Counterfeiting is a worldwide epidemic that is becoming increasingly difficult for luxury brands to ignore. In 2016, U.S. law enforcement agencies seized 31,560 shipments containing counterfeit goods at a value of $1.4 billion had they been genuine.
Global counterfeiting is being driven by several factors: increased industrialization, technologies, the impact of the internet, vulnerable supply chains, the power of consumerism, weak or ineffectual regional law enforcement and lenient criminal penalties among others.
Diverse ongoing threats, new regulatory requirements for life critical products and technical evolution will fuel market growth for anti- counterfeiting packaging technologies across the next five years, according to exclusive new data from Smithers Pira.
Technology has made it easier for individuals involved in counterfeiting activities, as e-commerce platforms have gained popularity. Technology is assisting counterfeiters to advertise, produce and distribute fake products. However, technology can also play a crucial role to curb the production and distribution of counterfeit goods.
Putting anti-counterfeiting measures in place to protect your brand is now commonplace. Counterfeiters are getting increasingly savvy, proving that the packaging industry needs better technology and more solutions.
Most companies involved in consumer goods manufacturing face issues with counterfeit products in the marketplace. Of course, every fraudulent product sold negatively impacts the manufacturer’s bottom line, but often, the real damage is unseen: long-term injury to the brand from substandard product in the supply chain.