The first half of 2024 has been a remarkable period for Thailand’s online food delivery and ride-hailing services, with the combined gross merchandise value (GMV) hitting an impressive US$5 billion. This milestone is a testament to the country’s rapid digital transformation and the growing consumer demand for convenience and efficiency.
Key takeaways
- Thailand is showing significant growth in different markets like the online food delivery and transportation market segments.
- During the first half of the year, the market was divided with Line Man holding a 44% market share, followed by Grab (40%), ShopeeFood (10%),
- In 2024, the Thai food service market is estimated to reach a value of $32.85 billion, with a projected growth to $47.79 billion by 2029
According to data provided by Redseer Strategy Consultants, the combined gross merchandise value (GMV) of these industries will have reached $5 billion during the first half of 2024.
Both markets are expected to achieve double-digit growth over the next five years, driven by strong demand among digital consumers and the availability of a larger number of drivers.
During the first half of the year, the market was divided with Line Man holding a 44% market share, followed by Grab (40%), ShopeeFood (10%), and others, including Foodpanda and Robinhood (6%).
Redseer explained that the growth of these industries is driven by user demand, thanks to urbanization, changing lifestyles and healthy/multicuisine food options delivered quickly and conveniently.
Thailand has a wide variety of offerings for the food stall market segment, with 52% of the total food and beverage outlets, including street stalls and kiosks in 2023, second only to Singapore with 78%.
The evolution of the online food delivery and transportation industries in Thailand
The online food delivery industry in Thailand has experienced significant growth in recent years, driven by urbanization, internet penetration, and changing consumption habits.
In 2024, the Thai food service market is estimated to reach a value of $32.85 billion, with a projected growth to $47.79 billion by 2029. This growth is largely due to the popularity of food delivery apps like GrabFood and Foodpanda, which have made a wide variety of culinary options accessible from the comfort of home.
The rise of veganism and vegetarianism has also influenced market expansion, with an increase in plant-based menu offerings. Quick-service restaurants.
On the other hand, the transportation and logistics industry in Thailand has also shown notable development. In 2024, the transportation and logistics market is estimated to reach a value of $88.10 billion, with a projected growth to $119.26 billion by 2029. This growth is driven by urbanization and the need to improve transportation infrastructure to meet growing demand.
