Southeast Asia’s food delivery market soars by 13% YoY in 2024
Vietnam and Indonesia led the region’s growth with 26% and 18% YoY, respectively.
Southeast Asia’s food delivery market grew by 13% year-on-year (YoY) to $19.3b in 2024 after two consecutive years of tepid 5% growth, according to Momentum Work’s report.
Vietnam and Indonesia led the region’s growth with 26% and 18% YoY, respectively, with many other markets also registering double-digit growth, such as the Philippines and Thailand, both with 12% each.
Grab continues to dominate the region, owning 53.9% market share, whilst ShopeeFood has overtaken Gojek to become the third-largest player in the region.
TikTok has also now entered into local services, starting with selling vouchers for F&B merchants in Indonesia and Thailand.
Whilst still in the early stages, this entry could challenge food delivery platforms’ push into advertising and dine-out.
