Thai Industry Codes That Doubled Revenue, 2015 to 2025
In short
288 of Thailand's 938 five digit industry codes with a genuine revenue base in both 2015 and 2025 at least doubled their total revenue over the decade, a rate of 30.7 percent. Human health and social work led every section, with 86.7 percent of its codes doubling. Manufacturing, the largest section with 362 codes, doubled in only 16.6 percent of them. Those 288 doubling codes captured 74.7 percent of the entire decade's revenue growth. Revenue expansion in the Thai economy is concentrated in a minority of industries.
How many Thai industry codes actually doubled their revenue
288 of Thailand's 938 five digit industry codes with real filed revenue in both statement year 2558 and statement year 2568 at least doubled their total revenue over the decade, a rate of 30.7 percent (DBD, 2026). That means fewer than one in three codes hit the doubling mark. Another 147 codes went further and at least tripled, 69 at least quintupled, and 30 grew their revenue tenfold or more. Growth was not universal. 170 codes, 18.1 percent of the tracked set, ended 2025 with less total revenue than they had in 2015. The remaining 480 codes, 51.2 percent, grew but never reached double. Among the codes that did double, the typical one grew 3.08 times over, not merely 2.0 times, so doubling was rarely a close call.
Share of codes that doubled revenue, by industry section
- Human health and social work87
- Accommodation and food service75
- Education57
- Other services57
- Agriculture, forestry and fishing55
- Arts and entertainment50
- Information and communication40
- Financial and insurance37
- Professional, scientific and technical37
- Wholesale and retail trade37
- Transportation and storage30
- Administrative and support29
- Water and waste25
- Mining and quarrying21
- Electricity and gas17
- Real estate17
- Manufacturing17
- Construction5
Figures in percent of tracked codes that doubled.
Health, hospitality and education cleared the doubling bar far more often than the industrial sections. Construction barely moved.
Doubling rate by industry section
| Industry section | Codes tracked | Codes that doubled | Doubling rate |
|---|---|---|---|
| Human health and social work | 15 | 13 | 86.7% |
| Accommodation and food service | 16 | 12 | 75.0% |
| Education | 21 | 12 | 57.1% |
| Other services | 23 | 13 | 56.5% |
| Agriculture, forestry and fishing | 58 | 32 | 55.2% |
| Arts and entertainment | 14 | 7 | 50.0% |
| Information and communication | 48 | 19 | 39.6% |
| Financial and insurance | 35 | 13 | 37.1% |
| Professional, scientific and technical | 27 | 10 | 37.0% |
| Wholesale and retail trade | 163 | 60 | 36.8% |
| Transportation and storage | 50 | 15 | 30.0% |
| Administrative and support | 41 | 12 | 29.3% |
| Water and waste | 12 | 3 | 25.0% |
| Mining and quarrying | 19 | 4 | 21.1% |
| Electricity and gas | 6 | 1 | 16.7% |
| Real estate | 6 | 1 | 16.7% |
| Manufacturing | 362 | 60 | 16.6% |
| Construction | 22 | 1 | 4.5% |
Five digit codes with revenue in both statement year 2558 and 2568, grouped by ISIC section, as of 14 Aug 2026.
Why a minority of codes carrying most of the growth matters
The 288 doubling codes are not a rounding error on the growth story. They are the growth story. Together they added 20.11 trillion baht in revenue between 2015 and 2025, out of 26.92 trillion baht added across all 938 tracked codes, a share of 74.7 percent from under a third of the codes. Total revenue across the tracked set rose from 40.78 trillion baht to 67.70 trillion baht over the decade. Thailand's own national accounts describe the same tilt from a different angle. Services now make up 60.2 percent of Thai GDP, and the industries that doubled fastest here, health, hospitality, education and other services, are exactly the service categories driving that shift (NESDC, 2025). Manufacturing and construction, Thailand's traditional industrial base, sit at the bottom of the doubling table even though manufacturing alone accounts for 362 of the 938 codes, more than a third of the entire dataset. A company sitting in a construction or manufacturing code faced far longer odds of seeing its industry's revenue double than one filed under health or hospitality.
Definitions
- Statement year
- The fiscal year of a filed financial statement, recorded in the Buddhist calendar. Statement year 2558 equals calendar year 2015, and statement year 2568 equals calendar year 2025.
- Five digit TSIC code
- The most detailed level of Thailand's industry classification system, one step below the 21 lettered ISIC sections such as manufacturing or construction.
- Matched code
- A five digit industry code that reported positive total revenue in both the 2015 and 2025 statement years, making a direct growth comparison possible.
- Doubling rate
- The share of matched codes in a section whose 2025 total revenue reached at least twice their 2015 total revenue.
- Aggregate revenue
- The sum of filed revenue across every company under a code or section, not the average revenue per company.
Assumptions
- Only codes with positive filed revenue in both statement year 2558 and 2568 are counted, so codes that appeared or disappeared entirely between the two years are excluded from the 938.
- A handful of codes started from a very small 2015 revenue base, which can produce extreme growth ratios that reflect a low starting point as much as real business momentum.
- Figures are nominal baht with no adjustment for inflation over the ten year span.
- Revenue reflects only companies that filed a financial statement for that year, not every registered company under the code.
Methodology
A five digit TSIC industry code was included if it reported total filed revenue greater than zero in both DBD statement year 2558, the Buddhist calendar year equal to 2015, and statement year 2568, equal to 2025, drawn from the DBD registry as of 14 Aug 2026. This gave 938 codes with a genuine base in both years. A code counted as doubled if its 2568 total revenue was at least twice its 2558 total revenue. Section labels come from the 21 lettered ISIC sections that group the five digit codes. Doubling rate is the count of doubled codes divided by codes tracked within each section. Revenue figures are aggregate filed totals, not averages, and reflect nominal baht with no inflation adjustment.
How we verified this
- 938 matched codes split into 288 doubled, 480 grew but stayed under double, and 170 shrank. 288 plus 480 plus 170 equals 938, confirming no code was double counted or dropped.
- 288 divided by 938 recomputes to 30.7 percent, matching the stated doubling rate.
- Section doubled counts of 13, 12, 12, 13, 32, 7, 19, 13, 10, 60, 15, 12, 3, 4, 1, 1, 60 and 1 sum to 288, matching the headline count exactly.
- Section tracked counts of 15, 16, 21, 23, 58, 14, 48, 35, 27, 163, 50, 41, 12, 19, 6, 6, 362 and 22 sum to 938, matching the tracked total.
- Total revenue growth across all 938 codes recomputes as 67.70 trillion baht minus 40.78 trillion baht, which equals 26.92 trillion baht.
- Revenue added by the 288 doubling codes alone, 20.11 trillion baht, divided by the 26.92 trillion baht total growth recomputes to 74.7 percent.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates by TSIC industry code. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- Office of the National Economic and Social Development Council. (2025). Thai economic performance in Q4 of 2025 and the outlook for 2026. NESDC. https://www.nesdc.go.th/en/download/press-release-47/?ddl=99987
Frequently asked questions
How many Thai industry codes doubled their revenue between 2015 and 2025?
288 of the 938 five digit industry codes with filed revenue in both 2015 and 2025 at least doubled, a rate of 30.7 percent.
Which industry section had the highest share of codes doubling revenue?
Human health and social work, where 13 of its 15 codes, 86.7 percent, at least doubled their revenue over the decade.
Did revenue growth spread evenly across industries?
No. The 288 doubling codes, under a third of the tracked set, captured 74.7 percent of the entire decade's revenue growth.
What counts as a real revenue base for this comparison?
A five digit code needed positive total filed revenue in both statement year 2558, equal to 2015, and statement year 2568, equal to 2025, to be counted.
Cite this page
Chatpong L. (2026). Thai Industry Codes That Doubled Revenue, 2015 to 2025. Max Data Insights. https://maxdatathailand.com/insights/thai-industry-codes-that-doubled-revenue-in-a-decade-2015-2025
Data & corrections
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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.