In simplified terms, counterfeiting means imitating something. Counterfeit products are fake and unauthorized replicas of the original product. Having a serious negative impact on the beverage industry, counterfeiting results in intangible loss for the vendors in the industry. This in turn affects the companies’ revenue. Beverage companies are taking steps in continuity to fight counterfeiting as it affects their revenue on a serious note. Moreover, the brand name and image of the company is affected due to the lower quality of counterfeit products which results in health issues of the customers. It is rather difficult through regular inspection to trace counterfeit products. This further results in the entry of counterfeit beverages in the retail markets. Due to compromised product quality, counterfeit products pose threats to the health and safety of customers, which in turn deteriorates the concerned companies’ brand name and image.
For detecting counterfeit beverage products across the globe, anti-counterfeit beverage packaging technologies have been invented. Because of easy availability of counterfeit products in local markets, the beverage industry is severely affected. Due to the increasing production of beverage counterfeits, it is expected that the anti-counterfeit beverage packaging market will experience lucrative growth in the future. It is predicted that the global anti-counterfeit beverage packaging market would grow in terms of revenue until 2024. Many new, efficient, and easy to use technologies for testing the originality of the products are emerging in the market. Manufacturers are using such technologies and thus assisting in the growth of the global anti-counterfeit beverage packaging market.
As a result of the increasing consumer awareness regarding products and technologies, America and Europe are anticipated to serve as potential regions for the market among other regions in the near future.
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Counterfeiting is globally affecting the beverage industry, resulting into innumerable tangible and intangible losses for the players operating in the industry. It affects the revenue of companies along with the end-users of their products. Beverages industries are continuously taking steps to fight counterfeiting in their supply chain as it seriously affects their sales revenue. Besides, lower quality of counterfeit products affects the brand image of the company and also results in health issues among consumers. Forged packaging products are so well industrialised that it becomes impossible to trace them through regular inspection and, thus, such counterfeit beverage products make entry into the retail market. With their poor product quality, they pose severe concerns related to the consumers’ health safety, and consequently lead to the deterioration of the brand image of the affected company.
Counterfeiting affects the gross revenue of the company and causes immense long term damage to its credibility. Every year, significant amount of losses are incurred by the operating players due to the usage and sale of counterfeit products in the global beverages industry.
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The anti-counterfeit beverage packaging technology has emerged as an efficient solution for detecting counterfeit beverage products globally. The beverages industry to get severely affected by counterfeit products as these products are easily available in the local market. Due to rapid surge in the number of beverage counterfeit products, the anti-counterfeit beverage packaging marketis expected to witness a significant growth over the forecast period of 2016-2024.