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Quick Commerce - Asia

Asia

The Quick Commerce market in Asia is projected to reach a revenue of €87.95bn in 2024.
This market is expected to experience an annual growth rate (CAGR 2024-2029) of 10.19%, resulting in a projected market volume of €142.90bn by 2029.
By that year, the number of users in the Quick Commerce market is expected to amount to 624.0m users.
In 2024, the user penetration is estimated to be 9.1% and is projected to increase to 13.3% by 2029.
The average revenue per user (ARPU) is anticipated to be €211.70.
In terms of global comparison, China is expected to generate the most revenue in the Quick Commerce market, reaching €73,900.00m in 2024.
Additionally, China will have the highest user penetration rate in the Quick Commerce market, projected to be 21.4%.
In China, the Quick Commerce market is booming with the rise of super apps like WeChat and Alipay, enabling seamless on-demand delivery of goods and services.

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Analyst Opinion

Quick Commerce, also known as Q-Commerce, is a fast-growing sector in the Asian market. With the increasing demand for convenience, speed, and efficiency, the Quick Commerce market has become a popular choice for consumers across Asia.

Customer preferences: Customers in Asia are increasingly looking for fast and convenient delivery options. Quick Commerce providers are able to meet this demand by offering delivery times as short as under an hour. Additionally, customers appreciate the ability to track their orders in real-time, ensuring they are aware of the delivery status every step of the way.

Trends in the market: In China, the Quick Commerce market is dominated by large players such as Alibaba's Ele.me and Meituan-Dianping. These companies offer a wide range of products and services, including food delivery, grocery delivery, and even hotel bookings. In Japan, the market is more fragmented, with many smaller players offering niche services such as alcohol delivery or flower delivery. In Southeast Asia, companies such as Grab and Gojek have expanded beyond ride-hailing to offer Quick Commerce services, leveraging their existing infrastructure and customer base.

Local special circumstances: In South Korea, the Quick Commerce market is heavily influenced by the country's unique culture of convenience stores. These stores are ubiquitous throughout the country, and many Quick Commerce providers have partnered with them to offer even faster delivery times. In India, the market is still in its early stages, with many companies focusing on expanding their reach and investing in technology to improve delivery times.

Underlying macroeconomic factors: The growth of the Quick Commerce market in Asia can be attributed to several macroeconomic factors. The rise of e-commerce has created a demand for faster and more efficient delivery options, while the increasing use of smartphones has made it easier for consumers to order goods and services on-the-go. Additionally, the growth of the middle class in many Asian countries has led to an increase in disposable income, making it easier for consumers to justify the convenience of Quick Commerce services. Finally, the COVID-19 pandemic has accelerated the adoption of Quick Commerce, as consumers have become more reliant on delivery services to avoid going out in public. Overall, the Quick Commerce market in Asia is expected to continue its rapid growth in the coming years, as more consumers prioritize convenience and speed in their daily lives.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.