Southeast Asia’s food delivery market experienced a significant upswing in 2024, growing by 13% year-on-year to reach $19.3 billion, according to Momentum Work’s report. This marks a notable acceleration following two years of modest 5% growth.
Mixue Ice Cream & Tea leads franchise growth in Southeast Asia, with over 45,000 stores worldwide.
Vietnam and Indonesia emerged as frontrunners, recording impressive growth rates of 26% and 18% respectively. Other markets, including the Philippines and Thailand, also demonstrated robust performance with 12% growth each.
Grab continues to dominate the region, commanding a 53.9% market share. Notably, ShopeeFood has surpassed Gojek to become the third-largest player in the sector. Additionally, TikTok has ventured into local services, starting with selling vouchers for F&B merchants in Indonesia and Thailand.
The burgeoning food delivery market presents lucrative opportunities for investors seeking the best franchises for Asia. Here are some top contenders:
Mixue Ice Cream & Tea has rapidly ascended to become the world’s largest food-and-beverage chain, boasting over 45,000 stores globally. Founded in 1997 by Zhang Hongchao in Henan, China, Mixue’s success is attributed to its affordable menu and efficient franchising model. The brand’s expansion strategy focuses on lower franchising fees and strong cultural connections, exemplified by its popular roly-poly mascot, Snow King.
Chatime, originating from Taiwan, is a global teahouse franchise specializing in bubble tea. With over 2,500 outlets in 38 countries, Chatime offers a variety of beverages, including milk tea, fresh tea, and fruit tea. Its expansion and growth model is primarily through franchising, making it an attractive option for investors.
Jollibee is a Filipino fast-food chain that has established a strong international presence. Known for its signature Chickenjoy, Jollibee operates over 1,700 stores across Southeast Asia, East Asia, the Middle East, North America, and Europe. Its aggressive expansion and popularity make it a noteworthy franchise opportunity.
Tim Ho Wan, renowned as “the world’s cheapest Michelin-star restaurant,” is a Hong Kong dim sum chain that has expanded globally. With franchises in 12 countries, Tim Ho Wan offers authentic Cantonese cuisine at affordable prices. In November 2024, the company was acquired by Jollibee Foods Corporation, further enhancing its growth prospects.
Singapore-based Grab Holdings has raised its fiscal 2024 revenue forecast, driven by strong growth in its food delivery and ride-hailing businesses. The company reported a third-quarter revenue of $716 million, exceeding estimates, and anticipates continued growth in Southeast Asia. This positive trajectory underscores the region’s potential for investors seeking opportunities in the food delivery and related sectors.
The impressive growth of Southeast Asia’s food delivery market highlights the region’s expanding consumer base and the increasing demand for convenient dining options. For investors over 30 seeking the best franchises for Asia, brands like Mixue Ice Cream & Tea, Chatime, Jollibee, and Tim Ho Wan offer promising opportunities. Additionally, companies like Grab demonstrate the potential for substantial returns in the food delivery and related industries. Engaging with these established franchises can provide a strategic entry into the rapidly growing Southeast Asian market.
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