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ASEAN Online Food Delivery Transactions Reach US$17.1 Billion in 2023

Cindy Mutia Annur 07/02/2024 14:18 WIB

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A Momentum Works report shows that the gross merchandise value (GMV) of online food delivery services in Southeast Asia reached US$17.1 billion in 2023.

Gross Transaction Value of Online Food Delivery in ASEAN (2018-2023)

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Gross Transaction Value of Online Food Delivery in ASEAN (2018-2023)

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A recent Momentum Works report shows that the gross merchant value (GMV) of online food delivery services in Southeast Asia reached US$17.1 billion or Rp268.12 trillion in 2023 (using an exchange rate of Rp15,680/US$).

The GMV of Southeast Asia's online food delivery sector in 2023 grew by 5% year-on-year (YoY) for two consecutive years.

According to Momentum Works, the largest growth was driven by the smallest online food delivery market in the region, Vietnam (up US$300 million or 27% YoY), followed by Malaysia (up US$200 million or 9% YoY).

The report also mentions that Thailand and Indonesia recorded low single-digit growth, while growth in Singapore remained flat.

Momentum Works stated that the ongoing pressure on companies to achieve sustainable profitability has led most established food delivery players to continue controlling food delivery subsidies and adopting different strategies to compete.

By country, Indonesia was the largest online food delivery market in Southeast Asia in 2023, with a gross transaction value of US$4.6 billion.

This was followed by Thailand with US$3.7 billion, Singapore with US$2.5 billion, the Philippines with US$2.5 billion, Malaysia with US$2.4 billion, and Vietnam with US$1.4 billion.

Momentum Works notes that Grab is estimated to have contributed 55% or US$9.4 billion of the online food delivery GMV in Southeast Asia in 2023, an increase of 6.8% year-on-year.

Foodpanda and Gojek are estimated to have contributed 15.8% (US$2.7 billion) and 10.5% (US$1.8 billion) respectively to the region's GMV, experiencing decreases of 12.9% YoY and 10.0% YoY respectively.

Meanwhile, Shopee and Line Man showed significant growth and are estimated to have contributed 8.8% (US$1.5 billion) and 8.1% (US$1.4 billion) respectively to the online food delivery GMV in Southeast Asia.

Editor : Erlina Fury Santika

"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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ASEAN Online Food Delivery Transactions Reach US$17.1 Billion in 2023

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