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Understanding Emerging Markets

Emerging markets are countries such as Brazil, China, India, Mexico, and Turkey that, in contrast to advanced economies, are experiencing rapid economic growth, industrialization, and modernization. Most emerging markets are characterized by a young population and a growing middle-class.1 While emerging markets represent attractive markets and low-cost manufacturing bases, they also tend to have inadequate commercial infrastructure, evolving legal systems, and a high-risk business environment. Despite their drawbacks, emerging markets have begun to produce new global challengers, top firms that are fast becoming key contenders in world markets. These firms pose competitive challenges to companies from the advanced economies, such as in Europe, Japan, and North America. In a recent study, The Boston Consulting Group identified the top 100 firms from emerging markets that have successfully ventured into global markets. While many of these firms are from China and India, others hail from various other countries. For example, the Mexican firm Cemex is one of the world’s largest cement producers. In Russia, Lukoil has big ambitions in the global energy sector. In Turkey, diversified conglomerate Koc Holding owns Arcelik, the giant home appliance producer. 9