Momentum Works, a Singapore-based research and venture firm, said Southeast Asia’s food delivery gross merchandise value (GMV) rose 18% year on year to US$22.7 billion in 2025.

The firm said all six major markets posted double-digit growth, with Thailand leading at 22%.

Momentum Works said the study tracked platform GMV across Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.

Indonesia, Malaysia, and Vietnam each grew about 18% to 19%.

Momentum Works attributed the growth to affordability-focused strategies and, in Thailand, the return of the Khon La Khrueng co-payment scheme, which covered food and beverage orders on approved delivery platforms from November 7 to December 31, 2025.

Grab’s regional market share rose from 53.8% to 55% in 2025, while ShopeeFood moved ahead of Foodpanda.

Momentum Works said these strategies coincided with a slight decline in average order values, but higher order frequency and a broader user base lifted GMV.

Momentum Works’ earlier summaries indicated the shift reflected Foodpanda’s exit from Thailand and ShopeeFood’s more than 50% GMV growth in 2024, particularly in Indonesia and Vietnam.

🔗 Source: Momentum Works

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