Is Thai Revenue Concentrating in Fewer Industry Codes? 2007 to 2025
In short
Yes, and sharply since 2021. The 10 largest five digit industry codes held 36.85 percent of reported revenue in 2025, up from 25.50 percent in 2021. The top 50 codes rose from 56.28 to 61.81 percent over the same four years. One code alone went from 4.36 to 13.04 percent. Concentration had been flat or falling for a decade before that.
Is Thai revenue really concentrating?
It is, and the turn is recent. Between 2007 and 2021 the share of reported revenue held by the 10 largest industry codes drifted between 24.94 and 31.43 percent, with no lasting direction (DBD, 2026). Then it broke upward. The top 10 held 28.58 percent in 2022. That became 32.23 percent in 2024 and 36.85 percent in 2025. The top 50 codes tell the same story more gently, moving from 56.28 percent in 2021 to 61.81 percent in 2025, the highest reading in the whole series.
Share of reported revenue held by the 10 largest industry codes
Figures in percent of revenue.
Flat or falling from 2012 to 2021, then a steep climb. Statement years converted to the Gregorian calendar.
Top 10 and top 50 concentration, selected years
| Year | Codes with revenue | Top 10 share | Top 50 share |
|---|---|---|---|
| 2,007 | 910 | 27.28% | 56.98% |
| 2,012 | 936 | 31.43% | 61.18% |
| 2,016 | 980 | 25.75% | 57.39% |
| 2,020 | 978 | 24.94% | 56.16% |
| 2,021 | 991 | 25.50% | 56.28% |
| 2,022 | 992 | 28.58% | 57.90% |
| 2,023 | 995 | 29.61% | 58.18% |
| 2,024 | 999 | 32.23% | 59.21% |
| 2,025 | 997 | 36.85% | 61.81% |
Share of reported revenue held by the largest five digit TSIC codes, as of 14 Aug 2026.
One code does much of the lifting
Code 47732 ranked second in 2021 with 4.36 percent of revenue. By 2025 it ranked first with 13.04 percent, nearly three times its earlier weight. That single move explains 8.68 of the 11.35 point gain in the top 10 share. The other nine codes on each year's list held about 21.1 percent in 2021 and about 23.8 percent in 2025, so the rest of the leaders edged up too, just far less dramatically. The registry has no readable description for five digit codes, so we can say where the revenue sits but not name the activity.
The 10 largest industry codes in 2025 by share of revenue
- 4773213
- 466215
- 192015
- 464924
- 293092
- 451012
- 641912
- 291022
- 473001
- 469001
Figures in percent of revenue.
Codes are five digit TSIC identifiers. Plain language names are not available at this level.
Why this matters
A broad economy shows up as a long tail of industries, each carrying a modest slice. A narrowing one hands a few codes the power to move national totals. When 13.04 percent of reported revenue sits in one code, a policy change, a price swing or a single large filer inside it shifts the aggregate on its own. Lenders, suppliers and analysts who read national revenue as a thermometer for every sector should check how much of the reading comes from the hottest few. The count of codes reporting revenue has not shrunk, and sat at 997 in 2025 against 910 in 2007. The tail is still there. It just carries less of the weight.
Definitions
- TSIC code
- Thailand Standard Industrial Classification. The five digit level is the most detailed industry code assigned to a company.
- Top 10 share
- The revenue of the 10 codes with the highest revenue in a year, divided by revenue across all codes.
- Concentration
- The degree to which a small number of industry codes hold a large share of total revenue.
- Percentage point
- The arithmetic difference between two percentages, so 36.85 minus 25.50 is 11.35 points.
- Reported revenue
- Revenue stated in financial statements filed with the registry, which excludes companies that did not file.
Assumptions
- Only companies that filed a statement contribute, and filer coverage grew over the period.
- Revenue is attributed to one code per company, so diversified groups sit entirely in their registered code.
- A shift in a few very large filers or in how a company is coded can move a top code's share without any change in real activity.
- Five digit codes have no readable names in the registry, so activities are not identified.
Methodology
Revenue is the total reported by companies in each five digit TSIC code and statement year, from filed financial statements in the Department of Business Development registry. Codes were ranked by revenue within each year, and the top 10 and top 50 sums were divided by the total across all codes with positive revenue that year. Registry statement years are Buddhist calendar and were converted by subtracting 543. Sparse years before 2007 and the incomplete 2026 year were excluded. The rows were computed on 14 August 2026. Shares describe reported revenue only, not the whole economy.
How we verified this
- Top 10 gain recomputed: 36.85 minus 25.50 equals 11.35 percentage points.
- Top 50 gain recomputed: 61.81 minus 56.28 equals 5.53 percentage points.
- Code 47732 gain recomputed: 13.04 minus 4.36 equals 8.68 points, and 13.04 divided by 4.36 is 2.99 times.
- 2025 top 10 ranked shares summed: 13.04, 5.19, 4.70, 3.83, 2.20, 1.76, 1.66, 1.59, 1.45 and 1.42 total 36.84, matching 36.85 within rounding.
- 2021 top 10 ranked shares summed to 25.51, matching 25.50 within rounding. Removing 4.36 leaves 21.14, and removing 13.04 from 2025 leaves 23.81.
- Code level 2025 revenue totals 67.87 trillion baht against 67.95 trillion in the year table, a 0.12 percent gap, so shares are stated against the code level total.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates by TSIC code and year. Ministry of Commerce, Thailand. https://www.dbd.go.th/
Frequently asked questions
Is Thai revenue concentrating in fewer industry codes?
Yes, since 2021. The 10 largest codes held 36.85 percent of reported revenue in 2025 against 25.50 percent in 2021.
Was concentration rising before 2021?
No. The top 10 share was 31.43 percent in 2012 and fell to 24.94 percent by 2020.
Which code drove the rise?
Code 47732 rose from 4.36 to 13.04 percent of revenue between 2021 and 2025. Its activity cannot be named from the registry at this level.
Does this mean fewer industries are reporting revenue?
No. 997 codes reported revenue in 2025, up from 910 in 2007.
Cite this page
Chatpong L. (2026). Is Thai Revenue Concentrating in Fewer Industry Codes? 2007 to 2025. Max Data Insights. https://maxdatathailand.com/insights/are-thai-industry-codes-getting-more-concentrated-in-revenue-2007-2025
Data & corrections
Download the data (CSV)Spot something off, or want to ask about the data? Email insights@maxsolutions.co.th. We publish corrections.
Written by
Chatpong L.Founder, Max Data, Max Solutions Co., Ltd.
Chatpong L. leads Max Data, a company-intelligence platform built on Thailand's official business registry. He writes about the structure of the Thai economy using primary registry data. His work covers company formation, industry concentration, and regional business activity.
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This page reports company-level and aggregate statistics only. It names no individuals and makes no claims about any person. Figures are provided for information and may be revised as source data updates.