Southeast Asia’s food delivery market is becoming a structural part of household spending rather than a pandemic-era habit. BMI Country Risk and Sector Research he said, pointing to Grab Holdings’ record first-quarter results as evidence of a broader shift in consumer behavior.
Based in Singapore To capture reported first-quarter revenue of $955 million, up 24% from a year earlier; Adjusted EBITDA increased by 46% to a record $154 million. Net profit increased from $10 million to $120 million.
BMI said Grab’s 23% increase in delivery revenue to $510 million showed demand for food and grocery delivery was accelerating, even as higher fuel costs increased the cost of serving customers.
BMI suggests that this trend for food and beverage retailers is that express trade and restaurant delivery are taking a larger share of household food spending in Southeast Asia, putting pressure on traditional food retailers and fast food operators who do not have their own last-mile delivery infrastructure.
Grab’s on-demand gross merchandise value increased 24% in the quarter. BMI said the growth points to a consumer base increasingly accustomed to platform-based purchasing, preferring integrated super apps over standalone e-commerce marketplaces.
Grab’s March 2026 acquisition of Taiwan’s Foodpanda will test whether the Southeast Asian delivery economy can work in a higher-cost and more mature foodservice market, the research firm said.
Grab’s mobility revenue increased 19% to $337 million, while financial services revenue increased 43% to $107 million.
BMI said fuel prices remain the main risk. A prolonged increase could either squeeze platform margins or force price increases, slowing adoption among lower-income consumers.
The big question, according to BMI, is whether growth in delivery is expanding the overall food retail market or displacing in-store and dining spending.
He expects the substitution effect to intensify as platforms use AI-driven personalization to increase order frequency and basket size.
