Southeast Asia’s food delivery platforms reported a gross merchandise value (GMV) of US$19.3 billion in 2024, reflecting a 13% year-on-year growth, according to a report by Momentum Works.

Vietnam and Indonesia led the market with GMV growth rates of 26% and 18%, respectively.

Despite the overall food and beverage (F&B) sector slowing to a 4.6% expansion, food delivery adoption continued to rise among new customer segments.

Grab remained the market leader, widening its lead over competitors like Foodpanda.

ShopeeFood surpassed Gojek as the third-largest platform, driven by lower delivery fees and value-oriented meal options.

Meanwhile, industry disruptions are on the horizon, with TikTok piloting food and beverage voucher sales in Indonesia and Thailand.

Furthermore, discussions regarding a potential Grab-Gojek merger may also reshape the market in 2025.

Food delivery platforms are focusing on operational efficiency, optimizing rider logistics, and segmenting customers into mass, standard, and premium tiers.

Industry consolidation persists, with leading players collectively holding over 80% of the market share in most Southeast Asian countries.