Understanding the rising threat of counterfeiting
In a world grappling with the rapid increase of counterfeit products, companies are prioritizing security and authentication measures more than ever. Read on for the reasons behind this increased concern over the threat of counterfeiting and how packaging and labeling solutions can protect brands, safeguard brand value and maintain trust with customers.
Not a new problem — but rising steadily
Businesses, both foreign and domestic, have increasingly realized that falsified items are not just a problem for a few products and countries but for the entire world economy. Here are some alarming facts about the alarming impact of counterfeit goods on public health and the global marketplace:
- Eight to nine percent of trade around the world is impacted by product counterfeiting and tampering, making it one of the main points of pain for brand owners.
- Counterfeit and pirated goods was a $3 trillion industry in 2022 and increasing, says NC State University.
- Every year counterfeit goods, private goods and theft cost the American economy as much as $600 billion, according to the FBI.
- The counterfeit and pirated goods market as of 2019 was 3.3% of the world trade, says the United States Patent and Trademark Office.
- The Council of the EU and the European Council report that over 50% of counterfeit goods seized on entry to the EU were related to online transactions.
- Fakes infringe on the trademarks, copyright and profits of a range of legitimate organizations and industries, including consumer electronics, food & beverage, luxury cosmetics and medications.
- Counterfeit medical supplies, auto parts, toys, food and beverages, cosmetics brands and electronics all pose health and safety risks to consumers.
How can businesses take steps to protect their brands, products, and, most importantly, their customers from the growing menace of counterfeiting? Read Resource Label Group’s “Safeguard Your Customers and Brand from Counterfeiting” whitepaper to find out how we can help you maintain the integrity of your products, mitigate brand dilution, and guard against unauthorized use and access.
