ShopeeFood riders in Bandung, Indonesia
Shopee’s food delivery business kept growing at a rapid pace, even though the management of Sea Group (Shopee’s parent) stopped mentioning it in their earnings many quarters ago.
According to numbers in Momentum Works’ latest Food Delivery Platforms in Southeast Asia released yesterday, we estimate ShopeeFood’s GMV of 2024 was already larger than Gojek (US$2.3b vs. US$1.9b), Indonesia’s homegrown on demand champion.
That came as ShopeeFood grew its GMV more than 50% in the year (from US$1.5b to US$2.3b). Most of the growth came from Indonesia, where ShopeeFood had an estimated 18% market share, and Vietnam, the fastest growing food delivery market (26% YoY) where ShopeeFood has followed Grab closely.
In Thailand, with especially the growth during the second half of 2024, ShopeeFood has overtaken Foodpanda as the number 3 player in the market. Whilst in Malaysia, ShopeeFood also took some market share from Foodpanda.
Will Shopee aim to eventually challenge Grab’s dominance in food delivery, or will ShopeeFood serve as a foot in the door for quick commerce when it eventually takes off?
The latter seems to be a more reasonable strategy – especially look at how Meituan has challenged traditional ecommerce platforms like JD.com in China, and how Zomato’s quick commerce arm Blinkit has posed a threat to ecommerce platforms in India.
“Food delivery platforms in Southeast Asia 5.0” analyses trends, key players and strategies, as well as global benchmarks (e.g. Meituan is now in 8 cities in Saudi Arabia, with an eventual aim to build quick commerce). The report is available for US$42.95 here.
If you have any questions and queries about the food delivery sector in Southeast Asia, China and beyond, please reach out to see how we can help.
P.S. Momentum Works Immersion team is in Hangzhou preparing for Cohort 4 of Ecommerce & Live Commerce Immersion. You can register for the last remaining spots here.
