Counterfeiting and refilling have become a norm in the cosmetics industry. Cosmetic and skincare products are things we can not do without. In fact, it they have become things that we use almost on a daily basis. Reports indicate that the cosmetics industry witnessed a 6% in crease in value in the year 2018. If the experts are to be believed, a revenue rise of 7.14% is expected to be clocked by the industry by 2023.
The rise of ecommerce and social media as an affordable medium to market and sell products has led to the enormous growth for the cosmetics industry. According to a report, the global cosmetics industry was valued at around USD 532 billion in 2017, and it is expected to reach approximately USD 863 billion in 2024; growing above 7% CAGP between 2018 and 2024.
The phenomenon of counterfeiting in the cosmetics industry is a problem which is refusing to go away; Beyond its negative impact on the bottom-line of companies in the sector, it also poses a health risk for consumers. As at 2017, the global cosmetics industry was estimated to be worth about $523 billion, and it is projected to be valued at $805 billion by the end of year 2022, growing at a CAGR of 7% per annum.