Key takeaways
- Shopee’s GMV across the six core markets Cube tracks reached USD 93.9 billion in 2025, up 18% year-on-year, and accelerated to USD 53.9 billion in H1 2026, up 24% from H1 2025.
- Shopee held 55% of combined platform GMV across Shopee, Lazada, and TikTok Shop in H1 2026, consistent across both Q1 2026 and Q2 2026 at 55% each.
- The Philippines was Shopee’s fastest-growing market in H1 2026 at +40%, reaching USD 7.3 billion. Thailand and Malaysia both grew 32%.
- Purchase frequency has grown across every market. Filipino shoppers on Shopee placed an average of 12.2 orders per shopper in Q1 2026, rising to 13.0 in Q2 2026. Singapore shoppers placed 12.0 and 13.0 in the same quarters. Both have grown significantly from approximately 7 orders per quarter in early 2023.
- TikTok Shop held 39% of combined platform GMV in H1 2026, up from 27% in H1 2025. Lazada held 6%, down from 12%.
- The competitive dynamic between Shopee and TikTok Shop is intensifying. Both platforms are growing in absolute terms. TikTok Shop is gaining percentage share. Shopee is holding absolute scale and widening its distance from Lazada.
Understanding Shopee’s growth strategy requires looking at two things simultaneously: what the platform has done to build its current position, and what the data shows about where that position is heading. Both are visible in Cube’s Tradewinds dataset, which tracks GMV across Shopee, Lazada, and TikTok Shop in Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam on a monthly basis.
The short version: Shopee is growing strongly in absolute terms, its growth rate accelerated into H1 2026, and it is widening its lead over Lazada while competing with TikTok Shop, which is gaining combined platform share at pace.
All figures are estimates based on Cube’s Tradewinds H1 2026 dataset, covering physical goods GMV on Shopee, Lazada, and TikTok Shop. They do not represent total e-commerce in Southeast Asia.
The scale Shopee has built
Shopee’s GMV across the six core markets Cube tracks reached USD 93.9 billion in 2025, up 18% from USD 79.3 billion in 2024 and USD 62.2 billion in 2023. In H1 2026, GMV reached USD 53.9 billion, up 24% from USD 43.5 billion in H1 2025. Both Q1 2026 and Q2 2026 grew at exactly 24% year-on-year, at USD 26.6 billion and USD 27.3 billion respectively. The growth rate is not decelerating. It accelerated from 18% in 2025 to 24% in H1 2026.
What the GMV figure alone does not show is the depth of Shopee’s consumer relationships. Purchase frequency has grown in every market between 2023 and H1 2026 .In the Philippines, shoppers placed 13 orders per shopper in Q2 2026, up from 5.7 in Q1 2023. In Singapore, 13 orders in Q2 2026, up from 7.5 in Q1 2023. In Vietnam, 10 in Q2 2026, up from 5.7 in Q1 2023. In Malaysia, 9.9 in Q2 2026, up from 5.8 in Q1 2023. In Thailand, 9.9, up from 6.5 in Q1 2023. In Indonesia, 10.3 in Q2 2026, up from 5.9 in Q1 2023.
A consumer placing 10 to 12 orders per year on a single platform is a habitual buyer. Shopee’s growth strategy, whether articulated as such or not, has been to turn Southeast Asian consumers into repeat buyers, and the frequency data shows consistent progress across all six markets.
Where Shopee is growing fastest
Growth is not uniform across the six markets. In H1 2026, the Philippines was Shopee’s fastest-growing market at +40% year-on-year, followed by Thailand and Malaysia both at +32%.
The Philippines acceleration stands out. In 2025, the Philippines was already Shopee’s fastest-growing market at +26% full-year. In H1 2026, that rate jumped to +40%. Thailand and Malaysia at +32% each in H1 2026 both accelerated from their 2025 full-year growth rates of +23% and +19% respectively, suggesting the H1 2026 acceleration is broad-based.
Indonesia at +19% in H1 2026, growing slightly faster than its 2025 rate of +18%, remains the largest market at USD 21.3 billion and accounts for approximately 40% of Shopee’s total H1 2026 GMV.
Vietnam at +10% is Shopee’s slowest-growing market, consistent with its 2025 full-year rate of +9%.
The competitive context: Shopee, TikTok Shop, and Lazada
Shopee’s strategy cannot be understood without the competitive landscape it is operating in.
Two trends define the platform landscape. Lazada’s share has collapsed from 22% to 6% between 2023 and H1 2026. TikTok Shop has grown from 17% to 39% over the same period. Shopee’s share moved from 61% to 55%.
The important nuance is that Shopee’s share decline does not reflect lost customers or declining absolute performance. Shopee’s absolute GMV grew by USD 10.4 billion in H1 2026 alone. Its share decline reflects TikTok Shop’s growth being faster in percentage terms — TikTok Shop grew 93% in H1 2026 versus Shopee’s 24%. Both platforms are expanding. The market is growing faster than Shopee is growing, and TikTok Shop is capturing a significant portion of that expansion.
Notably, TikTok Shop’s quarterly share appears to have stabilised at 38-39% in Q1 and Q2 2026, compared to the rapid gains seen through 2024 and 2025. Shopee held steady at 55% in both Q1 and Q2 2026.
Source: Cube Tradewinds H1 2026 dataset. All figures are estimates.
What is driving Shopee's growth
Several operational factors are visible in the data.
Shopper base expansion continues. Despite already operating at scale across all six markets, Shopee’s shopper base is still growing in most markets. Philippines grew from 35.2 million shoppers in 2023 to 47.5 million in H1 2026. Thailand from 32.7 million to 44 million. Malaysia from 18 million to 21 million. Indonesia is the exception, broadly flat at 130 million shoppers in H1 2026 versus 131 million in 2025, suggesting saturation in the world’s fourth-most-populous country.
Purchase frequency is a key growth engine. The shift from roughly 6 to 8 orders per shopper per quarter across most markets in early 2023 to 10 to 13 in Q2 2026 is compounding. A platform where consumers place 10 or more orders per quarter generates more GMV without acquiring new users, and the monthly double digit campaign calendar such as 3.3, 6.6, 9.9, 10.10, 11.11, and 12.12 events is the primary mechanism. Total orders processed across the six markets in Q2 2026 are growing faster than the shopper base, which is the mathematical signature of frequency-led growth.
ShopeePay and SPayLater are reinforcing purchase behaviour. According to Cube’s seller panel data, Shopee-native payment methods accounted for around 40% of all Shopee transaction volume in 2025, with SPayLater (Shopee’s buy now pay later product) reaching mid-teens adoption by the end of 2025. Platforms where consumers can spread payment over time see higher basket completion rates and larger order values, and as SPayLater adoption deepens it functions as a frequency driver: consumers who can finance purchases more flexibly buy more often. In markets where card penetration is lower, it also reduces reliance on cash-on-delivery, improving fulfilment economics for sellers.
What this means for brands operating on Shopee
Shopee is not decelerating. The H1 2026 acceleration to 24% growth from 18% in 2025 is the most important data point for brands assessing channel priorities. A platform adding over USD 10 billion in a single half-year is in active growth, not a mature phase.
The Philippines is the most dynamic Shopee market right now. A market growing 40% in H1 2026 with purchase frequency reaching 13 orders per shopper in Q2 2026 is showing unusually deep and accelerating engagement. Brands underweighting the Philippines relative to Indonesia or Thailand in their Shopee strategy may be missing the market with the strongest current momentum.
Purchase frequency is one of the important metrics for Shopee brand strategy. The path to higher Shopee GMV runs through repeat purchasing. The platform’s infrastructure, the monthly campaign calendar, loyalty programmes, and embedded financial services is designed to increase frequency. Brands that invest in mechanisms driving repeat purchasing, such as official store membership programmes, consistent campaign participation, and voucher strategies, are using Shopee’s core growth lever.
TikTok Shop is not replacing Shopee, at least not yet. Shopee’s frequency growth across all six markets while TikTok Shop was simultaneously expanding suggests the two platforms are serving different purchasing occasions for many consumers rather than competing for the same transaction. But TikTok Shop’s share gains have been rapid enough that the relationship between the two platforms is worth watching closely. The brands growing fastest across Southeast Asia in 2026 are likely those with strong and distinct operations on both, and the platform balance in 2027 may look different from today’s.
Track Shopee with Cube
Cube’s Tradewinds dataset provides monthly GMV and NMV estimates across Shopee, Lazada, and TikTok Shop for the six core markets Cube tracks, with historical data from 2022. Our Astro category tracker provides brand and SKU-level sales tracking, competitive benchmarking, and market share insights for brands operating across platforms in Southeast Asia.
Frequently asked questions
How much GMV does Shopee do in Southeast Asia?
Based on Cube’s Tradewinds dataset, Shopee’s combined GMV across Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam was USD 93.9 billion in 2025 and USD 53.9 billion in H1 2026. In H1 2026, Shopee held 55% of combined platform GMV across Shopee, Lazada, and TikTok Shop.
Who are Shopee's main competitors in Southeast Asia?
TikTok Shop and Lazada are Shopee’s primary platform competitors. In H1 2026, TikTok Shop held 39% of combined platform GMV, up from 27% in H1 2025. Lazada held 6%, down from 12% in H1 2025. TikTok Shop is the more significant competitive challenge, having grown 93% in H1 2026 versus Shopee’s 24%.
Which is Shopee's fastest-growing market in Southeast Asia?
The Philippines was Shopee’s fastest-growing market in H1 2026 at +40% year-on-year, reaching USD 7.3 billion. Philippines shoppers placed an average of 13 orders per shopper in Q2 2026, the highest purchase frequency of any Shopee market in Cube’s dataset. Thailand and Malaysia followed at +32% each.
Is Shopee growing faster or slower than TikTok Shop?
Slower in growth rate, larger in absolute GMV. In H1 2026, Shopee grew 24% to USD 53.9 billion. TikTok Shop grew 93% to USD 37.8 billion. Shopee added approximately USD 10.4 billion in absolute GMV. TikTok Shop added approximately USD 18.2 billion. TikTok Shop’s percentage growth rate is significantly higher. Shopee’s absolute GMV base remains 43% larger.
What is Shopee's market share in Southeast Asia in 2026?
Based on Cube’s Tradewinds data, Shopee held 55% of combined platform GMV across Shopee, Lazada, and TikTok Shop in H1 2026, consistent at 55% in both Q1 and Q2 2026. This is down from 61% in H1 2025, reflecting TikTok Shop’s rapid expansion rather than a decline in Shopee’s absolute performance.
How does Shopee's performance differ across Southeast Asian markets?
Significantly. Indonesia is the largest market at USD 21.3 billion in H1 2026, accounting for approximately 40% of Shopee’s total. The Philippines is the fastest-growing at +40% in H1 2026. Thailand faces the most intense competitive pressure from TikTok Shop, which held 48% of Thailand’s combined platform GMV in Q2 2026. Vietnam is the slowest-growing market at +10% in H1 2026.
Source: Cube Tradewinds & Astro category tracking dataset. All figures are estimates covering physical goods GMV on the mentioned platforms and do not represent total e-commerce in SEA.
