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Trade in Counterfeit Goods Market Set to Reach $1.79 Trillion in 2030 - Corsearch
[May 17, 2024]

Trade in Counterfeit Goods Market Set to Reach $1.79 Trillion in 2030 - Corsearch


Corsearch, leading provider of brand protection and trademark solutions, has today shared research predicting that the size of the global trade in counterfeit goods could reach $1.79 trillion by 2030, a 75% increase from that of 2023 and a growth 3.6 times higher than predicted for the global economy over the same period.1

Corsearch calculations estimate that counterfeits accounted for 3.3% of global trade in 2023, and will grow to 5% by 2030 - meaning $1 in every $20 spent globally on products could be spent on counterfeit goods.

The total displaced economic activity from counterfeiting in 2022 - namely the cost to brands and manufacturers - totalled $1.1 trillion, resulting in a loss of $174 billion to worldwide sales tax revenue, impacting up to 5.4m jobs.2

In addition to the negative global economic impact of counterfeiting, fake products have a damaging effect on the reputation of brands, reducing customer trust and risking consumer safety.

Corsearch has recognised the need for advanced innovations and solutions in brand protection to meet this challenge, and has today launched its latest technology platform, Corsearch Zeal. The platform uses AI to secure removal of fakes and counterfeit goods from the Internet whilst enabling Corsearch's team of experts to focus on the most severe issues for brands and consumers and to find the source of the illicit activity.

Using the Corsearch Zeal platform, brands can go further to identify the source of the problem, reducing the losses and harm from counterfeit trade and protecting consumers.

Simon Baggs, President of Brand & Content Protection, Corsearch, commented:

"The rapid expansion of the counterfeiting industry could take up to 5% of the global goods economy by 2030 - posing a significant threat to brands. Urgent measures need to be taken, which is why we are today launching our new Corsearch Zeal platform. Technology enables vast swathes of data to be collated - enabling brands to collaborateto stop online sales whilst also targeting the source of the problem. Without this effort, we estimate that one in twenty dollars will be spent on counterfeit goods by 2030, a worrying figure for brands already grappling with the problem in 2024.



"Corsearch Zeal shows our continued dedication to innovation and delivering unrivalled brand protection in the face of this escalating challenge. With Corsearch Zeal and our team of experts, we want to provide the most advanced solutions, enabling brands to work together to protect their consumers."

For further information on Corsearch Zeal, read more here.


Notes to Editors

Methodology

Corsearch calculations are based on the below datapoints:

  1. Total global trade in goods: $31 trillion (UN Conference on Trade & Development) (2023)
    Total growth in global trade in goods through 2030: 2.3% (Boston Consulting Group)
    Total trade in counterfeit goods, 2023: $1.023 trillion (OECD data) (2023)
  2. Employment loss: 4.2-5.4 million jobs (Frontier Economics)
    Cost of displaced legitimate economic activity due to counterfeiting: $1,106 billion (Frontier Economics & Corsearch calculation) (2022)
    Impact on sales tax revenue: $174 billion (Frontier Economics & Corsearch calculation)
  3. 8.3% CAGR in counterfeit trade (Corsearch calculation, based on data from UN Conference on Trade & Development, OECD and EUIPO figures)

About Corsearch:

Corsearch's leading Trademark and Brand & Content Protection Solutions are revolutionizing how companies create, monitor, and protect their brands. Over 5,000 businesses worldwide partner with Corsearch to safeguard consumers and their trust in brands - preventing confusion, misrepresentation, and fraud using the hybrid intelligence of advanced AI precision and expert decision of human analysts.


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