How the secret $40 billion food fraud market works

Posted by & filed under Consumer/Buyer Behavior, Ethics, Global Marketing, Integrated Marketing Communications (IMC), Product Brands and Branding, Relationship Marketing, Supply Chain.

Description: The food in your kitchen cabinets may not be what it seems. Fraudsters motivated by economic gain secretly infiltrate the global food market through a variety of means, including counterfeits, dilutions, substitution and mislabeling, according to the Global Food Safety Initiative. This not only adds to your food bill, but can put your health and safety at risk. Some estimates say food fraud affects at least 1% of the global trade at a cost as high as $40 billion a year.

Source: CNBC.com – video report

Date: Jan 15, 2023

Link: https://www.cnbc.com/video/2023/01/15/how-the-secret-40-billion-food-fraud-market-works.html

Questions for discussion:

  • Summarize the key issues related to these business frauds.
  • What are the recommended solutions presented in the report?
  • What would you advise business managers, governments and consumers do to mitigate fraud?