Hotline: 1800 102 2007
X
Search Business Opportunities
Feb, 04 2017

​FMCG loses 30 percent of business revenue due to counterfeit

Products belonging to brands such as L'Oreal, Lakme, Revlon, Olay, Elle 18, Nivea, Fair & Lovely and several others were found in the premises. The growing incidents of counterfeiting have led to a demand for anti-counterfeit packaging (ACP).

Fast-moving consumer goods (FMCG) packaging remains the worst affected industry due to counterfeiting which accounts for over 30 percent of business revenues, according to industry reports.

The estimated value of counterfeit and smuggled goods of these grew from Rs 729 billion in 2012 to Rs 1,054 billion in 2014, according to a study by consultancy firm KPMG. A study by advisory firm KPMG and the Federation of Indian Chambers of Commerce and Industry (FICCI) indicates that sales of fake consumer goods are growing faster than the overall consumer products market.

Recently, The Food and Drug Administration (FDA) busted a racket and seized fake cosmetics products worth Rs 2.39 crore from a shop in Crawford market, Mumbai. Products belonging to brands such as L'Oreal, Lakme, Revlon, Olay, Elle 18, Nivea, Fair & Lovely and several others were found in the premises. The growing incidents of counterfeiting have led to a demand for anti-counterfeit packaging (ACP).

Authentication Solution Providers’ Association (ASPA) and Messe Frankfurt India (MFI) have joined hands to bring authentication solutions to the forefront. ASPA has already developed authentic solutions that are empowering consumers, brand owners and government authorities to easily identify genuine goods and products. According to a statement, they have developed a mobile and web application and an SMS facility that will enable brand owners and consumers to authenticate the originality of the products. More than five states in India are already using security holograms and other initiatives in the pipeline will be discussed at this forum.

Comment
image
Related opportunities
  • Tea and Coffee Chain
    About Us: Springold ‘The Luxury Café (TLC) is the brainchild of..
    Locations looking for expansion Maharashtra
    Establishment year 2017
    Franchising Launch Date 2018
    Investment size Rs. 20lac - 30lac
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • Furniture/Home Decor & Furnishing
    About Us: INSTA DECOR is a Interior design consortium headed by..
    Locations looking for expansion New Delhi
    Establishment year 2018
    Franchising Launch Date 2019
    Investment size Rs. 50lac - 1 Cr.
    Space required 2000
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Delhi New Delhi
  • Clothing
    About Us: Integrated in the year 2018, Baluchari Saree Essentials gracefully..
    Locations looking for expansion Uttar pradesh
    Establishment year 2019
    Franchising Launch Date 2019
    Investment size
    Space required 2200
    Franchise Outlets -NA-
    Franchise Type -NA-
    Headquater Bishrakh Uttar pradesh
  • About Us: Kidzonia International PreSchools is a joint venture between Suraka..
    Locations looking for expansion Telangana
    Establishment year 2014
    Franchising Launch Date 2014
    Investment size Rs. 10lac - 20lac
    Space required 1500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Serilingampalli Telangana
Insta-Subscribe to
Entrepreneur
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities