Thai Industry Revenue Growth Over Five Years, 1% to 19% CAGR (2026)
In short
Accommodation and food service grew reported revenue fastest over the five years to 2025, at 19.22 percent a year. Arts and recreation was a close second at 19.19 percent. Finance managed only 0.9 percent a year. Real estate came last at 0.79 percent. Wholesale and retail, the biggest sector by revenue, compounded at 13.72 percent.
Which sections grew fastest, and which stalled?
Two small service sections lead. Accommodation and food service grew from 336 billion baht in 2020 to 810 billion baht in 2025, a compound rate of 19.22 percent a year (DBD, 2026). Arts, entertainment and recreation grew from 49 billion to 117 billion baht, at 19.19 percent. Both sections were likely depressed in 2020 by the pandemic, so part of the number is a rebound from a low base. At the other end, real estate moved from 1,046 billion to 1,088 billion baht, only 0.79 percent a year. Finance went from 2,582 billion to 2,700 billion baht, 0.9 percent a year. Those two sections are nearly flat over five years. The page compares 2020 with 2025 only, and skips the years between, because the registry's coverage widened around 2018 and some sections have partial filings in recent years.
Five-year revenue CAGR by industry section, 2020 to 2025
- Accommodation and food service19
- Arts, entertainment and recreation19
- Wholesale and retail trade14
- Other service activities13
- Mining and quarrying12
- Human health and social work11
- Water supply and waste management11
- Transportation and storage11
- Education10
- Administrative and support8
- Agriculture, forestry and fishing7
- Professional, scientific and technical7
- Manufacturing5
- Construction4
- Electricity and gas4
- Information and communication3
- Financial and insurance1
- Real estate1
Figures in percent a year.
Endpoint growth only. Sections are ranked from fastest to slowest.
Revenue in 2020 and 2025 by section
| Industry section | Revenue 2020, billion baht | Revenue 2025, billion baht | Five-year CAGR | Three-year CAGR | One-year growth |
|---|---|---|---|---|---|
| Accommodation and food service | 336 | 810 | 19.22% | 18.45% | 3.46% |
| Arts, entertainment and recreation | 49 | 117 | 19.19% | 10.56% | 5.47% |
| Wholesale and retail trade | 17,614 | 33,500 | 13.72% | 12.76% | 18.2% |
| Other service activities | 36 | 67 | 13.08% | 12.47% | -1.72% |
| Mining and quarrying | 241 | 420 | 11.76% | 1.87% | 6.32% |
| Human health and social work | 276 | 475 | 11.48% | 4.27% | 3.11% |
| Water supply and waste management | 69 | 117 | 11.25% | 1.88% | -1.3% |
| Transportation and storage | 1,064 | 1,773 | 10.74% | 3.22% | -2% |
| Education | 33 | 54 | 10.16% | 11.94% | 5.67% |
| Administrative and support | 651 | 955 | 7.97% | 9.3% | -6.27% |
| Agriculture, forestry and fishing | 259 | 367 | 7.19% | 2.71% | 0.98% |
| Professional, scientific and technical | 630 | 891 | 7.16% | 6.13% | 3.81% |
| Manufacturing | 16,243 | 21,143 | 5.41% | -2.46% | -4.68% |
| Construction | 1,458 | 1,773 | 3.98% | 3.73% | 3.67% |
| Electricity and gas | 552 | 667 | 3.87% | -6.95% | -11.87% |
| Information and communication | 804 | 950 | 3.4% | 2.76% | 5.38% |
| Financial and insurance | 2,582 | 2,700 | 0.9% | -2.81% | -20.8% |
| Real estate | 1,046 | 1,088 | 0.79% | -1.14% | -7.05% |
Reported revenue in billions of baht at the two endpoints, with compound annual growth, as of 14 Aug 2026.
Why this matters
Growth and size are different stories. Wholesale and retail added about 15.9 trillion baht of reported revenue in five years. That is more than the entire 2025 revenue of every other section except manufacturing. A 13.72 percent rate on that base moves the national total. The fastest sections are small, so their headline rates say more about recovery than about scale. The stall in real estate and finance is the quieter finding. Finance revenue rose 4.6 percent in total over five years, and real estate rose 4.0 percent. Wholesale and retail nearly doubled. Anyone who assumes the biggest balance sheets are growing the fastest should look again. Recent momentum is also uneven. Wholesale and retail grew 18.2 percent in the latest year, while finance fell 20.8 percent and electricity and gas fell 11.87 percent. Read the five-year rate as a trend line and the one-year rate as a warning light.
Definitions
- CAGR
- Compound annual growth rate. The constant yearly rate that takes revenue from its starting value to its ending value over the period.
- Industry section
- One of the lettered top-level groups of the Thai Standard Industrial Classification, such as accommodation and food service.
- Partial filing
- A year in which fewer companies filed statements than normal, which can understate that year's revenue.
- Endpoint comparison
- A growth measure that uses only the first and last years and ignores the years in between.
Assumptions
- Growth reflects filed statements only, so changes in who files can add to or subtract from the true rate.
- Revenue is nominal baht and is not adjusted for inflation.
- Small sections have fewer filers, so their rates swing more with a few companies.
- Wholesale and retail revenue may include pass-through trading volumes.
Methodology
Revenue by industry section comes from financial statements filed with the Department of Business Development, aggregated by statement year and converted from the Buddhist calendar, so 2563 is 2020 and 2568 is 2025. The 2026 statement year is excluded because it is incomplete. Growth is the compound annual rate between the 2020 and 2025 endpoints. Intermediate years are not used because the registry's 2018 coverage spike and partial filings distort single-year comparisons. Figures are as of 14 August 2026 and reflect only companies that filed, so growth can include changes in who files. Billions are rounded.
How we verified this
- Accommodation and food service: 810 / 336 = 2.411, fifth root 1.1925, so 19.2 percent a year, matching the stored 19.22 percent.
- Real estate: 1,088 / 1,046 = 1.0402, fifth root 1.0079, so 0.79 percent a year, matching the stored figure.
- Finance: 2,700 / 2,582 = 1.0457, fifth root 1.0090, so 0.9 percent a year, matching the stored figure.
- Wholesale and retail: 33,500 / 17,614 = 1.902, fifth root 1.1372, so 13.72 percent. Added revenue is 33,500 minus 17,614, which is 15,886 billion baht, about 15.9 trillion.
- Manufacturing 2025 revenue of 21,143 billion baht is the only other section above the 15,886 billion baht added by wholesale and retail. Among the remaining 15 sections the largest is finance at 2,700, so the comparison holds.
- Sections ranked by five-year CAGR were re-sorted and the order matches the chart and table. All 17 sections shown have partial_filing false. Every revenue and CAGR figure was re-derived from the database on 3 Oct 2026 and matches. Finance total rise is 2,700 / 2,582 = 1.046 and real estate is 1,088 / 1,046 = 1.040.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
Frequently asked questions
Which Thai industry grew revenue fastest over five years?
Accommodation and food service, at 19.22 percent a year from 2020 to 2025, with arts and recreation just behind at 19.19 percent.
Which industries have stalled?
Real estate at 0.79 percent and financial and insurance at 0.9 percent a year, both close to flat.
Why compare only 2020 and 2025?
Registry coverage expanded around 2018 and some filings are partial, so single-year revenue is unreliable. Endpoints give a cleaner trend.
Is the fast growth just a pandemic rebound?
Partly. Accommodation and arts were depressed in 2020, so the low starting point lifts the rate. The three-year rate is lower for arts, at 10.56 percent.
Cite this page
Chatpong L. (2026). Thai Industry Revenue Growth Over Five Years, 1% to 19% CAGR (2026). Max Data Insights. https://maxdatathailand.com/insights/thai-industry-sections-five-year-revenue-growth-from-1-to-19-percent-2026
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.