Thailand's market-research industry last year recorded the second-fastest growth in the Asia-Pacific region after China, according to a new study by the European Society for Opinion and Market Research (ESOMAR).

However, the Thailand Marketing Research Society (TMRS) is pessimistic about this year's growth, saying local economic and political uncertainties will see it grow only 5 per cent, lagging behind the world average.

TMRS president Daranee Charoen-Rajapark said the unfavourable business environment had affected many businesses, which had decided to postpone new product launches, and market research had suffered as a consequence.

Daranee said that about 48 per cent of all market research activities conducted in Thailand last year were initiated by manufacturing companies, 15 per cent by media agencies, and 8 per cent by the public sector.

"We have seen huge growth in market research in Thailand. Many international businesses have promoted Thailand as the centre for research in markets across the region," said Daranee, adding that many new market-research agencies had been set up here.

There are currently more than 30 market-research agencies in Thailand, and about 60 per cent of them are local companies.

According to ESOMAR, the estimated value of the world market for market research in 2005 was nearly US$23.3

billion (Bt874.15 billion). This represent-ed a 3 per cent net increase (adjusted

for inflation) over the previous year.

In Asia, the market logged net growth of 7.4 per cent last year, higher than the world average. Japan was the largest centre for market research in Asia, with a value of $1.3 billion, followed by Australia with $522 million and China, $475 million. The value of the market research industry in Thailand in 2005 was $72 million (Bt2.7 billion).

Kwanchai Rungfapaisarn

The Nation