The gross merchandise volume (GMV) of food delivery in Southeast Asia reached a total of USD 11.9 billion in 2020, a dramatic 183% growth compared to the year before, while neighbor China hit USD 82 billion, which is almost seven times higher, according to the latest Momentum Works report received by KrASIA.
“COVID-19 is the key accelerant to growth. Due to social distancing, many consumers shifted to food delivery,” said Momentum Works CEO Jianggan Li on Monday.
He further added that economic growth, urbanization, and growing smartphone penetration in most countries also provided the natural impetus for market growth.
Ride-hailing and delivery giant Grab is dominating the sector in Southeast Asia with a 49% share, followed by Foodpanda’s 21% and Gojek’s 16.8%. Grab is also taking more than half of the local market in Thailand, Malaysia, Indonesia, and the Philippines. In Singapore, it led with a market share of 42%, and only in Vietnam, it fell behind Sea Group’s food delivery arm Now.
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.