We’ve tried to raise awareness about the rising counterfeiting market many times in our previous articles. Today, we’re adding one more to the list, but instead of discussing the market of fake goods in general, we’re going to focus on a particular alarming category: fake cosmetics and makeup.
What is the size of the cosmetic market worldwide?
Before going more in-depth on this topic, it is crucial to get the bigger picture: the cosmetic market refers to several goods, including skincare, perfumes, makeup, hair care, and toiletries. According to Statistica, the global cosmetic market is continuously growing; it increased by 4% in 2016 compared to the previous year, with the makeup category representing more than 18%. Between 2016 and 2021, the website estimates the Asia Pacific beauty market to grow by nearly USD 15 billion in sales. In 2018, the market share of the cosmetic market worldwide reached 37%.
How big is the fake cosmetic market?
As the cosmetic market grows exponentially, its counterfeiting counterpart does too. Examples of fake cosmetic seizures keep making the headlines. A BBC article reports that the owner of a tanning salon in the UK sold more than £100,000 worth of fake products, which included MAC and Chanel copycats. As a reminder, product counterfeiting is a crime of Intellectual Property (IP) and is defined by this source as “a deliberate attempt to deceive consumers by copying and marketing goods bearing well-known trademarks, together with packaging and product appearance.”