Consumer Durables News

Counterfeit products 25-30% of the market in India reveals ASPA and CRISIL Report

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Counterfeit activities are impacting the sustainable growth of the major industry in India, including Pharmaceuticals, FMCG, Automotives, Apparel, Consumer Durables/Electronics, and Agri products. The report is based on an independent survey conducted with consumers and retailers covering twelve Indian cities like Delhi, Agra, Jalandhar, Mumbai, Ahmedabad, Jaipur, Indore, Kolkata, Patna, Chennai, Bangalore, and Hyderabad) to gauge their perception of counterfeiting in several key sectors.

Consumer perception pegged the extent of counterfeiting at 25-30% of the market, higher than the general industry expectations. Almost 89% of consumers acknowledge the presence of fake products in the market, and 31% willingly purchase counterfeit products. Counterfeit electronics account for 25% of the consumer goods market in India and is on the rise, with e-commerce becoming a common means of purchasing goods. Counterfeit pharmaceutical products account for 20-30% of the market and are mostly prevalent in tier II & tier III cities and villages.

 35% of consumers who came across counterfeit FMCG products were unaware that the products were counterfeiting, which is the highest among all segments. Sharing the insight on the report, Mr Nakul Pasricha, President of the Authentication Solution Providers’ Association (ASPA), said, “When many consumers are unaware of the actual threat from counterfeits, the country will never be able to harness the strength of active consumer participation in curbing the sale of fake products in the market.”

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