Quick Commerce & Instant RetailSilver report

Published May 2026Insight Research22 min read2026 Edition14 sources, 14 primary-gradeStrong source depth

Thailand Quick Commerce & Instant Retail 2027 Market Intelligence

Thai quick commerce ~US$425M GMV (2025), forecast toward US$630M by 2029. Store-as-dark-store wins: 7-Delivery ~11% of CP All sales, Makro PRO and Lotus's SMART lead grocery e-comm. GrabMart, LINE MAN MART scale; Foodpanda exited May 2025. 2027 thesis: dark-store density, AI forecasting, profitability.

Key takeaways

1
Thai quick-commerce / instant-retail GMV is roughly US (2024) rising to ~US (2025), forecast toward US by 2029 at ~ CAGR — mid-sized versus food delivery, but the fastest-structuring retail channel.
2
Thailand does not follow India's dark-store playbook. Growth is store-as-fulfilment: CP All's 7-Delivery is ~ of CP All sales across 15,000+ 7-Eleven stores; CP Axtra's Makro PRO and Lotus's SMART hold ~ of a grocery e-commerce market.
3
Super-apps are the second layer: GrabMart and LINE MAN MART (now in all 77 provinces) pick from partner chains. ShopeeFood/Shopee Mart and SCBX's Robinhood Mart round out the field.
4
Foodpanda exited Thailand on 23 May 2025 after 13 years and ~US of cumulative Delivery Hero losses — the clearest signal that the growth-at-any-cost era is over and unit economics now decide who scales.
5
Our 2027 read: the prize goes to whoever pairs dense store-as-dark-store coverage with AI demand-forecasting and disciplined delivery-cost economics. CP All and CP Axtra start from structural advantage; LINE MAN Wongnai's IPO-track scale is the wildcard.

Executive summary

Thailand's quick-commerce and instant-retail market — grocery and convenience goods delivered in roughly 15 to 60 minutes — reached an estimated US GMV in 2024 and ~US in 2025, with the most-cited databook forecasting ~US by 2029 at a CAGR. That is smaller than the broader food-delivery market but is the retail channel re-organising fastest, because every modern-trade and convenience operator is now competing to convert physical stores into delivery fulfilment points rather than build the standalone dark-store estates that defined the Indian and European waves.^{[, ]}

The fulfilment model is the story. CP All's 7-Delivery already runs at roughly of CP All total sales, picking from a network of more than 15,000 7-Eleven stores — the densest instant-retail footprint in the country. CP Axtra's Makro PRO and Lotus's SMART App together hold about of a grocery e-commerce market (Makro PRO ~, Lotus's SMART ~), per Euromonitor. Central's Tops Online and BJC's Big C Online fill the supermarket and hypermarket tiers, all fulfilling from existing shelves.^{[, , , ]}

Layered above the retailers sit the super-apps. GrabMart leads aggregator instant-grocery share in key locales and is pushing fresh categories; LINE MAN MART has expanded to all 77 provinces on the back of LINE MAN Wongnai's >US, GIC-backed platform. The competitive backdrop tightened sharply when Foodpanda ceased Thai operations on 23 May 2025 after 13 years and ~US of cumulative Delivery Hero losses — removing a 77-province operator and confirming that profitability, not coverage, is now the binding constraint.^{[, , , , ]}

Databook, CP All / CP Axtra disclosures, super-app releases

Data as of: 2025 / Q1 2026

Thai quick-commerce GMV path (US$ million, 2024-2029)

2024

GMV (US$M)

385

Context

Observed databook base year

2025

GMV (US$M)

426

Context

~10.8% growth; Foodpanda exits mid-year

2026

GMV (US$M)

470

Context

Forecast; super-app and retailer-app consolidation

2027

GMV (US$M)

518

Context

Forecast; dark-store density and AI forecasting inflection

2029

GMV (US$M)

630

Context

Databook end-point, 10.3% CAGR

Year	GMV (US$M)	Context
2024	385	Observed databook base year
2025	426	~10.8% growth; Foodpanda exits mid-year
2026	470	Forecast; super-app and retailer-app consolidation
2027	518	Forecast; dark-store density and AI forecasting inflection
2029	630	Databook end-point, 10.3% CAGR

Thailand Quick Commerce Databook 2026, Mordor Intelligence

Data as of: 2025 observed; 2026-2029 forecast

Fulfilment-model split of Thai instant-retail orders (2025, % est.)

Store-as-dark-store (7-Eleven, Lotus's, Tops, Big C)

Share %

58%

Notes

Pick-and-pack from existing retail shelves

Super-app marketplace pick (GrabMart, LINE MAN MART)

Share %

27%

Notes

Aggregator picks from partner chains

Purpose-built dark store / micro-fulfilment

Share %

Notes

Limited Bangkok-centric MFC pilots

Pharmacy / specialty instant delivery

Share %

Notes

Watsons, Boots, niche verticals

Fulfilment model	Share %	Notes
Store-as-dark-store (7-Eleven, Lotus's, Tops, Big C)	58%	Pick-and-pack from existing retail shelves
Super-app marketplace pick (GrabMart, LINE MAN MART)	27%	Aggregator picks from partner chains
Purpose-built dark store / micro-fulfilment	9%	Limited Bangkok-centric MFC pilots
Pharmacy / specialty instant delivery	6%	Watsons, Boots, niche verticals

Operator disclosures, databook commentary

Data as of: 2025

Analyst framing

Why this report

Quick commerce is where Thai retail, logistics and platform economics collide. The winners will not be decided by who delivers fastest but by who fulfils cheapest at density. This report maps the GMV path, the store-vs-dark-store fulfilment split, operator concentration across retailer apps and super-apps, and a 2027 thesis on the AI-forecasting and profitability inflection.

Operator playbooks

CP All (SET: CPALL): the structural leader. 7-Delivery picks from 15,000+ 7-Eleven stores and is already ~11% of CP All total sales via the broader O2O suite (7-Delivery, All Online, 24Shopping). No competitor can match that store density, so CP All's instant-retail economics are the closest to profitable in the market. Strategic edge: density plus a captive logistics and payments stack; the question is how aggressively it pushes basket size and fresh.

CP Axtra (SET: CPAXT): Thailand's No.1 grocery e-commerce group. Makro PRO (~40% share) serves B2B and HORECA buyers; Lotus's SMART App (~20%) serves households, both fulfilling from Makro and Lotus's branches. Q1/2025 revenue of THB 129,950M came with a flagged online-sales surge and the FRESH FORWARD retail-tech program. Strategic edge: wholesale-to-retail breadth and the fresh-fulfilment capability rivals lack.

Grab (GrabMart): the leading super-app aggregator for instant grocery, reportedly above 35% quick-commerce share in some locales, now pushing fresh categories and deeper retail-chain partnerships across Southeast Asia. Strategic edge: a large rider fleet and demand data shared with GrabFood, letting it batch grocery and meal drops to defend delivery economics.

LINE MAN Wongnai (LINE MAN MART): the homegrown challenger. LINE MAN MART now spans all 77 provinces, riding a >US$1B, GIC-backed platform with 26M+ users and a 1.6M-shop database. A SET IPO was postponed in December 2025 in favour of a possible Hong Kong or New York listing. Strategic edge: nationwide reach and local-merchant density; the watch-item is whether IPO discipline forces faster profitability.

Central Retail (Tops Online), BJC (Big C Online), and the long tail: Tops Online, Central Food Hall and Gourmet Market cover premium urban grocery; Big C Online fulfils from hypermarkets; ShopeeFood/Shopee Mart and SCBX's Robinhood Mart add marketplace and bank-backed options. These players fight for the residual ~25-30% of orders the two CP arms and two super-apps do not capture.

Grocery e-commerce platform share (THB 64B 2024 market)

Makro PRO

Share %

40%

Owner

CP Axtra

Lotus's SMART App

Share %

20%

Owner

CP Axtra

Tops Online

Share %

12%

Owner

Central Retail

Big C Online

Share %

Owner

BJC

Other (Shopee Mart, niche)

Share %

19%

Owner

Mixed

Platform	Share %	Owner
Makro PRO	40%	CP Axtra
Lotus's SMART App	20%	CP Axtra
Tops Online	12%	Central Retail
Big C Online	9%	BJC
Other (Shopee Mart, niche)	19%	Mixed

Euromonitor via CP Axtra

Data as of: 2024

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