The billion dollar food industry that is under attack

Infant formula and Manuka honey are hitting news headlines today because of the theft and fraud of these products. These two categories have been talked about over the past couple of days. Individuals in Australia have been stealing infant milk formula to sell in overseas markets where they can make up to five times the price they see in the supermarkets. Many consumers overseas are willing to pay a premium for international brands as they have a high sense of trust. Australian supermarkets have been putting infant formula tins behind the counter to stop thieves taking these products and have also limited consumers from purchasing more than two tins at a time, in an effort to reduce these items being sold overseas and counterfeiters coming into the market with fraudulent products.

Many individuals that were affected by the China 2008 infant milk formula scandal are still unable to trust their local brands and source products internationally which is why the demand has increased and counterfeiters have entered the market with fraudulent products to try and make a quick buck. For many international brands this has seen a huge rise in their profits and increased demand for their products overseas where there was little demand before the crisis. Many Chinese consumers trust these brands to provide the best infant milk formula for their children.

Not only are people in Australia stealing products from stores, they are creating duplicate products to sell overseas because there is big money. There has also been increased theft that has been happening with Manuka honey, many retailers have removed it from their shelves and replaced it with empty jars of the product to defer thieves. They have locked the actual product away behind the counter where consumers must ask if they want to purchase it. According to news.com.au a 500gram jar of Manuka honey will sell for around $471.00 Australian dollars in the Chinese market compared to the retail price of $50-$150 in Australia. This is why theft and counterfeit products are hitting the market, because there is a high demand for these products and money to be made by selling these luxury items overseas for a much higher price. Where there is money to be made, the fraudsters will be out to play.

This is why it is important to have the support of technology from Matrex Blockchain. Matrex Blockchain can help validate and share information with consumers about their products origin, social impact and wellbeing. It provides consumers with information at the point of purchase that helps them make buying choices that align with their values.

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