Grey markets and parallel imports refer to the trade of genuine, branded products through unauthorized distribution channels without the approval of intellectual property owners. This phenomenon challenges pricing policies, regional market segmentation, and exclusive distribution rights while benefiting consumers through lower prices. This paper synthesizes research across international trade law, marketing strategy, consumer behavior, and IP governance. It proposes the Global Parallel Import Impact Framework (GPIIF), integrating economic drivers, regulatory systems, brand equity effects, and consumer welfare. The study compares legal approaches across jurisdictions—including EU exhaustion, U.S. trademark rulings, Gulf import controls, and emerging market dynamics—to outline strategic responses for multinational brands.