In the previous post, I mentioned that India and China are large markets with different growth patterns. India is a price-sensitive market which is showing signs of stronger growth for last couple of years, while China had been a consistent growth market which is witnessing slower pace of growth. Given the over-reliance on these two markets, it is important to cultivate next set of emerging markets. Based on GRE test-takers data, here are the emerging markets watch, sorted by % change between 2008-2011:
I used three proxies to estimate growth markets:
1. market size is large enough, so countries with nearly 1,000 test-takers in 2011 are considered. This excludes markets like Brazil which had 823 test-takers in 2011.
2. growth is large enough, so only countries with nearly 100% growth between 2002-2011 are considered. This excludes markets like Turkey and Canada which grew at slower pace.
3. growth is consistent, so only countries with positive growth between 2002-2011 and 2008-2011 are considered. This excludes markets like Japan and Taiwan, which declined between 2002-2008.
A word of caution here is that these numbers represent test-takers by country and not citizenship. It is likely that in countries like UAE with large expat population, may have test-takers from other countries.