Within recent years, the food industry has been victim to a burgeoning trade with counterfeited food and drinks. In 2017 more than $1.5 trillion of counterfeit goods were traded and a significant slice of this relates to the food industry. A recent article from World Trade Market Review explains how companies in the food industry have to take this problem very seriously.
“One of the key challenges facing all brand owners today is the threat that counterfeiting poses to their revenues and reputations. However, food and drink companies must take into account a more sinister consideration – the health risks that unregulated and untraceable food and drink products can pose to consumers. With no quality control of counterfeit goods and their component ingredients, the possibility of involuntary ingestion of toxic substances is a matter of grave concern.”
Source; World trade market review, May 2017
The global counterfeit market is expected to double within five years from 1.200B$ in 2017 to 2.300B$ in 2022. This massive increase is amongst others due to an increase in quality of counterfeits which is caused by larger criminal network, new technology, 3D printers, easy access to original labels & packaging etc. The problem is indisputable and companies need to react in order to reduce the losses caused by counterfeits. Otherwise billions of dollars will be lost and brand value will erode.
