In 2024, Southeast Asia’s food delivery market reached US$19.3 billion, showcasing a 13% year-on-year growth from 2023.
This substantial increase followed two years of modest 5% growth in 2022 and 2023. Vietnam and Indonesia spearheaded the region’s growth with 26% and 18% year-on-year increases, respectively, while other markets also registered double-digit growth.
Grab retained its dominance in the market, holding a 53.9% market share. Meanwhile, ShopeeFood surpassed Gojek to become the third-largest player in Southeast Asia. Additionally, TikTok entered the Local Services sector, starting with the sale of vouchers for food and beverage merchants in Indonesia and Thailand. Although still in its early stages, TikTok’s entry could challenge existing food delivery platforms, especially in advertising and Dine-Out services.
Customer segmentation initiatives have begun to yield positive results, enhancing the customer base, profitability, and volume. However, there remains untapped potential in rider segmentation and operational efficiency.
Jianggan Li, Founder and CEO of Momentum Works, noted that leading food delivery platforms in Southeast Asia are now well-positioned to drive the next phase of growth. With improved customer segmentation capabilities and operational efficiency, these platforms are in a favorable position to take bold strategic steps for sustainable expansion.
For a detailed analysis of the latest numbers, market trends, and strategies shaping Southeast Asia’s food delivery landscape, refer to Momentum Works’ Food Delivery Platforms in Southeast Asia 5.0 report.
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Source : Momentum Asia