Slow Growth in Online Food Orders in Southeast Asia Could Spell Challenges for Grab and GoTo in 2022

According to a report from Singapore-based business consulting firm Momentum Works, spending on online food orders in Southeast Asia grew at its lowest rate in four years in 2022. The data shows that online food ordering in Southeast Asia grew by just 5% in 2022 to $16.3 billion, the slowest growth since 2018. While spending on food orders slowed in countries like Thailand, Indonesia, and Singapore, it increased in the Philippines, Malaysia, and Vietnam.

The report also states that Singapore-headquartered Grab has outpaced its peers in the food delivery market in Southeast Asia. The company currently operates in eight countries and recorded 2022 sales of $8.8 billion, accounting for 54% of total sales in the market. Foodpanda, Delivery Hero’s food delivery business, ranks second in Southeast Asia at $3.1 billion in 2022, accounting for 19% of total market sales, followed by GoTo Gojek and Line Man. This reflects the potential for food delivery giants Grab Holdings and GoTo Group to face challenges in the coming year.

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