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Counterfeiting is big business – Source Today
With realities like the global chip shortage prompting more “bad actors” to develop unapproved reproductions or copies of the real thing, the companies that make anti-counterfeit and tamper-proof packaging are continually developing new ways to combat these crimes, writes Bridget McCea at Source Today.
“Counterfeiting has grown from a $30 billion trade problem in the 1980s, and now exceeds $600 billion in trade,” North Carolina State University reports. “Trade data trends suggest that this number could soon rise to over $1.8 trillion, which is more than the gross domestic product of most countries.”
According to Polaris Market Research, the global anti-counterfeit packaging market size and share is expected to post a 12.6% compound growth rate (CAGR) and its revenue is expected to reach nearly $320 billion by 2030—up from about $120 billion last year, reports McRea.
She says that with the World Customs Organization reporting that counterfeit goods generate over $650 billion in sales annually, Flexible Packaging says manufacturers are incorporating sophisticated technology into packaging to get ahead of the counterfeit industry, with some of the newest innovations being:
- Radio frequency identification tags (RFIDs) equipped with microchips
- Security seals
- Security ink and printing
- Smart labels and holograms
- Mass encoding
- Digital encryption and serialization
Clever packaging is just one of the ways counterfeiters use to produce fake components.
Astute is a highly accredited, quality-driven procurement expert, with a list of clients that includes the world’s leading defence suppliers. Our mission is to shield you against inferior quality products and services. As such, our operations are run in accordance with quality processes including AS6081 that mitigates the risks of purchasing and supplying fraudulent/counterfeit electronic parts.
The bespoke Astute Counterfeit Avoidance Programme (ACAP) is market-leading in its process and offers a secure, warranted route for these occasions. For parts obtained through non-traceable routes, Astute will subject products to rigorous destructive and non-destructive testing through their ACAP scheme, encompassing the AS6081 anti-counterfeit standards.
For more help with looking at counterfeit mitigation, contact Astute Electronics