Survey: KeeTa captures 43% of HK market share in Q1 2024

KeeTa, the takeaway platform operated by Chinese food delivery group Meituan (美團), has seized 43% of the food delivery market share in Hong Kong in March 2024 and has become the largest food delivery service provider by order number in the city, a survey found.

According to a report conducted by alternative data provider Measurable AI in November last year, KeeTa captured over 30% of the market share of food delivery orders in Hong Kong. Meanwhile, foodpanda HK’s market share dropped from 60% to 41.6% and Deliveroo HK accounted for 27.9% of the market share during the same period.

As of 2024 first quarter, KeeTa’s market share in food delivery only, excluding grocery and pickup services, has reached 32% by gross merchandise value (GMV) and 43% by order volume. During the same period, foodpanda HK accounted for 37% of the market share, while Deliveroo HK held a 20% share. Currently, KeeTa does not offer grocery delivery and only recently introduced the pickup service in late February. 

Among the three current players in Hong Kong, foodpanda retains its position as the top player in terms of order volume and GMV across all services, encompassing food, grocery, delivery, and pickup, according to the report. 

Meanwhile, Deliveroo HK’s market share maintains its position from around a year ago, hovering at around 30%. KeeTa has achieved the most substantial growth since its entry into Hong Kong. By 2024 first quarter, KeeTa’s market share by order volume in all services has grown to 32%, and by GMV it stands at 27%.

In a conversation with MARKETING-INTERACTIVE, a spokesperson from Measurable AI said its consumer panel size in Hong Kong is around 22,000. 

Unlike KeeTa’s traditional subsidy-heavy strategy, foodpanda and Deliveroo are working on massive campaigns to encourage consumers to opt for self-pickup, according to Measurable AI.

“KeeTa has been offering promotions and discounts to consumers very aggressively, and still going on, including free delivery, continuous discounts and coupons. According to our data, KeeTa's incentive rate is very high, over 80% of the orders on KeeTa come with promotions in 2023,” the spokesperson added. 

In response, a spokesperson from foodpanda HK said foodpanda places greater emphasis on the long-term and sustainable growth of the industry, over short-term promotional strategies.

“Hong Kong’s delivery landscape is incredibly diverse, extending beyond food delivery services. Therefore, when assessing the market’s overall growth, we consider a comprehensive array of factors to provide an accurate reflection of the market landscape,” the statement reads. 

The spokesperson added that foodpanda has established partnerships with over 14,000 establishments to provide food delivery and pick-up services. They also operate 17 pandamart online supermarkets and a network under foodpanda mall.

"The above serves as a testament of the public’s support towards foodpanda throughout our journey. As we look to the future, we remain determined to uphold our commitments to the public, attentively listen to the feedback of the Hong Kong people, and strive to always enhance our platform experience."

Meanwhile, a Deliveroo spokesperson said Deliveroo has served the Hong Kong community for more than eight years, working closely with over 12,000 restaurants and grocery partners as well as riders, and has recorded sustainable growth over the years.

In addition to marketing promotions and campaigns throughout the year, Deliveroo is also guided by the company’s long-term business strategy, the statement reads.

"According to the latest Deliveroo Restaurant Confidence Index, 85% of restaurants see food delivery platforms being equally or even more important to their businesses in the near future. Deliveroo will remain steadfast in its mission to transform the way people shop and eat by enhancing our existing services, and offering more diverse offers and discounts to benefit all our stakeholders, including restaurants and grocery partners, riders and customers."

MARKETING-INETRACTIVE has reached out to KeeTa for a statement.

A check by MARKETING-INTERACTIVE on Apple’s App Store reveals that KeeTa holds the second position in the food and drink category’s top charts, while competitors foodpanda Hong Kong and Deliveroo Hong Kong rank 10th and 12th respectively. According to multiple media reports such as HK01 and HKEJ, KeeTa’s app boasts more than 2.1 million registered users and accommodates nearly 10,000 merchants on its platform. 

Don't miss: Survey: KeeTa seizes over 30% of HK market share, surpassing Deliveroo

KeeTa, launched in Hong Kong in May of the previous year, is part of Meituan’s overseas expansion effort. The platform aims to offer residents more personalized, efficient, and reliable delivery services and become an outstanding and long-lasting on-demand delivery platform in the Hong Kong market.

Photo credit: Measurable AI’s latest report published on the official blog

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