Vietnam’s food delivery market saw the highest growth in the region

On February 12, Momentum Works released its fifth annual “Food Delivery Platforms in Southeast Asia” report. The report pointed out that after two years of subdued 5 per cent growth, Southeast Asia’s food delivery sector rebounded in 2024 with a 13 per cent on-year increase, reaching a total GMV of $19.3 billion.

The resurgence was largely driven by Vietnam and Indonesia, while other markets registered double-digit or near-double-digit growth. Despite a slowdown in overall F&B market growth to 4.6 per cent, food delivery penetration has deepened in the region, thanks to new customer segments and evolving platform strategies.

Vietnam’s food delivery market saw the highest growth of 26 per cent from $1.4 billion to $1.8 billion between 2023 and 2024. The growth is contributed by factors of expanded customer segments, service areas and synergies with other business of the platforms.

Indonesia’s food delivery market followed closely at the growth rate of 18 per cent, reaching a GMV of $5.4 billion in 2024.

Grab retained its top position in Southeast Asia, increasing its lead over Foodpanda, while ShopeeFood overtaking Gojek to become the third-largest player in the region.

In Vietnam, Grab also took the lead, holding 48 per cent of the market share. ShopeeFood came closely behind with 47 per cent of the market share. Together, the two leading players are holding 96 per cent of Vietnam's food delivery market. The remaining share belongs to BeFood (4 per cent) and Gojek (1 per cent). However, Gojeck officially pulled out of the Vietnamese market in September 2024.

Momentum Works noted that the food delivery market in Southeast Asia is becoming increasingly concentrated, with two leading players dominating over 80 per cent of the market in most countries. A potential Grab-Gojek merger could further reshape the competitive landscape in 2025.

"After years of prioritising profitability, Southeast Asia’s top food delivery platforms have regained momentum to fuel their next phase of growth," said Jianggan Li, CEO and founder of Momentum Works. "With sharper customer segmentation and enhanced operational efficiency, they are now positioned to explore bolder, more strategic moves that drive sustainable expansion."

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Vietnamese spend $1.4 billion on online food deliveries In 2023, Vietnamese people spent $1.4 billion on online food delivery platforms like Grab, ShopeeFood, Baemin, and GoJek.

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