Southeast Asia’s food delivery GMV grows 18 percent to $22.7B in 2025 – Momentum Works

Southeast Asia’s food delivery gross merchandise value (GMV) grew 18 percent year on year to $22.7 billion in 2025, with Thailand leading growth, Momentum Works said Wednesday. The Singapore-headquartered venture outfit said in a statement that after several years of post-pandemic recalibration, Southeast Asia’s food delivery sector entered a more mature and structurally clearer phase in 2025. Platform GMV growth re-accelerated to 18 percent year-on-year growth while leading players continued to improve unit economics and financial discipline. “Food delivery sector in Southeast Asia continues to expand robustly in both scope and consumer base, “Moving into 2026, we look forward to seeing more convergence of digital ecosystems in Southeast Asia, with implications beyond the region,” said Jianggan Li, Chief Executive Officer and Founder of Momentum Works. According to the report, Thailand emerges as the fastest-growing market. The country recorded the highest growth in the region at 22 percent year on year, driven by platform-led affordability initiatives, competition, and the reintroduction of the government’s Khon La Khrueng (half-half) co-payment scheme. Indonesia, Malaysia, and Vietnam followed closely, each growing at around 18 percent to 19 percent. Meanwhile, Grab maintains leadership in the market, while ShopeeFood surpasses Foodpanda. Grab increased its regional market share from 53.8 percent to 55 percent in 2025. ShopeeFood overtook Foodpanda in 2025. The report also showed platforms continue to focus on affordability initiatives to drive growth. Across the region, platforms doubled down on affordability-focused initiatives to expand mass-market adoption. While this led to a slight decline in average order values, the net effect was faster GMV growth driven by higher order frequency and a broader user base. The report also showed that platforms shift beyond delivery into demand orchestration. Food delivery platforms continued expanding their influence beyond fulfilment, notably through dine-out offerings, advertising products, and content- and incentive-led discovery. As platforms aggregate richer datasets across delivery and offline consumption, their role is shifting from transaction channels toward demand orchestrators within the wider food and beverage (F&B) ecosystem. According to the report, consolidation remains structurally inevitable. Despite regulatory and political complexities: further consolidation in Southeast Asia’s food delivery market looks unavoidable. Even so, competition has not diminished; rather, it has become more disciplined and increasingly shaped by scale, cost efficiency, and regulatory alignment rather than aggressive expansion. Southeast Asia’s platform e-commerce GMV reaches $128.4B; top 3 platforms increase market share to 84 percent