Medical services and beauty care are expected to remain the top sectors for the year ahead, while the prospects for bleaching and dyeing, handicrafts and book-related businesses look set to have a dim 2017.
A survey by the University of the Thai Chamber of Commerce (UTCC) has found medical services and beauty care show the most promising prospects among the businesses dubbed as "sunrise industries", driven by continuously growing awareness of these two sectors.
Thai medical treatment, particularly at private hospitals, is now widely recognised by local and foreign patients for its quality and affordable cost.
Thanavath Phonvichai, vice-president for UTCC research, said Thais are increasingly paying attention to healthcare as the country is becoming an ageing society.
He expected medical services and healthcare businesses to have a bright outlook over the next 3-5 years.
Thailand is classified as an "ageing society" by the UN and will become an "aged society" by 2025. A society is considered ageing when one-tenth of its population is aged above 60, and aged when one-fifth is above 60.
The government is keen on reinforcing the retirement safety net to prepare the country for the demographic shift. It is seeking ways to alleviate the fiscal burden of taking care of the elderly.
The cabinet on Nov 8 approved a package of measures to deal with the ageing population, including tax incentives for companies that hire senior workers, reverse mortgages and a mandatory provident fund.
The government is estimated to spend 698 billion baht over the next eight years on the measures, with 287 billion to be spent this year.
Mr Thanavath said rounding out the sunrise industries are cosmetics and skincare cream; e-commerce; tourism; telecommunications; construction materials and contractors; logistics; financial services; modern trade; insurance; event organising; electrical parts sales and repair; food and beverage; education; and legal advice.
Sluggish sales are predicted for sunset industries such as bleaching and dyeing; handicrafts; book-related businesses; book rental; video and CD rental; basic textiles and fabrics; poster-making; lumber mills; shoemaking and repair; furniture; and agricultural machine distribution.