The global consumer industry experienced a 7% decline in patent filings in Q1 2024 compared with the previous quarter. The total number of grants dropped by 8%, resulting in overall patent publications decreasing by 7.5%, according to GlobalData’s Patent Analytics. GlobalData’s databook Consumer: Patents Trends Q1 2024 offers comprehensive insights into patenting trends, major players’ strategies, and geographical focus in the sector over the last three years. Buy the databook here.
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Notably, the number of patent applications in the consumer industry was 39,759 in Q1 2024, versus 42,993 in the prior quarter. Filings were down 8% year-on-year and decrease 7% quarter-on-quarter. This compares to an 8% year-on-year decrease in patent grants and 7% decline in quarter-on-quarter.
Most patenting activity has been in the Cosmetics & Toiletries sector, where the number of patents filed Q4 2023 was 4291, a drop of 14% versus the previous quarter. The second-largest patent count was in Food (3547, down 9%) and then Skincare in third (2840, down 15%).
The top five companies accounted for 25% of patenting activity
Analysis of patenting activity by companies shows that the largest number of patents filed over the last quarter was by Gree Electric Appliances Inc of Zhuhai with 2,449, followed by LG with 2,381 and Haier Group with 1,900.
Patenting activity was driven by China with a 38% share of total patent filings
The largest share of patent filings in the consumer industry in Q1 2024 was in China with 38%, followed by the US (15%) and Japan (8%). The share represented by China was 2% higher than the 36% share it accounted for in Q4 2023.
For further understanding of GlobalData's Consumer: Patents Trends Q1 2024, buy the databook here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
