Thai Sectors Where Companies Outpaced Revenue, 2015-2025
In short
Eight of Thailand's 18 comparable industry sections added companies faster than they added revenue between 2015 and 2025. Human health's company count grew 240.2 percent while its revenue grew only 116.5 percent, the widest gap in the register. Financial and insurance ranks third, its company count up 66.5 percent against revenue growth of just 6.8 percent. Real estate, information and communication, and professional services show the same pattern of more entrants and thinner revenue gains. Nationally, revenue actually grew faster than company count over the decade, so these sectors are the exception, not the rule.
Which Thai industry sections added companies faster than they added revenue?
Eight of Thailand's 18 comparable industry sections grew their company count faster than their revenue between the 2015 and 2025 statement years. Human health leads by a wide margin. Its company count rose 240.2 percent, from 2,717 filers in 2015 to 9,243 in 2025, while its revenue rose only 116.5 percent, from about 219.5 billion baht to about 475.3 billion baht. Agriculture, forestry and fishing posted the second widest gap, its company count nearly tripling at 202.7 percent against revenue growth of 111.7 percent, though it started from a small base of 2,491 companies. Financial and insurance shows the sharpest mismatch among the larger, established sectors. Its company count climbed 66.5 percent, from 9,810 to 16,332 filers, while revenue crept up just 6.8 percent, from about 2.53 trillion baht to about 2.70 trillion baht. Real estate, information and communication, and professional, scientific and technical services all point the same direction, more entrants chasing revenue that grew much more slowly. Education also cleared the bar, but only barely, its company count up 93.7 percent against revenue growth of 93.0 percent, a gap of just 0.7 percentage points.
Company growth minus revenue growth, by industry section
- Human health and social work124
- Agriculture, forestry and fishing91
- Financial and insurance60
- Real estate50
- Information and communication32
- Professional, scientific and technical30
- Other services16
- Arts and entertainment-45
- Water supply and waste management-54
- Wholesale and retail trade-87
Figures in percentage points, 2015 to 2025.
Positive bars grew their company count faster than their revenue. Wholesale and retail sits at the other extreme, adding revenue far faster than companies.
Company growth versus revenue growth, all 18 sections
| Industry section | Companies 2015 | Companies 2025 | Company growth | Revenue growth | Gap in points |
|---|---|---|---|---|---|
| Human health and social work | 2,717 | 9,243 | 240.2% | 116.5% | +123.7 |
| Agriculture, forestry and fishing | 2,491 | 7,541 | 202.7% | 111.7% | +91.0 |
| Financial and insurance | 9,810 | 16,332 | 66.5% | 6.8% | +59.7 |
| Real estate | 47,461 | 75,896 | 59.9% | 9.5% | +50.4 |
| Information and communication | 14,642 | 21,057 | 43.8% | 11.8% | +32.1 |
| Professional, scientific and technical | 36,991 | 60,635 | 63.9% | 33.7% | +30.3 |
| Other services | 3,456 | 8,287 | 139.8% | 123.7% | +16.1 |
| Education | 3,030 | 5,870 | 93.7% | 93.0% | +0.7 |
| Construction | 59,690 | 75,263 | 26.1% | 28.4% | -2.3 |
| Manufacturing | 68,081 | 82,520 | 21.2% | 25.3% | -4.1 |
| Accommodation and food service | 17,884 | 34,566 | 93.3% | 99.4% | -6.1 |
| Electricity and gas | 2,527 | 3,398 | 34.5% | 45.6% | -11.2 |
| Transportation and storage | 19,266 | 28,682 | 48.9% | 68.0% | -19.1 |
| Administrative and support | 26,820 | 39,130 | 45.9% | 67.5% | -21.6 |
| Mining and quarrying | 1,841 | 1,952 | 6.0% | 45.7% | -39.7 |
| Arts and entertainment | 4,019 | 6,234 | 55.1% | 100.4% | -45.3 |
| Water supply and waste management | 1,181 | 2,066 | 74.9% | 129.0% | -54.1 |
| Wholesale and retail trade | 157,259 | 235,485 | 49.7% | 136.4% | -86.6 |
Company count and revenue growth by industry section, statement years 2015 to 2025, sorted from widest to narrowest gap.
Why crowding without revenue matters
A rising company count is normally read as a sign of a healthy industry. Human health and financial and insurance tell a subtler story. When entrants pile in faster than the revenue pool grows, each new firm is left splitting a market that is not expanding at the same pace. That pattern is already visible on the ground in Thailand's wellness sector, where a wave of new clinics, spas and aesthetic centers has drawn oversupply warnings from industry watchers (Bangkok Post, 2025). Financial and insurance tells a related story from the other side of the register, with hundreds of new licensed lenders, brokers and financial technology firms chasing a profit pool that barely moved over the decade. Neither pattern proves any single company is struggling. It does mean the competition for each baht of revenue is intensifying faster than the revenue itself. Margins in these sections are the number to watch next.
Definitions
- Statement year
- The Buddhist calendar year a company's filed financial statement covers. 2015 corresponds to Buddhist year 2558 and 2025 corresponds to 2568.
- Company growth
- The percentage change in the number of companies with a filed financial statement in a section between the 2015 and 2025 statement years.
- Revenue growth
- The percentage change in aggregate reported revenue for a section between the 2015 and 2025 statement years.
- Gap in percentage points
- Company growth minus revenue growth for a section, stated in percentage points rather than as a ratio, used here as a simple crowding signal.
- Industry section
- One of the 21 lettered top level categories in Thailand's TSIC industry classification, such as financial and insurance or human health.
Assumptions
- Only companies that filed a financial statement in the given statement year are counted, so totals differ from full registration counts.
- Revenue growth is not adjusted for inflation, so part of every section's revenue increase reflects price levels rising over the decade rather than only real output.
- Sections with a small 2015 base, such as agriculture, forestry and fishing, can show a large percentage swing from a modest number of new filers.
- Households as employers and public administration sections are excluded for missing or incomplete data in one of the two years.
Methodology
Company count and revenue growth were computed for statement years 2015 and 2025, the Gregorian equivalents of Buddhist calendar years 2558 and 2568, using Department of Business Development registry aggregates grouped by five digit TSIC industry code and then summed to each of the 21 lettered industry sections, as of 14 August 2026. The gap in percentage points is company growth minus revenue growth for the same section over the same period. Households as employers and public administration had no or incomplete data across both years and are excluded, leaving 18 comparable sections. Figures are section wide totals, not an average of individual company growth rates, and only companies with a filed financial statement in that statement year are counted.
How we verified this
- Human health company growth recomputed as 9,243 minus 2,717 divided by 2,717, giving 240.2 percent, matching the section table.
- Human health revenue growth recomputed as 475,301,566,787.27 minus 219,501,190,786.15 divided by 219,501,190,786.15, giving 116.5 percent.
- Financial and insurance company growth recomputed as 16,332 minus 9,810 divided by 9,810, giving 66.5 percent.
- Financial and insurance revenue growth recomputed as 2,700,392,016,056.07 minus 2,527,924,490,965.76 divided by 2,527,924,490,965.76, giving 6.8 percent.
- All 18 comparable sections were ranked by company growth minus revenue growth, and 8 sections came out positive, confirming the headline count.
- National totals across the 18 sections were also recomputed, 479,166 to 714,157 companies is 49.0 percent growth against 40.80 trillion to 67.87 trillion baht in revenue, which is 66.3 percent growth, confirming that revenue outpaced company count economy wide even though it lagged in these eight sections.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates by industry section and statement year. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- Bangkok Post. (2025). Thailand's wellness boom raises oversupply concerns. Bangkok Post. https://www.bangkokpost.com/business/general/3311653/thailands-wellness-boom-raises-oversupply-concerns
Frequently asked questions
Which Thai industry section added companies fastest relative to its revenue between 2015 and 2025?
Human health and social work. Its company count grew 240.2 percent while its revenue grew only 116.5 percent, a gap of 123.7 percentage points, the widest of the 18 sections compared.
Did financial and insurance really add companies much faster than revenue?
Yes. Its company count rose 66.5 percent from 2015 to 2025, while its revenue rose just 6.8 percent, the third widest gap in the register.
Did every Thai industry section see companies grow faster than revenue?
No. Ten of the 18 comparable sections saw revenue grow faster than company count, and wholesale and retail trade showed the opposite extreme, with revenue up 136.4 percent against company growth of just 49.7 percent.
Cite this page
Chatpong L. (2026). Thai Sectors Where Companies Outpaced Revenue, 2015-2025. Max Data Insights. https://maxdatathailand.com/insights/thai-industry-sections-where-company-count-outpaced-revenue-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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