Fastest Growing Average Firm Size in Thailand 2007 to 2025
In short
Wholesale and retail trade grew its average company revenue faster than any other Thai industry over the last 18 statement years, up 118.8 percent as of 7 July 2026. The typical wholesale and retail firm reported 65.1 million baht in 2007 and 142.4 million baht in 2025. Mining and quarrying comes second at 60.3 percent. At the other end, human health and social work shrank 34.8 percent, real estate shrank 8.9 percent, and professional, scientific and technical services shrank 24.2 percent, because new firms piled in faster than revenue did.
Which industries grew their average company size the fastest?
Rank the 18 major TSIC sections by average revenue per company in 2007 against 2025, and wholesale and retail trade comes out on top by a wide margin (DBD, 2026). Its typical firm reported 65.1 million baht in statement year BE2550, the Buddhist calendar year equal to 2007. By BE2568, equal to 2025, that typical firm reported 142.4 million baht, a gain of 118.8 percent. Mining and quarrying follows at 60.3 percent, then water and waste management at 48.5 percent. Administrative and support services and accommodation and food service both cleared 19 percent. This is a different question from simple total revenue growth. A sector's total revenue can climb even as its average firm shrinks, if new entrants arrive faster than the money does. That is exactly what happened at the bottom of this ranking.
Change in average revenue per company by industry, 2007 to 2025
- Wholesale and retail trade119
- Mining and quarrying60
- Water and waste49
- Administrative and support24
- Accommodation and food service19
- Education17
- Manufacturing17
- Construction16
- Transportation and storage10
- Arts and entertainment3
- Other services-8
- Real estate-9
- Agriculture, forestry and fishing-15
- Financial and insurance-16
- Professional, scientific and technical-24
- Information and communication-30
- Human health and social work-35
- Electricity and gas-55
Figures in percent change in average company revenue.
Wholesale and retail pulled away from the pack. Electricity and gas, health, and information and communication saw their typical firm shrink the most.
Average revenue per company by industry section, 2007 versus 2025
| Industry section | Avg revenue 2007 | Avg revenue 2025 | Change in average firm size | Companies 2007 | Companies 2025 |
|---|---|---|---|---|---|
| Wholesale and retail trade | 65.1M | 142.4M | +118.8% | 109,849 | 235,085 |
| Mining and quarrying | 134.4M | 215.4M | +60.3% | 1,411 | 1,950 |
| Water and waste | 38.2M | 56.8M | +48.5% | 603 | 2,061 |
| Administrative and support | 19.7M | 24.4M | +24.0% | 15,117 | 39,064 |
| Accommodation and food service | 19.7M | 23.4M | +19.0% | 10,838 | 34,479 |
| Education | 7.9M | 9.2M | +17.3% | 1,611 | 5,860 |
| Manufacturing | 218.0M | 254.6M | +16.8% | 52,086 | 82,368 |
| Construction | 20.2M | 23.6M | +16.4% | 37,989 | 75,053 |
| Transportation and storage | 56.4M | 61.8M | +9.5% | 12,272 | 28,616 |
| Arts and entertainment | 18.4M | 18.9M | +2.5% | 1,564 | 6,224 |
| Other services | 8.8M | 8.1M | -7.7% | 1,848 | 8,271 |
| Real estate | 15.8M | 14.3M | -8.9% | 32,433 | 75,731 |
| Agriculture, forestry and fishing | 57.3M | 48.8M | -14.9% | 1,709 | 7,521 |
| Financial and insurance | 196.3M | 165.5M | -15.7% | 6,579 | 16,312 |
| Professional, scientific and technical | 19.4M | 14.7M | -24.2% | 20,197 | 60,544 |
| Information and communication | 64.6M | 45.2M | -30.1% | 6,698 | 21,031 |
| Human health and social work | 79.0M | 51.5M | -34.8% | 1,218 | 9,221 |
| Electricity and gas | 438.3M | 196.5M | -55.2% | 482 | 3,394 |
Ranked by percent change in average company revenue, statement years BE2550 and BE2568, as of 7 Jul 2026.
Why did real estate, professional services and health shrink
Every one of these three sectors grew its total revenue over the period, so this is not a story of decline (DBD, 2026). Real estate revenue rose 112.7 percent, but its company count rose 133.5 percent, so the average firm shrank 8.9 percent. Professional, scientific and technical services grew revenue 127.1 percent while its company count nearly tripled, up 199.8 percent, so its average firm shrank 24.2 percent. Human health and social work grew revenue 393.6 percent, an enormous jump, yet its company count grew 657.1 percent over the same period, so its average firm still shrank 34.8 percent. Wholesale and retail shows the opposite pattern. Its revenue climbed 368.3 percent while its company count climbed only 114.0 percent, so the same growth landed on far fewer new entrants and pushed the average up instead of down.
Why this matters
A ranking of total sector revenue rewards sheer volume and can hide what is happening to the typical firm inside it. This ranking answers a different question: is the average company in a sector getting bigger or smaller. For a founder choosing where to compete, a sector with a shrinking average firm size often signals easy entry and rising competition for a slower-growing pool of revenue, which is the pattern in real estate, professional services and health. A sector with a rising average firm size, like wholesale and retail, suggests revenue concentrating in fewer, larger operators even as the sector keeps adding new registrants. Neither pattern is good or bad on its own. Both change what a new entrant should expect.
Definitions
- Average company size
- In this page, aggregate revenue reported by an industry section divided by the number of companies reported in that section for the same year. A rising figure means revenue is growing faster than the company count. A falling figure means the company count is growing faster than revenue.
- Statement year
- The year a company's financial statement covers, recorded in the Thai Buddhist calendar in the source data. BE2550 equals 2007 and BE2568 equals 2025.
- TSIC section
- One of the 21 lettered top-level categories of the Thailand Standard Industrial Classification, such as G for wholesale and retail trade or Q for human health and social work.
- Aggregate
- A total summed across every company in a group, rather than a per-company figure, unless divided by a count as in average company size here.
Assumptions
- Average company size is measured as aggregate section revenue divided by aggregate section company count, not a matched panel of the same firms tracked from 2007 to 2025.
- Sections O, public administration, T, households, and U, extraterritorial organizations, returned no rows for BE2550 or BE2568 in this data and are excluded from the ranking.
- Electricity and gas started from a small base of 482 companies in 2007, so its 55.2 percent decline is more sensitive to a handful of firms than the larger sections in this ranking.
- Comparing only the 2007 and 2025 endpoints avoids the unusual 2018 statement year revenue spike noted across the registry, but it also means the path between the two years is not shown.
Methodology
Average company revenue for each industry section is aggregate total reported revenue for that section divided by the aggregate company count reported for that section, for statement year BE2550 and statement year BE2568, drawn from the DBD registry as of 7 July 2026. BE2550 equals calendar year 2007 and BE2568 equals calendar year 2025 under the Thai Buddhist calendar. Section-level totals were built by summing the 5-digit TSIC industry rows that share each of the 21 lettered TSIC sections. Sections O, T and U returned no rows for these two years and are excluded. The percent change compares only the two endpoint years, not every year in between, so it does not capture a single volatile mid-period year. This is a compositional average, driven by both the growth of existing firms and the arrival or exit of new registrants in a section, not a matched cohort tracking the same companies over time.
How we verified this
- Wholesale and retail average revenue per company: 7149518386751.05 baht over 109849 companies equals 65.1 million in 2007, and 33479443986877.22 baht over 235085 companies equals 142.4 million in 2025, a rise of 118.8 percent.
- Wholesale and retail revenue rose 368.3 percent, 33479443986877.22 divided by 7149518386751.05, while its company count rose 114.0 percent, 235085 divided by 109849, so revenue growth outpaced entrant growth and the average firm grew.
- Human health and social work average revenue per company: 96239484019.19 baht over 1218 companies equals 79.0 million in 2007, and 474995183512.04 baht over 9221 companies equals 51.5 million in 2025, a fall of 34.8 percent, even though its total revenue grew 393.6 percent, because its company count grew faster still at 657.1 percent.
- Real estate average firm size fell 8.9 percent and professional, scientific and technical services fell 24.2 percent, both recomputed the same way as revenue over company count for BE2550 and BE2568, and both sectors show company count growth outrunning revenue growth.
- The 18 sections with data in both BE2550 and BE2568 sum to 314504 companies and 23.78 trillion baht of revenue in 2007, versus 712785 companies and 67.66 trillion baht in 2025, consistent with the direction of the sibling total-revenue-growth insight for the same period.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates by industry and year. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- Office of Small and Medium Enterprise Promotion. (2023). Situation Report of MSMEs in 2023. Ministry of Industry, Thailand. https://old.sme.go.th/upload/mod_download/download-20230904173524.pdf
Frequently asked questions
Which Thai industry grew its average company size the fastest between 2007 and 2025?
Wholesale and retail trade. Its average revenue per company rose 118.8 percent, from 65.1 million baht in 2007 to 142.4 million baht in 2025.
Which industries saw their average company size shrink?
Human health and social work shrank the most among the sectors highlighted here, down 34.8 percent, followed by professional, scientific and technical services down 24.2 percent and real estate down 8.9 percent. Electricity and gas fell furthest of any section, down 55.2 percent, but from a small base of 482 companies in 2007.
Does a shrinking average firm size mean the industry is failing?
No. Every shrinking sector in this ranking still grew its total revenue. The average fell because new company registrations grew even faster than revenue, spreading the same or greater revenue across many more firms.
What counts as average company size in this ranking?
Aggregate reported revenue for an industry section divided by the aggregate number of companies reported in that section for the same statement year. It is not employee headcount and not a per-company average of individual margins.
Cite this page
Chatpong L. (2026). Fastest Growing Average Firm Size in Thailand 2007 to 2025. Max Data Insights. https://maxdatathailand.com/insights/which-industries-grew-average-company-size-the-fastest-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.