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The expression “fast-expanding market” refers to any rapidly growing opportunity. The market is the focal point, and it may exist at supranational, national, regional, industry, cluster, firm or even product level.
Fast-expanding market as a term serves as a more encompassing yet precise alternative to “emerging market”, “developing country” and “frontier market”. These latter terms are commonly used to imply the sources of growth; however, this application is at best incomplete and at worst plain wrong.
Firstly, their level of analysis is restricted to macroeconomic and/or regional, national or supranational. Arguably, new opportunities more often than not exist at more granular levels. Japan as an economic power may be dwindling, but growing industries, for example, cultural goods, still exist there. Secondly, the distinction between the “emerging” and “advanced” markets is becoming increasingly blurred – just compare the economic evolution of an emerging market such as Singapore to the so-called “developed” countries of Greece and Spain.
There is another significant point to note regarding the term “fast-expanding market”; as important as the search for fresh sources of growth should be, it is surprising but true that we do not currently have in our dictionary a proper term dedicated to describing new growth opportunities. “Fast-expanding market” steps in nicely to do the job.