Counterfeiting of Food & Pharmaceutical Impact Business Performance
Counterfeit products compound to health issues. It hits hard on both the business and customers. In many instance it has been held responsible to complicate certain project execution for government bodies. Thus, presence of such fake food products and drugs is not only an annoyance but results in huge economic losses.
As per the Federation of Indian Chamber of Commerce and Industry, sales of adulterated and copied products into India had caused economic losses of about $11.9 bn in 2012. Some of the many consumer industries that were affected by counterfeiters in the country include alcohol and food sector. Moreover, over 75 percent of the fake products sold in Vietnam originated from countries like China. Most cases involve counterfeit tobacco products and food and beverage.
Channel NewsAsia, in February reported that cops in Thailand had confiscated more than 270 fake whiskey bottles. The channel also introduced to the world how cops across Europe had seized 20 tonnes of adulterated spices and 80,000 fake biscuits.
Technology Advancements to Fight Counterfeit Products
Nano Brick Co., provider of anti-counterfeit packaging solutions based in South Korea, shot to fame in March 2016 for backing an order to deliver M-Tags to Maotai. Reputed liquor producer in China, Maotai is determined to wage war against the makers of adulterated Maotai. Another company name Romaco Group is ready to introduce to the worlds its Noack blister series which is equipped with an in-built anti-counterfeiting packaging system used for packaging – at CIPM 2016. Zhejiang Evoture Net Technology Co Ltd was highly praised for introducing tracking system to ensure food safety in China. Commenting on their recent discovery Zheng Xinli, chairman of the company said "We gather information about how products are produced, circulated and consumed ...strengthening food quality management and risk control."
Eyeing the increasing demand in this sector Allied Market Research has published a report titled “World Anti-Counterfeit Packaging Market - Food and Pharmaceuticals - Opportunities and Forecasts, 2012 – 2020.” This exclusive study on the global anti-counterfeit packaging market, outlines that industry will register a CAGR of 13. 9% by 2020. Researchers add the sector is estimated at $142.7 billion by the same year. Stakeholders seeking relevant statistics on adoption rate, drivers, prominent vendors, opportunities, challenges, trends and market share and size would find the report beneficial.