Counterfeits in FMCG products is big concern. Honey, Edible Oils, Ghee, Hair Oils, Bottled Water, Spices, Rice, Atta are the most counterfeited FMCG products. Industry reports estimate Counterfeits in FMCG products to account for 30% of business revenue and remains the worst affected industry.
FMCG Counterfeit Market Size
The estimated value of counterfeit and smuggled goods of these, grew from INR 729 billion in 2012 to INR 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.
Based on grey market estimation, pointed out the losses to the government annually to the tune of INR 4,646 crore in personal care and INR 5,660 crore in the packaged goods.
CPIGS Anti Counterfeit Technology & Solution
At CPIGS, we believe that applicable technology that allows customers to verify the authenticity of a product would be appreciated by customers and brands alike. A brand may put a unique identifier on each product it is producing. This enables a buyers to independently verify the product identity over a web portal or mobile app in real time to tell the real ones from fakes. It could be QR encoded with information that a digital device can read. Certain industries like FMCG may need additional layers of security.
Combination of linked QR Codes on each Product Unit, encoded numbers inside Cap, QR Code on Outer Pack and Carton to offer strong deterrence to counterfeit. Track & Trace capability of QR Codes ensure product integrity through all touch points.