Counterfeit market could reach US$2.3 trillionBy Amy Hopkins
The global economic value of counterfeiting and piracy could reach US$2.3 trillion by 2022, with China remaining the biggest source of counterfeit products such as alcohol, according to a new report.
The International Trademark Association (INTA) and the International Chamber of Commerce commissioned the International Hologram Manufacturers Association (IHMA) to compile the report, which claims the “wider social, investment and criminal enforcement costs could push the figure even higher”, taking the total to more than US$4 trillion with millions of legitimate jobs “at risk”.
IHMA states that the “rapid globalisation of trade” has spurred the counterfeit market, in addition to “industrialisation, advanced printing and reproduction technologies, the impact of the internet, vulnerable supply chains, consumer power, weak or ineffectual regional law enforcement and lenient criminal penalties”.
China will remain the biggest source of
“The battle to defeat the counterfeiters remains far from won,” said Manoj Kochar, chair of the IHMA. “Brand owners and those responsible for legislation must be alarmed at this latest report.
“More needs to be done – and quickly – to begin to stem the tide of counterfeit goods flooding onto the market. And this should include the wider integration of holograms as part of brand protection strategies.”
Towards the end of last year, the Coalition Against Illicit Trade (CAIT) published a white paper calling for businesses and public authorities to do more to tackle counterfeiting.
In Governance and Data Management for Cross-Border Tracking Tracing and Authentication Systems, the coalition said tracking, tracing an authenticating systems must be further optimised by legislators.