Corsearch, a leading provider of brand protection and trademark solutions, has released new research projecting that the global trade in counterfeit goods could surge to €1.67 trillion by 2030. This marks a substantial 75% increase from 2023, growing 3.6 times faster than the global economy during the same period. Currently, counterfeit goods make up 3.3% of global trade, but this is expected to rise to 5% by 2030, equating to €1 out of every €20 spent globally.
In 2022, counterfeit trade caused a total economic displacement of €1.02 trillion, resulting in a staggering €162 billion loss in worldwide sales tax revenue and impacting as many as 5.4 million jobs.
Beyond the economic repercussions, counterfeit products tarnish brand reputations, erode consumer trust, and pose risks to consumer safety.
To combat this escalating issue, Corsearch has unveiled its latest technological advancement: the Corsearch Zeal platform. Leveraging artificial intelligence, Zeal facilitates the removal of counterfeit goods from the internet while empowering Corsearch’s team of experts to address critical brand and consumer concerns and trace the origins of illicit activities.
With the Corsearch Zeal platform, brands can proactively identify and mitigate the source of counterfeit trade, minimizing losses and protecting consumers.
Simon Baggs, President of Brand & Content Protection at Corsearch, emphasized the urgency of addressing the burgeoning counterfeiting industry, which could command 5% of the global goods economy by 2030. Baggs highlighted the importance of the new platform in combating this threat and reiterated Corsearch’s commitment to providing cutting-edge solutions for brand protection.
For more information on Corsearch Zeal, visit [link].
Notes to Editors:
Methodology:
Corsearch’s projections are based on the following data points:
- Total global trade in goods: $31 trillion (UN Conference on Trade & Development) (2023)
- Predicted growth in global trade in goods through 2030: 2.3% (Boston Consulting Group)
- Total trade in counterfeit goods in 2023: $1.023 trillion (OECD data)
- Estimated 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)
- Counterfeit trade compound annual growth rate (CAGR): 8.3% (based on data from UN Conference on Trade & Development, OECD, and EUIPO figures)
- Currency conversion to EUR based on FX Rates accurate as of 09/05/24.
