Thailand's High-Growth Industry Codes, 2015 to 2025
In short
Nearly one in four Thai industry codes, 24.4 percent of the 938 with a real 2015 base, at least doubled their company count by 2025. That is 229 codes out of 938 tracked over the decade. Accommodation and food service posted the highest doubling rate at 68.8 percent. Manufacturing, the largest section by code count, doubled in just 13.0 percent of its 362 codes. Those 229 high-growth codes generated 41.9 percent of all net new companies added across the tracked codes. Growth in Thai business formation is concentrated in a narrow slice of industries.
How many Thai industry codes actually doubled
Ranked by outright doubling, 229 of Thailand's 938 five digit industry codes with a genuine 2015 starting point at least doubled their company count by 2025, a rate of 24.4 percent (DBD, 2026). Put another way, roughly one in four industry codes saw the number of companies filing under it grow to twice its 2015 level or more within a decade. Eighty of those codes did better than doubling. They at least tripled. On the other side of the ledger, 140 codes shrank and 16 sat exactly flat. The remaining 553 codes grew, just not fast enough to count as high growth.
Doubling rate by ISIC industry section
- Accommodation and food service69
- Human health and social work67
- Agriculture, forestry and fishing57
- Other services52
- Education48
- Professional, scientific and technical37
- Arts and entertainment36
- Water and waste33
- Real estate33
- Information and communication29
- Wholesale and retail trade28
- Financial and insurance26
- Administrative and support17
- Transportation and storage16
- Manufacturing13
- Mining and quarrying5
- Construction0
- Electricity and gas0
Figures in percent of codes that at least doubled.
Accommodation and food service and human health topped every other section. Manufacturing, the single largest section by code count, barely moved.
Doubling rate by industry section
| Industry section | Codes tracked | Doubled by 2025 | Doubling rate |
|---|---|---|---|
| Accommodation and food service | 16 | 11 | 68.8% |
| Human health and social work | 15 | 10 | 66.7% |
| Agriculture, forestry and fishing | 58 | 33 | 56.9% |
| Other services | 23 | 12 | 52.2% |
| Education | 21 | 10 | 47.6% |
| Professional, scientific and technical | 27 | 10 | 37.0% |
| Arts and entertainment | 14 | 5 | 35.7% |
| Water and waste | 12 | 4 | 33.3% |
| Real estate | 6 | 2 | 33.3% |
| Information and communication | 48 | 14 | 29.2% |
| Wholesale and retail trade | 163 | 46 | 28.2% |
| Financial and insurance | 35 | 9 | 25.7% |
| Administrative and support | 41 | 7 | 17.1% |
| Transportation and storage | 50 | 8 | 16.0% |
| Manufacturing | 362 | 47 | 13.0% |
| Mining and quarrying | 19 | 1 | 5.3% |
| Construction | 22 | 0 | 0.0% |
| Electricity and gas | 6 | 0 | 0.0% |
Five digit codes with a real 2015 base, grouped by ISIC section, as of 14 Aug 2026.
Where the 938 tracked codes ended up by 2025
| Outcome | Codes | Share of 938 |
|---|---|---|
| At least doubled, 2 times 2015 count or more | 229 | 24.4% |
| Grew, but less than doubled | 553 | 59.0% |
| Unchanged | 16 | 1.7% |
| Shrank | 140 | 14.9% |
Every five digit code with a filing company in both statement year 2558 and statement year 2568.
Why concentrated growth matters
A quarter of the codes drove far more than a quarter of the expansion. The 229 codes that doubled or better added 98,312 net new filing companies between 2015 and 2025, which is 41.9 percent of the 234,733 net new companies added across every tracked code. The other three quarters of codes, hundreds of them, split the remaining 58.1 percent between them. For anyone reading Thailand's business registry as one undifferentiated pool of growth, that is the wrong picture. Growth concentrates in specific corners of the economy, tourism adjacent services and health services among them, while the biggest section by code count, manufacturing, mostly held its ground rather than expanding. A registry can grow in aggregate while most of its individual parts stay still.
Definitions
- 5-digit TSIC code
- Thailand's most granular industry classification code, one level below the 21 lettered ISIC sections used to group industries.
- Real 2015 base
- A TSIC code with at least one company that filed a financial statement in statement year 2558, 2015, and at least one company that filed in statement year 2568, 2025, so a genuine before and after comparison is possible.
- Doubled
- A code where the number of filing companies in 2025 was at least twice the number of filing companies in 2015.
- Statement year
- The fiscal year covered by a filed financial statement, recorded here in the Thai Buddhist calendar. Statement year 2558 covers 2015 and statement year 2568 covers 2025.
- Net new companies
- The change in filing company count for a code between 2015 and 2025. It can be negative if the count fell.
- ISIC section
- One of the 21 broad lettered industry groups, such as manufacturing or wholesale and retail trade, each containing many 5-digit TSIC codes.
Assumptions
- Company count is the number of companies that filed a financial statement under a given 5-digit code in that statement year, not the total number of companies ever registered under that code.
- Codes with zero filings in 2015 or that had no filings left by 2025 are excluded from the base of 938, since a doubling ratio needs a real starting point on both ends.
- A code with a small 2015 base can double with only a handful of new filings, so the doubling rate counts codes, not company volume, and should be read alongside the net new company share.
- TSIC code definitions can shift over the decade and 5-digit description text is not available in this database, so codes are identified by their parent ISIC section rather than by name.
Methodology
This analysis compares company_count, defined as the number of companies that filed a financial statement for a given 5-digit TSIC code in a given statement year, between Thai statement year 2558, 2015, and statement year 2568, 2025. Data comes from the Department of Business Development registry via the market_tsic_year_insight table, as of 14 August 2026. A code counts as having a real 2015 base only if it had at least one filing company in 2015 and at least one filing company in 2025, so a code that disappeared between the two years is excluded from the doubling calculation. Doubling means the 2025 count was at least twice the 2015 count. Section level breakdowns join each code to its parent ISIC section. Codes with zero 2015 filings or that vanished entirely by 2025 are reported separately in the text rather than folded into the doubling denominator.
How we verified this
- 229 divided by 938 equals 24.4 percent, the headline share of codes that at least doubled.
- 80 divided by 938 equals 8.5 percent, the share of codes that at least tripled, a subset of the doubled group.
- 229 plus 553 plus 16 plus 140 equals 938, so the four outcome buckets account for every tracked code.
- 98312 divided by 234733 equals 41.9 percent, the share of net new filing companies coming from the 229 doubled codes.
- 11 divided by 16 equals 68.8 percent for accommodation and food service, the highest section doubling rate.
- 47 divided by 362 equals 13.0 percent for manufacturing, the lowest doubling rate among sections with 20 or more tracked codes.
- The 18 section row counts in the table sum to 938 and the doubled counts sum to 229, matching the whole economy totals.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- National Economic and Social Development Council. (2026). Thai economic performance in the fourth quarter of 2025 and the outlook for 2026. https://www.nesdc.go.th/en/download/press-release-47/?ddl=99987
Frequently asked questions
What share of Thai industry codes doubled their company count from 2015 to 2025?
24.4 percent, or 229 of the 938 five digit codes with a real 2015 base, at least doubled by 2025.
Which industry section had the highest doubling rate?
Accommodation and food service, where 11 of its 16 tracked codes, 68.8 percent, at least doubled.
Did the doubled codes matter much to overall growth?
Yes. Those 229 codes generated 41.9 percent of all net new filing companies across the 938 tracked codes, despite being less than a quarter of the codes.
Which section grew the slowest?
Manufacturing, the largest section with 362 tracked codes, doubled in only 13.0 percent of them, and mining doubled in just 5.3 percent of its 19 codes.
Cite this page
Chatpong L. (2026). Thailand's High-Growth Industry Codes, 2015 to 2025. Max Data Insights. https://maxdatathailand.com/insights/share-of-high-growth-thai-industry-codes-2015-2025
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.
Related insights
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.