<p><img src="https://imageproxy.pbkrs.com/https://technode.global/wp-content/uploads/2026/07/Screenshot-2026-07-08-194145-150x150.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://technode.global/wp-content/uploads/2026/07/Screenshot-2026-07-08-194145-150x150.png"/></p>
<p>Momentum Works 周三表示，四个东亚市场在 2025 年预计产生 386 亿美元的食品配送平台总商品价值（GMV）。</p>
<p>该公司在报告中指出，仅韩国就占据了 283 亿美元，约占总额的 73%。</p>
<p>与此同时，日本、台湾和香港分别产生了 41 亿美元、36 亿美元和 26 亿美元。</p>
<p>尽管这些地区在城市化、收入、餐饮服务发展和工作文化上具有相似水平，但食品配送的渗透率差异显著——日本约为 3%，而韩国超过 20%。</p>
<p>这表明，运营商的执行力，而非市场准备程度，决定了市场结果。</p>
<p>Momentum Works 首席执行官李江干表示：“人们常常认为食品配送的成功取决于市场的发展程度，但东亚的情况表明这并不成立。”</p>
<p>他说，这四个市场在纸面上看起来非常相似，但它们的结果却截然不同。</p>
<p>“市场准备只是前提条件，但市场不会自行增长——运营商的持续推动才会促进市场发展，” 他补充道。</p>
<p>他还表示，经过多年的竞争，亚洲运营商越来越具备这种能力，能够在一些世界上最具挑战性的食品配送市场中立足。</p>
<p>值得注意的是，东亚的食品配送行业正在经历十多年来最大的领导层变革。</p>
<p>十多年来，Delivery Hero 通过收购建立了该地区最广泛的配送业务组合。</p>
<p>如今，这一战略正在瓦解。根据报告，Foodpanda 台湾正在出售给 Grab，Baemin 正在市场上出售，Foodpanda 在香港失去了领导地位，并且该公司已经退出日本。</p>
<p>与此同时，新一代亚洲运营商——美团、Coupang 和 Grab——正在用在竞争更激烈的本土市场中开发的运营手册重塑竞争格局。</p>
<p>报告指出，曾使 Delivery Hero 在亚洲占据主导地位的收购驱动型运营手册，现在正受到通过竞争而非整合建立的运营商的挑战。</p>
<p>报告指出，美团的 Keeta 于 2023 年进入香港，采用以补贴单人餐和快速网络密度扩展为中心的运营手册。</p>
<p>在 29 个月内，它实现了盈利，超越了 Foodpanda，并从补贴支出根本上转变了竞争格局，转向运营效率。</p>
<p>与此同时，台湾多年来保持着盈利但舒适的双头垄断，市场渗透率在 10% 左右平稳，增长放缓至 5.5%，因为竞争压力减弱。</p>
<p>Delivery Hero 多次尝试退出，包括被阻止的 2024 年出售给 Uber Eats，显示市场的竞争结构已达到转折点。Grab 在东南亚的竞争经验为其重新激活台湾的食品配送市场并恢复双位数增长提供了可信的机会。</p>
<p>另一方面，韩国的 283 亿美元市场是建立在数十年的消费者配送习惯之上，而非平台创建。</p>
<p>虽然 Baemin 仍然是市场领导者，但 Coupang Eats 通过利用 Coupang 更广泛的生态系统继续获得市场份额，这对 Baemin 未来的任何所有者提出了重要问题。</p>
<p>尽管日本富裕、密集且拥有复杂的食品生态系统，但其食品配送渗透率仍约为 3%。</p>
<p>日本广泛的便利店基础设施和深厚的独自用餐文化减少了食品配送在其他地方解决的许多摩擦。</p>
<p>Coupang 的 Rocket Now 正在测试经济实惠的单人配送是否能解锁下一个增长阶段。</p>
<p>与之前一代全球整合者不同，报告强调，今天的亚洲运营商在学习扩展之前已经学会了竞争。</p>
<p>今天的领先亚洲运营商不仅仅是收购资产，而是通过在竞争激烈的市场中持续竞争发展了能力。</p>
<p>报告认为，这种运营经验——围绕密度建设、单位经济学、客户获取和生态系统整合——正在成为这些公司国际扩展时的竞争优势。</p>
<p>“所有权改变了资产负债表，但并没有改变竞争动态，</p>
<p>“无论谁拥有这些资产，仍然必须与那些花费多年学习如何在竞争激烈的市场中获胜的运营商竞争，” 李补充道。</p>
<blockquote>
<p>东南亚的食品配送 GMV 在 2025 年增长 18% 至 227 亿美元——Momentum Works</p>
</blockquote>

美团-W

CPNG

GRAB

DHER

南方KOSPI

CPNX

<p>东亚的食品配送总交易额在 2025 年达到了 386 亿美元，其中韩国占 73%。Momentum Works 强调了领导层的变动：Delivery Hero 的收购策略正在解体，而美团、Coupang 和 Grab 等竞争对手则利用激烈的国内市场带来的运营效率。这一转变挑战了仅凭市场准备就能取得成功的观念，强调了运营商的执行力和竞争经验的重要性</p>

<p><img src="https://imageproxy.pbkrs.com/https://technode.global/wp-content/uploads/2026/07/Screenshot-2026-07-08-194145-150x150.png" alt="" original-src="https://technode.global/wp-content/uploads/2026/07/Screenshot-2026-07-08-194145-150x150.png"/></p>
<p>The four East Asian markets generated an estimated $38.6 billion in food delivery platform gross merchandise value (GMV) in 2025, Momentum Works said Wednesday.</p>
<div class="lb-trans"><p>Momentum Works 周三表示，四个东亚市场在 2025 年预计产生 386 亿美元的食品配送平台总商品价值（GMV）。</p>
</div><p>The firm said in a report that South Korea alone accounted for $28.3 billion, or roughly 73 percent of the total.</p>
<div class="lb-trans"><p>该公司在报告中指出，仅韩国就占据了 283 亿美元，约占总额的 73%。</p>
</div><p>Meanwhile Japan, Taiwan and Hong Kong generated $4.1 billion, $3.6 billion and $2.6 billion respectively.</p>
<div class="lb-trans"><p>与此同时，日本、台湾和香港分别产生了 41 亿美元、36 亿美元和 26 亿美元。</p>
</div><p>Despite sharing similar levels of urbanization, income, foodservice development and demanding work cultures, food delivery penetration varies dramatically — from around 3 percent in Japan to more than 20 percent in South Korea.</p>
<div class="lb-trans"><p>尽管这些地区在城市化、收入、餐饮服务发展和工作文化上具有相似水平，但食品配送的渗透率差异显著——日本约为 3%，而韩国超过 20%。</p>
</div><p>This is suggesting that operator execution, not market readiness alone, determines market outcomes.</p>
<div class="lb-trans"><p>这表明，运营商的执行力，而非市场准备程度，决定了市场结果。</p>
</div><p>“People often assume food delivery success is determined by how developed a market is. East Asia shows that isn’t true,” said Jianggan Li, Chief Executive Officer of Momentum Works.</p>
<div class="lb-trans"><p>Momentum Works 首席执行官李江干表示：“人们常常认为食品配送的成功取决于市场的发展程度，但东亚的情况表明这并不成立。”</p>
</div><p>According to him, these four markets look remarkably similar on paper, yet their outcomes are completely different.</p>
<div class="lb-trans"><p>他说，这四个市场在纸面上看起来非常相似，但它们的结果却截然不同。</p>
</div><p>“Market readiness is only the precondition. But markets don’t grow by themselves – operators’ relentless push grows markets,” he added.</p>
<div class="lb-trans"><p>“市场准备只是前提条件，但市场不会自行增长——运营商的持续推动才会促进市场发展，” 他补充道。</p>
</div><p>He also said Asian operators increasingly possess that capability after years of competing in some of the world’s most demanding food delivery markets.</p>
<div class="lb-trans"><p>他还表示，经过多年的竞争，亚洲运营商越来越具备这种能力，能够在一些世界上最具挑战性的食品配送市场中立足。</p>
</div><p>It is noted that East Asia’s food delivery industry is undergoing its biggest leadership transition in more than a decade.</p>
<div class="lb-trans"><p>值得注意的是，东亚的食品配送行业正在经历十多年来最大的领导层变革。</p>
</div><p>For more than a decade, Delivery Hero built the region’s broadest portfolio of delivery businesses through acquisitions.</p>
<div class="lb-trans"><p>十多年来，Delivery Hero 通过收购建立了该地区最广泛的配送业务组合。</p>
</div><p>Today, that strategy is unravelling. Foodpanda Taiwan is being sold to Grab, Baemin is on the market, foodpanda has lost leadership in Hong Kong, and the company has already exited Japan, according to the report.</p>
<div class="lb-trans"><p>如今，这一战略正在瓦解。根据报告，Foodpanda 台湾正在出售给 Grab，Baemin 正在市场上出售，Foodpanda 在香港失去了领导地位，并且该公司已经退出日本。</p>
</div><p>At the same time, a new generation of Asian operators – Meituan, Coupang and Grab – are reshaping competition with operating playbooks developed in far more competitive home markets.</p>
<div class="lb-trans"><p>与此同时，新一代亚洲运营商——美团、Coupang 和 Grab——正在用在竞争更激烈的本土市场中开发的运营手册重塑竞争格局。</p>
</div><p>The acquisition-led playbook that once made Delivery Hero dominant in Asia is now being challenged by operators built through competition rather than consolidation, said the report.</p>
<div class="lb-trans"><p>报告指出，曾使 Delivery Hero 在亚洲占据主导地位的收购驱动型运营手册，现在正受到通过竞争而非整合建立的运营商的挑战。</p>
</div><p>It is noted that Meituan’s Keeta entered Hong Kong in 2023 with a playbook centered around subsidized one-person meals and rapid network density expansion.</p>
<div class="lb-trans"><p>报告指出，美团的 Keeta 于 2023 年进入香港，采用以补贴单人餐和快速网络密度扩展为中心的运营手册。</p>
</div><p>Within 29 months, it became profitable, overtook foodpanda and fundamentally shifted competition from subsidy spending to operational efficiency.</p>
<div class="lb-trans"><p>在 29 个月内，它实现了盈利，超越了 Foodpanda，并从补贴支出根本上转变了竞争格局，转向运营效率。</p>
</div><p>Meanwhile, Taiwan has remained a profitable but comfortable duopoly for years, with market penetration flatlining around 10 percent for years and growth slowing to 5.5 percent as competitive push faded.</p>
<div class="lb-trans"><p>与此同时，台湾多年来保持着盈利但舒适的双头垄断，市场渗透率在 10% 左右平稳，增长放缓至 5.5%，因为竞争压力减弱。</p>
</div><p>Delivery Hero’s repeated attempts to exit, including the blocked 2024 sale to Uber Eats, show that the market’s competitive structure had reached a turning point. Grab’s experience competing in Southeast Asia gives it a credible opportunity to re-energize Taiwan’s food delivery market and return it to double-digit growth.</p>
<div class="lb-trans"><p>Delivery Hero 多次尝试退出，包括被阻止的 2024 年出售给 Uber Eats，显示市场的竞争结构已达到转折点。Grab 在东南亚的竞争经验为其重新激活台湾的食品配送市场并恢复双位数增长提供了可信的机会。</p>
</div><p>South Korea’s $28.3 billion market, on the other hand, was built on decades of consumer delivery habits rather than platform creation.</p>
<div class="lb-trans"><p>另一方面，韩国的 283 亿美元市场是建立在数十年的消费者配送习惯之上，而非平台创建。</p>
</div><p>While Baemin remains the market leader, Coupang Eats continues to gain share by leveraging Coupang’s broader ecosystem, raising important questions for any future owner of Baemin.</p>
<div class="lb-trans"><p>虽然 Baemin 仍然是市场领导者，但 Coupang Eats 通过利用 Coupang 更广泛的生态系统继续获得市场份额，这对 Baemin 未来的任何所有者提出了重要问题。</p>
</div><p>Despite its wealth, density and sophisticated food ecosystem, Japan’s food delivery penetration remains around 3 percent.</p>
<div class="lb-trans"><p>尽管日本富裕、密集且拥有复杂的食品生态系统，但其食品配送渗透率仍约为 3%。</p>
</div><p>Japan’s extensive convenience store infrastructure and deeply embedded solo-dining culture reduce many of the frictions food delivery solves elsewhere.</p>
<div class="lb-trans"><p>日本广泛的便利店基础设施和深厚的独自用餐文化减少了食品配送在其他地方解决的许多摩擦。</p>
</div><p>Coupang’s Rocket Now is testing whether affordable solo delivery can unlock the next phase of growth.</p>
<div class="lb-trans"><p>Coupang 的 Rocket Now 正在测试经济实惠的单人配送是否能解锁下一个增长阶段。</p>
</div><p>Unlike the previous generation of global consolidators, the report highlighted today’s Asian operators learned to compete before they learned to expand.</p>
<div class="lb-trans"><p>与之前一代全球整合者不同，报告强调，今天的亚洲运营商在学习扩展之前已经学会了竞争。</p>
</div><p>Rather than simply acquiring assets, today’s leading Asian operators have developed capabilities through sustained competition in highly contested markets.</p>
<div class="lb-trans"><p>今天的领先亚洲运营商不仅仅是收购资产，而是通过在竞争激烈的市场中持续竞争发展了能力。</p>
</div><p>The report argues this operational experience – around density building, unit economics, customer acquisition and ecosystem integration – is becoming a competitive advantage as these companies expand internationally.</p>
<div class="lb-trans"><p>报告认为，这种运营经验——围绕密度建设、单位经济学、客户获取和生态系统整合——正在成为这些公司国际扩展时的竞争优势。</p>
</div><p>“Ownership changes the balance sheet. It doesn’t change the competitive dynamics,</p>
<div class="lb-trans"><p>“所有权改变了资产负债表，但并没有改变竞争动态，</p>
</div><p>“Whoever owns these assets will still have to compete against operators that have spent years learning how to win in highly competitive markets,” Li added.</p>
<div class="lb-trans"><p>“无论谁拥有这些资产，仍然必须与那些花费多年学习如何在竞争激烈的市场中获胜的运营商竞争，” 李补充道。</p>
</div><blockquote>
<p>Southeast Asia’s food delivery GMV grows 18 percent to $22.7B in 2025 – Momentum Works</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>东南亚的食品配送 GMV 在 2025 年增长 18% 至 227 亿美元——Momentum Works</p>
</blockquote>
</div>

East Asia food delivery GMV reaches $38.6B in 2025

- 2025 年，东亚市场的食品配送平台 GMV 预计为 386 亿美元。  
- 韩国占据了其中的 283 亿美元，增长潜力及竞争动态不同。  
- 亚洲运营商通过竞争培养能力，正在重塑市场格局。

东亚食品配送的商品交易总额将在 2025 年达到 386 亿美元