ASEAN Online Food Delivery Growth Slowed in 2022

Technology & Telecommunications

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Cindy Mutia Annur 19/01/2023 12:00 WIB

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Momentum Works' report shows that the gross merchant value (GMV) of food delivery services in Southeast Asia experienced slower growth in 2022. What are the reasons for this?

Gross Transaction Value of Online Food Delivery in ASEAN (2018-2022)

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Gross Transaction Value of Online Food Delivery in ASEAN (2018-2022)

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A Momentum Works report shows that the gross merchant value (GMV) of online food delivery services in Southeast Asia reached US$16.3 billion or Rp245.91 trillion in 2022 (using an exchange rate of Rp15,087/US$).

The GMV of online food delivery in Southeast Asia in 2022 grew by 5% year-on-year (YoY).

However, this growth rate was weaker than in 2021, when the GMV increased by 30% (YoY), and 2020, when it grew by 183% (YoY).

According to Momentum Works, the slowdown in the online food delivery business in Southeast Asia is due to the end of the "burn money" period for technology companies, which are now under pressure to become profitable.

"This is happening to most leading players, where these companies are now part of public company groups," said Momentum Works in its report.

Another factor is the improved Covid-19 pandemic situation, leading to the easing of restrictions on public activities.

At the beginning of the pandemic, there were many operational restrictions on restaurants, causing a drastic surge in consumer interest in online food delivery services in 2020-2021. However, in 2022, interest relatively subsided as consumers could return to buying food directly.

In 2022, Indonesia became the largest online food delivery market in Southeast Asia, with a gross transaction value of US$4.5 billion.

Following Indonesia were Thailand with US$3.68 billion, Singapore with US$2.5 billion, the Philippines with US$2.4 billion, Malaysia with US$2.2 billion, and Vietnam with US$1.1 billion.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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