Last full review: June 2026. Targeted correction: 30 October 2026 — Q2 Shopee figures and selected comparison issues checked; the remaining historical series is awaiting full verification. For the competitive analysis, see Shopee vs TikTok Shop; for seller fees, see Shopee vs Lazada vs TikTok Shop fees.
This page tracks one thing: the current gross merchandise value (GMV) and market-share numbers for TikTok Shop and Shopee in Southeast Asia, kept up to date. The latest figures: Southeast Asia’s platform ecommerce reached $157.6 billion in GMV in 2025, up 22.8% (Momentum Works).[1] Shopee holds around 53% of the market[1]; TikTok Shop’s platform GMV doubled to $45.6 billion.[2] The tables below carry the year-by-year data; the analysis of what it means lives in our linked comparison pieces.
TikTok Shop GMV in Southeast Asia, by year
| Year | TikTok Shop SEA GMV | YoY growth |
|---|---|---|
| 2022 | ~$4.4B[3] | — |
| 2023 | ~$16.3B[4] | ~270%[3] |
| 2024 | ~$22.6B[5] | ~39%[5] |
| 2025 | $45.6B[2] | ~100%[2] |
TikTok Shop’s Southeast Asian platform GMV doubled to $45.6 billion in 2025 — roughly tenfold growth in three years (Momentum Works via DealStreetAsia).[2] Southeast Asia is now 71% of TikTok Shop’s $64.3 billion global GMV.[2] Indonesia is its largest regional market at $13.1 billion, its second-biggest in the world after the United States.[2]
One figure to read carefully: the $45.6 billion is TikTok Shop’s platform GMV. Counted together with Tokopedia — the Indonesian marketplace TikTok took control of in December 2023 — the combined entity reached about 65.7% of Shopee’s regional GMV in 2025.[1] These are two different measures and shouldn’t be averaged.
Shopee GMV and market share
| Metric | 2024 | 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| Shopee SEA market share | 52%[6] | 53%[1] | Not reverified for Q1 | Not supplied by this company-wide disclosure |
| Shopee GMV (global, incl. TW + BR) | ~$100B[7] | $127B (+27%)[8] | $37.3B (+30.2%)[9] | $38.3B (+28.4%)[10] |
| Gross orders | 10.9B[7] | 13.9B[8] | 4.0B[9] | 4.2B[10] |
Shopee, owned by NYSE-listed Sea Limited, led Southeast Asian platform GMV in 2025. Sea’s company-reported Shopee figures cover its markets globally and should not be used as a Southeast Asia-only total. In Q2 2026, Shopee reported $38.3 billion in GMV, up 28.4% year on year, and 4.2 billion gross orders.[10] The regional market-share estimates and these company-wide quarterly figures have different geographic scopes.
Southeast Asia platform ecommerce GMV
Momentum Works estimates that Shopee, TikTok Shop (including Tokopedia) and Lazada accounted for 98.8% of Southeast Asian platform GMV in 2025.[1] It puts Shopee at 53% and TikTok Shop plus Tokopedia at 65.7% of Shopee’s regional GMV.[1] These figures should be read with the same geography, period and platform grouping. For the full 15-market picture, see our Asia ecommerce marketplace tracker.
Fastest-growing markets, 2025
| Market | 2025 GMV growth | Note |
|---|---|---|
| Thailand | +51.8%[1] | fastest in region[11] |
| Malaysia | +47.6%[1] | |
| Philippines / Vietnam / Singapore | double-digit growth[11] | |
| Indonesia | ~2.2%[11] | largest market (~37% of SEA),[11] slowed by Bukalapak exit + Tokopedia rationalisation |
The wider market view has also moved: Google, Temasek and Bain’s e-Conomy SEA 2026 report, published on 21 October 2026,[12] projects total regional ecommerce GMV, a wider scope than the platform figures above, of $226 billion in 2026, up 18%, within a $368 billion digital economy.[12] On the platform side, Shopee’s Q2 2026 revenue was $5.6 billion (+48.2%) with adjusted EBITDA of $255.4 million,[10] and Sea expects Shopee to reach $1 billion of adjusted EBITDA for 2026.[13] Sea’s Q3 2026 results are expected in mid-November 2026.
Indonesia remains the centre of gravity at around 37% of regional GMV,[1] even as its growth slowed. (Momentum Works restated Indonesia’s share down from 44% in its 2024 report,[6] reflecting the Tokopedia rationalisation and Bukalapak’s marketplace exit.)
A note on the “Shopee buying Lazada” rumour
For the record, since it drives recurring searches: there is no Shopee/Lazada acquisition, and no credible evidence of one. Shopee and Lazada are direct rivals owned by Sea and Alibaba respectively. The only real corporate-action story is Alibaba’s on-and-off plan to eventually spin off or IPO Lazada — a fundraise it halted in 2025. And Temu, despite a high-profile push, is not a material Southeast Asian player: it was banned in Indonesia (October 2024)[14] and suspended in Vietnam (December 2024),[14] and sits outside the 98.8% top-three.[1]
Frequently asked questions
What is TikTok Shop’s GMV in Southeast Asia?
TikTok Shop’s platform GMV in Southeast Asia doubled to $45.6 billion in 2025, with Indonesia its largest regional market at $13.1 billion[2] — its second-biggest market globally after the United States (Momentum Works via DealStreetAsia).
How fast is TikTok Shop growing in Southeast Asia?
Roughly 100% in 2025 (a doubling), and about tenfold over three years — from $4.4 billion in 2022 to $45.6 billion in 2025.[2]
What is TikTok Shop’s GMV share versus Shopee?
Shopee leads with around 53% of regional GMV.[1] TikTok Shop’s platform GMV alone is smaller, but combined with Tokopedia it has reached about 66% of Shopee’s regional GMV in 2025.[1]
What is the size of the Southeast Asia ecommerce market?
Platform ecommerce GMV reached $157.6 billion in 2025, up 22.8% — the fastest growth in four years[1] (Momentum Works). Momentum Works estimates total ecommerce, including non-platform channels, at $185.5 billion in 2025[11]; e-Conomy SEA 2026 forecasts $226 billion in 2026, up 18%.[12]
Is Shopee buying Lazada?
No. There is no Shopee/Lazada acquisition and no credible evidence of one — they are rivals owned by Sea and Alibaba. The only related story is Alibaba’s stalled plan to eventually IPO or spin off Lazada.
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Sources & Further Reading
- New report: Southeast Asia’s platform ecommerce reaches US$157.6B in 2025, with top platforms expanding share to 98.8% — Momentum Works (The Low Down), 2026-04-14
- TikTok’s Southeast Asia doubles GMV year-on-year to $45.6B in 2025 — TNGlobal (TechNode Global), 2026-02-11
- TikTok Shop’s GMV soared in 2023, putting Shopee and Lazada on edge — KrASIA, 2024-07-19
- Press release: Southeast Asia ecommerce achieves US$114.6 billion GMV in 2023 — Momentum Works (The Low Down), 2024-07-16
- Shopee Dominates Southeast Asia’s E-Commerce GMV until 2024 — Databoks (Katadata), 2025-06
- Press release: Southeast Asia’s platform ecommerce GMV reaches US$128.4B; top 3 platforms increase market share to 84% — Momentum Works (The Low Down), 2025-06-26
- Sea Limited Reports Fourth Quarter and Full Year 2024 Results — Sea Limited (Business Wire), 2025-03-04
- Sea Limited Reports Fourth Quarter and Full Year 2025 Results — Sea Limited, 2026-03-03
- Sea Limited Reports First Quarter 2026 Results — Sea Limited, 2026-05-12
- Sea Limited Reports Second Quarter 2026 Results — Sea Limited, 2026-08-11
- Southeast Asia’s ecommerce market up 22.8 percent year-on-year to $157.6B in 2025: Momentum Works — TNGlobal (TechNode Global), 2026-04-14
- Southeast Asia’s digital economy to hit $368 billion (e-Conomy SEA 2026) — Google, 2026-10-21
- Full transcript of Sea Limited’s Q2 2026 earnings call — Momentum Works (The Low Down), 2026-08
- Temu suffers first big setback as Vietnam suspends its operations — Caixin Global, 2024-12-17
Further reading
- DealStreetAsia — TikTok Shop hits $15.1b GMV in US as SEA doubles to $45.6b — Momentum Works/Tabcut data; Indonesia second-largest market globally
- Sea Limited (Business Wire) — Sea Limited Reports Second Quarter 2026 Results — Shopee Q2 GMV $38.3bn +28.4%, revenue +48.2%, EBITDA $255.4m
- Bain & Company — e-Conomy SEA 2026 press release — 2026 ecommerce GMV $226bn, digital economy $368bn
