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Description

TikTok Shop’s U.S. business began to show signs of structural maturation in 2025. After a volatile first full year, the platform continued to scale rapidly, reaching US$15.1 billion in GMV (+68% YoY). Growth remained strong, but the underlying dynamics shifted: live commerce gained share, store-led selling became more prominent, pricing pressure stabilised, and participation across creators and merchants broadened significantly.

TikTok Shop in the U.S. 2025 is Momentum Works’ third deep-dive report on the U.S. TikTok Shop ecosystem, following our 2024 and H1 2025 publications. Built on large-scale platform data from Tabcut and Momentum Works’ ongoing ecosystem research, the report goes beyond headline GMV growth to examine changes in sales channels, category dynamics, creator behaviour, and merchant performance.

The report also places the U.S. market in a global context, comparing its trajectory with Southeast Asia and newly launched markets, and assessing how TikTok Shop’s positioning as “discovery commerce” is reshaping how products are marketed, sold, and scaled in the U.S.

What’s new in this edition (Feb 2026):

• Latest 2025 U.S. TikTok Shop performance data, including GMV, YoY growth, and channel mix across video, live and Shop tab
• Global context and positioning, including TikTok Shop’s expansion into Europe, Japan and Latin America, and implications for the U.S. market’s competitive path
• Deep dives into stores, products and pricing, including category-level GMV, average price movements, and commission trends
• Creator and live commerce dynamics, covering influencer GMV distribution, sales channels, top-performing videos, and million-dollar live sessions
• Forward-looking analysis, covering ecosystem maturity, merchant enablement, and the impact of upcoming logistics integration into TikTok Shop’s infrastructure

This report is designed for:

• Executives and leadership teams at brands, sellers, and platforms
• Strategy, intelligence, growth and operations teams
• Investors and funds tracking ecommerce, social commerce and creator-led retail
• Agencies, MCNs, and service providers supporting creators,merchants and brands
• Founders and operators building or scaling on TikTok Shop in the U.S.

How leaders use this report:

• To understand where U.S. TikTok Shop growth is really coming from and how it is changing
• To assess live vs. video vs. Shop strategies and allocate resources more effectively
• To identify category opportunities, pricing pressure points, and commission trends
• To benchmark creator, store, and brand performance against market leaders

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Southeast Asia’s food delivery sector has entered a more mature phase  – yet growth continues to accelerate (18% YoY in 2025), and competition among platforms is becoming more disciplined, with greater focus on execution efficiency, cost control, and regulatory alignment. 

Food Delivery Platforms in Southeast Asia 6.0 is Momentum Works' 6th annual report covering the food delivery industry in the region. It is designed to help leaders understand where food delivery growth is coming from, how competitive dynamics are shifting across markets, and how platforms are evolving their strategies as the sector moves from rapid expansion to everyday relevance.

Built on Momentum Works’ ongoing ecosystem research and operator-level conversations, this report examines platform competition and evolving strategies, affordability-driven growth, and the changing role of food delivery within the broader F&B landscape.

What’s new in the 2026 edition:

• Latest GMV, growth, and market share data across all major Southeast Asian markets (Indonesia, Thailand, Malaysia, the Philippines, Vietnam and Singapore) 
• Key trends shaping Southeast Asia’s food delivery ecosystem in 2025
• Updated strategies and strategic focus areas across major platforms: Grab, ShopeeFood, Foodpanda, LineMan and Gojek. 
• Competitive dynamics and market structure shifts, including consolidation and exits
• Implications for restaurants and the wider F&B ecosystem as platform power deepens

This report is designed for decision-makers in the food delivery, local services and quick commerce ecosystem, including:

• Executives and leadership teams
• Strategy, intelligence and operations teams
• Investors and funds
• Major F&B brands and chains
• Founders and operators expanding in Southeast Asia

How leaders use this report:

• To reassess market entry and expansion priorities 
• To align regional and functional teams 
• To pressure-test the platform, brand and logistics strategies

东南亚外卖行业已进入更为成熟的发展阶段，但增长仍在加速(2025年增长18%），平台之间的竞争也日趋理性，更加聚焦于执行效率、成本控制以及与监管环境的协调一致。

《东南亚外卖平台报告 6.0》是墨腾发布的第六份年度报告，旨在帮助行业领导者理解外卖增长的来源、各市场竞争格局的变化，以及在行业从高速扩张迈向“日常基础设施”阶段时，平台战略如何演进。

基于墨腾持续开展的生态系统调研及与一线运营者的深度交流，本报告系统分析了平台竞争与战略演变、以“低价措施”为核心的增长逻辑，以及外卖在更广泛餐饮生态体系中的角色演变。

2026年版更新内容包括：

• 覆盖东南亚主要市场（印度尼西亚、泰国、马来西亚、菲律宾、越南和新加坡）的最新 GMV、增长率及市场份额数据
• 2025 年塑造东南亚外卖生态系统的四个关键趋势
• 主要平台的最新战略与重点方向更新：Grab、ShopeeFood、Foodpanda、LineMan 和 Gojek等
• 竞争格局与市场结构变化，包括整合与退出情况以及是否有潜在的新玩家
• 平台影响力加深对餐厅及更广泛餐饮生态系统的冲击分析

本报告适合以下从事外卖、本地生活服务及即时零售领域的决策者：

• 高管与领导团队
• 战略、商业情报与运营团队
• 投资机构与基金
• 主要餐饮品牌与连锁集团
• 在东南亚扩张业务的创始人及一线运营者

领导者如何使用本报告：

• 重新评估市场进入与区域扩张的优先级
• 协调区域与职能团队的战略方向
• 对平台、品牌及物流策略进行压力测试与验证

Southeast Asia’s digital economy is reaching a point where timing and sequencing matter as much as direction.

Growth opportunities remain, but the margin for error is narrowing. Platforms are maturing, competition is intensifying, and technology - particularly AI - is beginning to reshape execution fundamentals. In this environment, the critical question for leadership teams is no longer what could happen, but what needs to be acted on now, and what can wait.

10 Predictions for 2026 is an executive briefing by Momentum Works that distills the most consequential shifts shaping Southeast Asia’s digital landscape - and translates them into clear implications for leadership teams preparing for 2026 and beyond.

Used in MWX Insights Session 2, this deck is not a collection of speculative forecasts. Each prediction is grounded in observed operating changes across platforms, brands, technology stacks, and supply chains, helping leaders separate structural change from short-term noise.

Rather than asking “what might happen?”, the briefing focuses on a more practical question:

What should leaders prioritise now - and what can be staged over time?

What’s covered in the 2026 predictions:

• How ecommerce and digital platforms are moving into their next phase of development
• The evolution of new retail and consumer brand models across Southeast Asia
• How AI and technology-driven innovation are reshaping execution, not just strategy

Each prediction is framed to support decision-making, with clear implications for investment, organisation design, and competitive positioning.

This deck is designed for decision-makers including:

• Executives and leadership teams shaping medium-term strategy
• Founders and senior operators in retail, ecommerce, logistics, and consumer sectors
• Regional and global teams navigating Southeast Asia’s fast-evolving markets
• Investors and policymakers assessing risks and opportunities beyond short-term cycles

How leaders use this briefing:

• To identify which trends represent genuine structural shifts
• To pressure-test strategic priorities against 2026 realities
• To align leadership teams around timing, focus, and risk management
• To distinguish actions that require immediate commitment from those that can be sequenced

10 Predictions for 2026 is the second session in the MWX Insights Series — a set of concise, high-signal executive briefings designed to give leaders a clear, structured view of where Southeast Asia’s digital economy is heading.

Each session stands on its own, while also contributing to a broader strategic narrative for leaders building the next phase of growth in Asia.

Chinese companies scale faster than their global peers - not because of cultural quirks or short-term aggressiveness, but because they operate on a clear, system-level logic.

Leading Chinese companies are built around a disciplined approach to capital allocation, operating design, and growth decision-making. This logic allows them to invest aggressively, tolerate short-term losses, and still compound advantage in highly competitive markets - where many global companies stall.

How Chinese Companies Scale Faster is a decision-support deck used in Momentum Works’ MWX Insights Session. It is designed to help founders, CEOs, and senior leaders understand the core metrics, mechanisms, and playbooks behind China’s most effective scaling engines - and how these principles can be applied beyond China.

Built on Momentum Works’ long-term ecosystem research and operator-level analysis, the deck distils why Chinese companies are willing to scale at thin margins, sustain high execution intensity, and still build structurally resilient businesses.

What’s covered in this edition:

• The single non-negotiable KPI behind scale: LTV > CAC
• Why this metric enables confidence to invest through losses while compounding long-term advantage
• Live and video commerce case studies explaining why leading Chinese brands operate at ROAS ≈ 1
• A comparative look at Luckin Coffee and Mixue, and how F&B economics can be redesigned for scale
• A deep dive into SHEIN (and Temu) showing why supply chain is a strategic system, not a cost centre
• A synthesis framework — The China Scaling Formula — connecting metrics, execution, and organisation

This deck is designed for decision-makers including:

• Founders and CEOs scaling consumer, retail, and platform businesses
• Executive teams responsible for growth, operations, and capital allocation
• Strategy and investment leaders studying China-derived operating models
• Senior leaders preparing for regional or global scale in competitive markets

How leaders use this deck:

• To pressure-test growth strategies against LTV-driven economics
• To understand when and why it makes sense to scale at low margins
• To align leadership teams around a shared logic of investment and execution
• To translate China’s scaling principles into local and global contexts

How Chinese Companies Scale Faster provides a concise, practical framework for understanding why China continues to produce fast-scaling businesses — and what global leaders must rethink if they want to compete at the same speed.

For deeper application, this deck is used within Momentum Works Executive Immersion (MWX) — a closed-door, high-intensity programme for senior leaders focused on Asia’s digital economy, platform dynamics, and scaling systems.

Transcript available upon request for purchasers of this deck.

Over the past 10 months, China’s “quick commerce” - once a niche delivery segment - has exploded into everyday infrastructure, serving hundreds of millions of consumers.

Platforms like Meituan, Alibaba, and JD are locked in an intense subsidy war, but beneath the competition lies something much deeper - a decade-long transformation in logistics, consumer behaviour, and retail operations that has turned instant delivery into a core part of China’s urban economy.

Quick Commerce in China 2025 is a strategic intelligence report designed to help leaders understand how instant retail scaled at unprecedented speed in China, what systems enabled it, and what lessons global operators can draw as similar models begin to emerge across Asia, the Middle East, and beyond.

Built on Momentum Works’ on-the-ground research, ecosystem analysis, and learnings through more than 13 immersions to China in 2025 alone, the report examines platform competition, subsidy mechanics, logistics infrastructure, operating models, and the next phase of automation and AI-driven retail.

What’s in the 2025 edition:

• A deep dive into China’s 2025 quick commerce subsidy war — the largest and most costly to date
• Clear breakdown of the strategic roles played by Meituan, Alibaba, and JD
• New analysis showing why this is fundamentally a systems war, not a pricing war
• Detailed case studies across 3P and 1P models, including Instashopping, dark stores, and store-warehouse hybrids
• First-hand observations from Momentum Works’ China Immersions, including visits to multiple dark store formats, driver operations, and in-depth discussions with key operators
• Forward-looking insights on the next phase: drones, autonomous supply chains, and AI-driven speed

This report is designed for decision-makers including:

• Executives and leadership teams in retail, ecommerce, and consumer platforms
• Strategy, operations, and logistics leaders evaluating on-demand retail models
• Investors and funds tracking quick commerce, logistics, and platform competition
• Founders and operators preparing for instant delivery expectations in their markets

How leaders use this report:

• To understand how quick commerce scales sustainably beyond subsidies
• To assess which operating models are viable in different market conditions
• To pressure-test instant retail strategies against China’s real-world outcomes
• To anticipate how automation, AI, and infrastructure will redefine “speed” in retail

Quick Commerce in China 2025: How instant retail became everyday infrastructure provides a rare inside look at how China built the world’s most sophisticated on-demand retail ecosystem - and what it signals for the future of commerce globally.

Southeast Asia’s ecommerce market is entering a new phase - moderate growth, tougher competition, and rising execution pressure.

Ecommerce in Southeast Asia 2025 is a decision-support report designed to help leaders understand where growth is real, where competition is intensifying, and how platform & brand strategies are evolving across the region.

Built on Momentum Works’ ongoing ecosystem research and operator-level conversations, the report covers platform competition, cross-border dynamics, logistics and fulfilment economics, and market-specific growth realities.

What’s new in the 2025 edition:

• Updated platform strategies across all major SEA markets
• Updated key trends impacting every player in the ecosystem
• New analysis on brand dynamics and ecosystem reshuffles
• Deeper coverage of logistics, cost structures and margin pressure
• Revised growth outlook by market and category

This report is designed for decision-makers including:

• Executives and leadership teams
• Strategy, ecommerce and regional teams
• Investors and funds
• Founders and operators expanding in Southeast Asia

How leaders use this report: 

• To reassess market entry and expansion priorities 
• To align regional and functional teams 
• To pressure-test platform, brand and logistics strategies

Luckin Coffee is no longer just a coffee chain -  it is one of the most scaled, data-driven consumer retail platforms to emerge from China.

In less than a decade, Luckin has grown from a startup into China’s largest coffee brand by store count, surpassing Starbucks domestically and operating close to 30,000 stores globally(as of Q3 2025). This growth comes despite one of the most public corporate scandals in recent history, which led to its Nasdaq delisting in 2020 - followed by a rapid and astonishing comeback.

Today, Luckin operates with a fundamentally different logic from traditional F&B chains. It is app-first, data-led, R&D-heavy, and designed for rapid replication. Product launches, pricing, store formats, and demand forecasting are driven by real-time data and systemised execution, blurring the line between consumer retail, ecommerce, and F&B.

As Luckin sets its sights on international expansion - with Singapore as its first step and the U.S. as the larger prize - the key question is no longer whether the model works in China, but whether this operating system can scale globally.

Inside Luckin Coffee is an industry intelligence report that dissects how Luckin actually works - from its unit economics and product engine, to its organisational structure and expansion constraints - and evaluates what its model means for the future of modern retail/F&B.

What’s covered in this report:

• How Luckin scaled from startup to almost 30,000 stores since 2019
• The post-scandal rebuild: what changed operationally, structurally, and culturally
• Why Luckin operates more like an ecommerce platform than a coffee chain
• The role of data, app penetration, and R&D in driving velocity and retention
• How Luckin’s model compares with established U.S. coffee chains
• Whether its advantages translate outside China — and where friction will emerge

Key themes and insights:

• Luckin’s core asset is not brand alone, but a repeatable, data-driven retail system
• Product velocity is a strategic weapon: >100 SKUs launched each year
• Unit economics are optimised through standardisation, automation, and demand visibility
• Many overseas challenges are solvable at the product and execution layer
• The true constraint to global expansion is organisational, not consumer demand
• POP-Leadership analysis highlights where Luckin is structurally strong - and where it is not

This report is designed for decision-makers including:

• Consumer, retail, and F&B executives evaluating scalable operating models
• Founders and operators building app-first, system-driven retail businesses
• Investors tracking next-generation consumer platforms from China
• Strategy and expansion teams assessing cross-border replication risks

How leaders use this report:

• To understand what actually makes Luckin different from traditional F&B chains
• To pressure-test assumptions around store scaling, product velocity, and unit economics
• To evaluate whether China-native consumer platforms can win in mature Western markets
• To extract transferable lessons for building data-driven, high-replication businesses

Download Inside Luckin Coffee to understand how a modern consumer platform is built, scaled, and stress-tested - and what Luckin’s trajectory reveals about the future of global F&B and retail.

TikTok Shop’s global expansion is entering a new phase - high growth coupled with rapid ecosystem reshuffling.

In the first half of 2025, TikTok Shop’s global GMV reached US$26.2 billion, doubling year-on-year, driven primarily by continued momentum in the United States and Southeast Asia. Despite persistent political pressure and uncertainty around a potential U.S. ban, TikTok Shop U.S. remained resilient, generating US$5.8 billion in GMV (+91% YoY).

With three consecutive deadline extensions pushing any potential ban to September 2025, most ecosystem participants now operate under the assumption that TikTok Shop will continue to scale in the U.S. market.

Tiktok Shop in the U.S. H1 2025 is a decision-support report, jointly produced by Momentum Works and data analytics firm Tabcut. 

The report is designed to help leaders understand how TikTok Shop’s U.S. ecosystem is evolving beneath headline growth numbers - and what these shifts mean for brands, sellers, influencers, and competing platforms.

Building on our previous TikTok Shop in the U.S. 2024 report, this edition provides an updated and deeper view into changes across sales channels, categories, influencers, live commerce, and platform dynamics.

What’s new in H1 2025:

• TikTok Shop’s global and U.S. performance update, with Indonesia overtaking the U.S. as the largest market
• A clear shift in channel mix: Live and Shop gaining share, while Video declines
• Significant reshuffling among top stores, influencers, live sellers, and best-selling products
• Live commerce gaining traction in the U.S. (14% of GMV), but still trailing Southeast Asia
• Early signs of TikTok Shop’s new self-positioning as “discovery commerce” in 2025

Key dynamics shaping TikTok Shop U.S.:

• Rapid turnover at the top: most leading influencers, live sellers, and products in H1 2025 are new entrants
• Influencers remain the primary GMV driver, with 291 creators exceeding US$1M GMV in H1
• Video continues to dominate as a sales channel for most influencers
• Live commerce remains highly concentrated, with only one session exceeding US$1M GMV in H1
• Category dynamics shifting quickly, with beauty gaining ground alongside supplements

This report is designed for decision-makers including:

• Brands and sellers operating on, or evaluating, TikTok Shop in the U.S.
• Influencer agencies, MCNs, and live commerce operators
• Platform and ecosystem teams tracking the evolution of video and live commerce
• Investors and strategists assessing TikTok Shop’s sustainability and competitive impact

How leaders use this report:

• To reassess channel mix and go-to-market strategies on TikTok Shop
• To understand where value is concentrating — and where volatility remains high
• To pressure-test assumptions about live commerce maturity in the U.S.
• To benchmark TikTok Shop U.S. against Southeast Asia and global markets

Download TikTok Shop in the U.S. H1 2025 to understand what’s really changing beneath the surface of rapid growth - and how the ecosystem may evolve as TikTok Shop continues to scale amid uncertainty.

[Click here to access the Chinese version ｜ 点击这里获取中文版]

Southeast Asia’s food delivery market is entering a new phase — growth has re-accelerated, competitive dynamics are shifting, and platforms are increasingly focused on profitability and structural efficiency.

In 2024, the region’s food delivery GMV reached US$19.3 billion, growing 13% year-on-year, a marked rebound after two consecutive years of muted 5% growth in 2022 and 2023. Vietnam and Indonesia emerged as the primary growth engines, recording 26% and 18% YoY growth respectively, with several other markets returning to double-digit expansion.

The competitive landscape continues to evolve. Grab strengthened its regional leadership, increasing its market share to 53.9%, while ShopeeFood overtook Gojek to become the third-largest food delivery platform in Southeast Asia. At the same time, TikTok has begun testing Local Services, starting with F&B vouchers in Indonesia and Thailand. While still nascent, TikTok’s entry could meaningfully challenge incumbents’ expansion into advertising and dine-out monetisation.

Food Delivery Platforms in Southeast Asia 5.0 is a decision-support report designed to help leaders understand where growth is coming from, how competition is evolving, and what strategic levers will matter most in the next phase of the market.

Built on Momentum Works’ ongoing ecosystem research and operator-level conversations, the report examines platform strategies, customer and rider segmentation, unit economics, and lessons from global food delivery developments.

Key highlights of this edition include:

• Why Southeast Asia’s food delivery growth rebounded in 2024
• Vietnam and Indonesia’s outsized role in driving regional expansion
• How Grab, ShopeeFood, and Gojek are repositioning strategically
• Early implications of TikTok’s entry into Local Services
• Why customer segmentation is working — and where further upside remains
• Rider operations as the next efficiency frontier
• 
  

This report is designed for decision-makers including:

• Executives and leadership teams at food delivery platforms
• Strategy, operations, and regional teams
• F&B groups and restaurant chains
• Investors and funds tracking consumer and platform ecosystems

How leaders use this report:

• To assess whether the market has truly entered a new growth cycle
• To benchmark platform strategies and competitive positioning
• To pressure-test expansion into advertising, dine-out, and new segments
• To identify operational and structural levers for profitability
• To prepare for the next phase of competition in Southeast Asia’s food delivery market

[Click here to access the Chinese version ｜ 点击这里获取中文版]

Southeast Asia’s F&B industry is entering a new phase - steady demand, intensifying competition, and a growing influx of foreign brands.

Over the past few years, Chinese F&B brands have opened more than 6,100 outlets across Southeast Asia, a region with a US$132.9 billion food & beverage market. This rapid expansion is not accidental. It reflects mounting structural pressure in China’s domestic F&B market, where hyper-competition, shifting consumer preferences, and rising operating costs have pushed many players to seek growth beyond China.

In just the first half of 2024, more than 1 million F&B businesses shut down in China, a 70% increase year-on-year. Against this backdrop, Southeast Asia has emerged as one of the most attractive overseas destinations for Chinese F&B brands - offering scale, cultural familiarity, and a more fragmented competitive landscape.

Chinese F&B in Southeast Asia 2025 is a decision-support report designed to help leaders understand why Chinese brands are expanding into Southeast Asia, how they are competing, and what this means for the region’s F&B ecosystem.

Built on Momentum Works’ ecosystem research and operator-level conversations, the report examines market dynamics in China and Southeast Asia, operating models adopted by Chinese brands, and the practical realities of executing F&B expansion across diverse SEA markets.

What’s covered in this report:

• The structural pressures driving Chinese F&B brands to expand overseas
• Why Southeast Asia has become a key destination for Chinese F&B expansion
• Differences in market maturity, cost structures, and consumer behavior across SEA
• How Chinese F&B brands bring not just products, but operating methodologies
• Case study on how Chinese F&B strategies translate on the ground
• Practical considerations for brands entering or competing in Southeast Asia

This report is designed for decision-makers including:

• F&B founders and operators
• Regional expansion and strategy teams
• Investors and industry analysts
• Local F&B groups competing with or partnering Chinese brands
• Platform, supply chain, and ecosystem players

How leaders use this report:

• To assess the long-term sustainability of Chinese F&B expansion into Southeast Asia
• To understand competitive pressure on local and regional F&B players
• To evaluate entry strategies, operating models, and partnership options
• To avoid common pitfalls when expanding across multiple SEA markets
• To align leadership teams around realistic expectations of growth and execution

[Click here to access the Chinese version ｜ 点击这里获取中文版]

关于报告：
对于东南亚科技投资来说，2021上半年充满了活力。尽管疫情持续恶化并且很多国家进入了漫长的封城状态，东南亚的科技领域还是继续创造了一些新的记录。

墨腾和Cento Ventures联合发布的2021上半年东南亚风险投资报告（中文版）通过真实的数据和全面的分析，让您更加了解2021年上半年以及近年来东南亚投资趋势和投资环境的变化。同时，我们还特别准备了一个章节来介绍和分析中国投资人在东南亚的情况。

通过这篇报告，相信您可以对以下问题有更好的理解：

东南亚最受投资人欢迎的行业有哪些？
最受投资人欢迎的国家有哪些？
有哪些新的独角兽企业诞生？
项目退出前景发生什么样的变化？
中国资本在东南亚参与了哪些投资和退出？

目录：

1. Cento Ventures和墨腾创投的简介
2. 前言
3. 东南亚风投市场概况
4. 东南亚各行业投资趋势与初创企业概览
5. 退出
6. 中国资本的动向与分析
7. 调研方法

聚焦：
• 区域综合性平台(超级应用)： Grab, Gojek, Rappi
• 电商： Shopee, Lazada, Tokopedia, Mercado Libre
• 物流： Ninja Van, Flash Express, Loggi
• 支付处理：Promptpay, PayNow, Pix, CoDi, UPI, Netsunion
• 数字银行： Seamoney, Grab Financial group, Goto Financial, Nubank, Ualá, Stori
• 二手车平台： Carro, Carsome, Kavak