Meituan, the renowned Chinese super app, has made its foray into the international market with the launch of its food delivery brand, Keeta, in Hong Kong on May 22nd. Meituan, which already dominates the food delivery sector in China with over 60% market share, is now set to compete with Foodpanda from Germany and Deliveroo from the UK in the fiercely contested Hong Kong market.
Before the arrival of Keeta, Foodpanda held a significant lead in the Hong Kong food delivery market, capturing around 64% of the market share, as per the e-receipt data provided by Measurable AI. Deliveroo followed closely behind with a 36% share in terms of overall order volume, including both pickup and delivery orders.
In the past five years, the Hong Kong food delivery market has witnessed intense competition among three major players: UberEats, Foodpanda, and Deliveroo. Deliveroo previously held the top position with over 60% market share in 2019. However, the dynamics shifted during the pandemic, with Foodpanda and Deliveroo almost evenly dividing the market share, while UberEats held a modest 5% share before exiting the market at the end of 2021. Foodpanda gained momentum post-UberEats, securing over 60% of the market share by revenues in 2022.
Keeta made its debut in the vibrant Mongkok / Tai Kok Tsui area of Kowloon. Measurable AI’s detailed e-receipt data analysis focused on delivery orders from May 22 to June 22, 2023, specifically in this region where Keeta is available. During this initial month, Keeta managed to capture approximately 20% of the market share in terms of delivery-only order volume. Deliveroo and Foodpanda held shares of around 36% and 44%, respectively, in the same region. It’s worth noting that these figures accounted for only 8.4% and 4.4% of the total delivery orders for Foodpanda and Deliveroo, respectively, highlighting the concentration of Keeta’s impact in the Mongkok / Tai Kok Tsui area.
As Keeta expands its operations and presence to other regions in Hong Kong, it will be fascinating to observe how the market shares evolve and the subsequent growth in this competitive landscape. Stay tuned for our forthcoming blog post, where we will provide further insights on the Hong Kong food delivery race between Keeta, Foodpanda, and Deliveroo, utilizing the unique consumer panel data from Measurable AI.
