Southeast Asia’s food delivery market is becoming a structural part of household spending rather than a pandemic-era habit, BMI Country Risk and Industry Research said, pointing to Grab Holdings’ record first-quarter results as evidence of a broader shift in consumer behavior.
Singapore-based Grab reported first-quarter revenue of $955 million, up 24% from a year earlier, while adjusted EBITDA rose 46% to a record $154 million. Net profit increased to $120 million from $10 million.
BMI said Grab’s 23% rise in delivery revenue to $510 million showed that food and grocery delivery demand was accelerating even as higher fuel costs raised the cost of serving customers.
For food and drink retailers, the trend suggests that quick commerce and restaurant delivery are taking a larger share of household food spending across Southeast Asia, putting pressure on traditional food retailers and fast-food operators without their own last-mile delivery infrastructure, BMI said.
Grab’s on-demand gross merchandise value rose 24% in the quarter. BMI said the growth pointed to a consumer base increasingly used to platform-based purchasing, favoring integrated super-apps over standalone e-commerce marketplaces.
The research firm said Grab’s acquisition of Foodpanda in Taiwan in March 2026 would test whether Southeast Asian delivery economics can work in a higher-cost and more mature food-service market.
Grab’s mobility revenue rose 19% to $337 million, while financial services revenue climbed 43% to $107 million.
BMI said fuel prices remain the main risk. A prolonged spike could either squeeze platform margins or force price increases, slowing adoption among lower-income consumers.
The key question, BMI said, is whether delivery growth is expanding the overall food retail market or replacing in-store and dine-in spending.
It expects the substitution effect to intensify as platforms use AI-driven personalization to increase order frequency and basket size.
