industry is projected to grow at a compound annual growth rate of 11.3% to reach Rs 16,575 crore by FY29, according to a study released by the Authentication Solution Providers' Association (ASPA) in collaboration with Accenture.

The Indian A&T industry was estimated at Rs 9,705 crore in FY24, having grown at a CAGR of 7.4% since FY20. It is expected to reach Rs 10,612 crore in FY25.

Key sectors driving demand for A&T solutions in India include pharmaceuticals (17%), consumer products (14%), cosmetics (13%), and automotive components (13%). The report attributes this growth to factors such as the rise in counterfeiting, increasing e-commerce penetration, growing consumer awareness, and evolving regulatory requirements.


While traditional technologies like holograms and QR codes remain prevalent, the study highlights a growing interest in next-generation solutions such as blockchain, IoT, AI, and phygital (physical + digital) technologies.

The study, conducted by Accenture, incorporated survey responses from ASPA member companies, along with interviews with government authorities, industry stakeholders, and global bodies.