Few markets have proven themselves to be more lucrative than that of the personal care and beauty sector. The industry experienced a dynamic 6% value increase in 2018 and experts anticipate a continued revenue rise of 7.14% within the next five years.
As the region with the largest beauty market in the world, the US is on track to achieve record sales of $90 billion by 2020 – a 45% growth over the last decade. With this success comes the growing risk of the production and distribution of counterfeit products – creating serious problems for businesses when it comes to brand reputation and sales. Cosmetics rank in the top-five fake items produced worldwide, according to the Organization for Economic Co-operation and Development. And, with the growth of e-commerce and social media, it is easier than ever for counterfeiters to market their fake products to consumers. In fact, figures from US Customs and Border Protection reveals that counterfeit products now cost the cosmetics industry more than $75 million annually.