The difficulties that ensue from counterfeiting result in a broad spectrum of negative after-effects for businesses, governments and consumers. The International Anti-Counterfeiting Coalition (IACC) describes counterfeiting as a crime, involving fraudulently manufacturing or distributing goods under someone else’s name, without their permission. Evolving into a worldwide challenge over time, counterfeiting incurs heavy losses on companies as they try to combat duplication and undermines the brand image as well as the consumers’ trust they have worked so hard to build over a long time.
As per a study by Supply Chain Resource Co-operative, the counterfeited goods market has grown from $30B in the 1980s and exceeds $600B today. With rising counterfeiting incidents this number could soon rise to over $1.8 trillion, which is more than the gross domestic product (GDP) of many developing countries around the world.The rapid development of the internet and the proliferation of various digital channels have provided a new impetus to this global phenomenon and are emerging as a criminal to businesses around the world.
When fake merchandise is produced and distributed, the original brand suffers huge sales losses. It has even become more difficult for businesses to track the manufacturing location of counterfeits due to the products’ varied sale locations. Apart from that, counterfeit products are poor-quality items, more often than not. Use of unsafe and dangerous chemicals in cosmetics and skincare; cheap and non-lasting parts used in electronics, or even adding unhealthy fat and meat substitutes, food coloring, and unnatural ingredients to various food packaging products, etc, can have serious, life-threatening ramifications. As a matter of course, all of these outcomes have a damaging impact on the brand’s image, at times losing their credibility as well as their customers’ confidence. However, today the tug of war between real and fake has intensified with the quality of fakes improving to a point where customers can’t tell the difference between genuine and fake items.
To safeguard businesses from the menace of counterfeiting and duplication, packaging manufacturers and brands have started leveraging high-powered Anti-Counterfeiting products & solutions.As per research by Fortune Business Insights, it is interesting to take note that the global anti-counterfeiting packaging market size which was valued at USD 104.5 billion in 2018, is projected to reach USD 189.9 billion by 2026, exhibiting a CAGR of 7.8% during the forecast period. This growth is witnessed on account of counterfeiting incidents and the measures adopted by brands and packaging manufacturers to safeguard their business interests and brand reputation.
Today, brands already adopting anti-counterfeiting measures such as blockchain technology, which enables a more transparent supply chain, tracking the location and movement of the products, from source to destination. Another Anti-Counterfeiting measure includes AI-powered image and text analytics that have made it easier to verify products thereby ensuring that only authentic merchandise reaches the market. Use of Radio Frequency Identification (RFID) tags embedded on products allow automatic tracking and inventory and control which makes it easy to track the journey of product packaging. Tamper-proof packaging, Holograms, and images on products are some of the other additional precautions.
To curb counterfeiting, the challenge for brands remains how to deploy Anti-Counterfeiting methods that are difficult to replicate but easy enough to recognize and verify for the supply chain, merchants, and shoppers, all the while being cost-effective.
Anti-Counterfeiting solutions are one of the most critical packaging solutions from the extensive portfolio of UFlex. The company provides cutting-edge Brand Protection Solutions for a large number of brands across the globe across various sectors such as FMCG, Pharmaceuticals, Breweries, Textiles, Education & Learning, Banks & Financial Institutions, etc.
UFlex offers a variety of anti-counterfeiting solutions that include:
- Hologram with 2D Barcode for Track ‘n’ Trace
- Holographic Self-Adhesive Security Labels with Registered lens
- Holographic Films (UV / HRI / Soft embossed / Hard embossed / Registered / Fresnel Lens Film)
- Holographic transparent BOPP film for Document & carton lamination
- Transparent Thermal film & Metallized Holographic Films, Soft-touch film, DC Special effect film & Cast ‘n’ Cure film
- Holographic Metallized Paper & Paperboard
- Textile Value Addition Products (Sequins/Hot Melt/ Glitter/ Fancy Yarn Film)
- Holographic PVC blister / Aluminum foil / Alu-Alu for pharmaceuticals
UFlex’Anti-Counterfeiting packaging applications and Brand Protection Solutions have so far safeguarded many domestic and global brands from counterfeiting threats and have also helped their products stand out on the retail shelves. We remain determined in our adherence to excel at every stage of production and will continue to deliver with each of our innovations in the coming times.