The ranking was based on 2025 value sales and placed Jollibee at the top of the region’s chicken QSR category. Euromonitor’s assessment covered limited-service restaurant formats, including fast food and takeaway outlets, and drew on store checks, trade interviews, company analysis, and in-country research.

As of 31 December 2025, Jollibee operated 1,658 stores across Southeast Asia, including 317 outlets outside the Philippines in markets such as Vietnam, Malaysia, Singapore, and Brunei.

Ernesto Tanmantiong, Global President and Chief Executive Officer of Jollibee Group, said, “Jollibee is well-positioned to scale significantly over time, supported by disciplined expansion and strong market fundamentals. With 317 stores across Southeast Asia outside the Philippines, we have a solid platform for continued expansion in this high-growth region.”

The company’s regional growth strategy focuses on balancing menu localisation with a consistent brand experience across markets. Signature products such as Chickenjoy and Jolly Spaghetti remained among the brand’s strongest-performing items, while market-specific offerings included Nasi Lemak Chickenjoy in Malaysia.

The report further highlights Jollibee’s customer ratings across Vietnam, Singapore, and Brunei that averaged more than four stars on Google reviews, which it attributed to product quality and service consistency.

Dennis Flores, President for the Europe, Middle East, Asia, and Australia (EMEAA) region, said, “There’s a common perception that Jollibee primarily serves Filipino customers outside the Philippines, but what we’re seeing on the ground is very different. In markets like Vietnam and Brunei, nearly all of our customers are locals, and in Singapore and Malaysia, locals make up most of our customer base. This tells us that great taste and a strong brand experience resonate beyond borders—it’s something consumers choose, regardless of culture.”

Separately, Jollibee Vietnam was ranked the country’s top quick-service restaurant brand by Euromonitor International despite not having the largest store network. the business had expanded from its first outlet in Ho Chi Minh City in 2005 to more than 250 stores across over 50 provinces and cities.

Accordingly, the growth can be attributed to Jollibee Vietnam’s tailored to local consumer preferences, with menu items such as Chickenjoy fried chicken, Chili Chicken, and Jolly Spaghetti remaining among its key offerings in the market.

It has continued to target younger consumers through school and community programmes, alongside campaigns on digital platforms.

Tanmantiong shared, “Vietnam is a highly dynamic and competitive market, and our progress reflects our focus on understanding local consumers and executing well on the fundamentals. It also underscores the strength of combining a well-loved brand with deep local understanding and consistent execution, reinforcing our belief that long-term growth in international markets comes from staying relevant to consumers while building strong operating foundations.”

Flores also stated, “We’re grateful to the Vietnamese consumers who continue to choose Jollibee and make us part of their everyday moments. This recognition belongs equally to our Jollibee Vietnam team, whose care for the customer and commitment to getting the fundamentals right have made this possible. As we move forward, we remain focused on delivering superior-tasting food and a consistently positive customer experience.”

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The latest findings suggest that AI-powered tools are reshaping how consumers engage with e-commerce, a sector projected to surpass US$595b in value by 2028. 

“Unlike earlier evolutions such as social commerce or livestreaming, AI-powered search is rewiring how consumers discover brands, evaluate choices and make purchasing decisions online,” said Rabia Yasmeen, global insight manager for e-commerce at Euromonitor International.

Yasmeen added that the growing prominence of AI could put even established market leaders at risk of losing consumer attention. In one analysis, the survey found that nearly half of existing US skincare brands could lose relevance as consumers increasingly discover brands and products through AI tools.

At the same time, AI-driven discovery presents new opportunities for brands. Prior to the widespread adoption of AI in e-commerce, consumers typically searched for products, browsed multiple options, and compared alternatives before making a purchase. AI has compressed these steps into a single interaction.

“The interaction has changed from typing keywords and scrolling through listed products to a conversational platform asking questions in natural language and expecting a precise, context-aware answer,” concluded Yasmeen.

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According to Euromonitor’s report, nearly one-third of these brands generated more than 1 billion USD in annual online sales across 12 FMCG categories and 15 key markets. Many of these leading brands are enhancing their digital operations through predictive customer journey mapping and diversified online touchpoints to strengthen brand equity and customer engagement.

Rabia Yasmeen, global insight manager for e-commerce at Euromonitor International, said, “Leading e-commerce brands distinguish themselves not just through visibility but by transforming their digital presence into brand equity by owning a distinctive, category-relevant identity online to build lasting customer relationships and brand preference.”

The report also highlighted a major shift in market dynamics, with 19 retailer-led private label brands included in the top 100 list. Together, they accounted for 25% of the ranked brands’ total online sales.

Accordingly, private labels have increased in popularity as consumers prioritise value perception, with many of these brands closing the quality gap with traditional competitors while maintaining lower prices. Retailer-led brands such as Great Value and Tesco have also benefited from omnichannel strategies and strong visibility through their parent companies’ retail ecosystems.

Private label brands are also moving into the premium category, with M&S, Member’s Mark, and Kirkland Signature already positioned in this segment. These brands have achieved growth by combining product quality with value and convenience, appealing to both cost-conscious and discerning consumers.

Aside from this, the research also showed the growing strength of Chinese brands, with six entries in the top 100, driven largely by dominant domestic and cross-border e-commerce performance.

Premium baijiu brands Wu Liang Ye and Moutai ranked tenth and eleventh, respectively, achieving success despite catering exclusively to domestic consumers. Both have maintained growth through controlled distribution and pricing within leading online marketplaces.

Other Chinese brands, such as Proya and Yili, continue to expand their influence globally, supported by social media visibility and the reach of international marketplaces.

Moreover, while affordability remains a key purchase driver for online shoppers, demand for premium and specialised products continues to rise. Brands that offer quality, exclusivity, or unique experiences are maintaining strong performance despite wider market pressures.

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The report attributes this shift to strong growth in the Asia-Pacific, which contributed 40% of global foodservice sales. The region is projected to post a 6% compound annual growth rate (CAGR) in market value through 2029. Globally, delivery comprised 21% of the consumer foodservice market in 2024, up from 9% in 2019.

Despite inflationary pressures and economic uncertainty, the global foodservice sector expanded in 2024, reaching a total market value of USD3.2 trillion—a 5.5% increase from the previous year. In Asia-Pacific, the industry’s value rose to USD1.3 trillion, marking a 6% year-on-year increase and surpassing pre-pandemic levels in 2023.

As delivery gains momentum, the report notes a corresponding decline in the share of dine-in services. Delivery is forecast to make up 26% of Asia-Pacific’s foodservice market by 2029, while eat-in is expected to stagnate at around 64%.

Third-party delivery platforms are seen as key enablers of this trend, offering promotions, subscription models, and waived service charges to drive repeat orders. These efforts have helped position delivery as a convenient and cost-effective option for consumers.

Meanwhile, limited-service restaurants continue to gain ground among cost-conscious diners by offering flexible menus. The rise of “snackification” strategies—ranging from smaller, budget-friendly items to premium add-ons—has allowed operators to balance value with perceived quality.

The report also highlights the rapid growth of beverage-focused food service in AsiaPacific. Specialist coffee and tea chains grew by 13% in 2024, reaching a market value of USD39 billion. These outlets are increasingly viewed as sources of affordable indulgence and casual socialisation.

Growth in the beverage segment has been supported by expanded product lines and increased store counts, both domestically and internationally. In markets such as Singapore, the aggressive expansion and pricing strategies of these chains have helped solidify their market position amid rising competition from global players.

Rocio Franco, senior consultant at Euromonitor International, said, “Inflation and economic uncertainty remain major concerns for consumers. Despite global transactions recovering to pre-pandemic levels, indicating strong demand in the industry, consumers are still cutting back on spending and opting for more affordable options.” 

“To retain customers, restaurant operators must strategise to offer value beyond price, focusing on enhancing experiences, embracing digitalisation, and building brand loyalty,” Franco added. 

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Euromonitor International’s report saw the soft drinks market growth being driven by consumers’ preference for healthier drinks and focus on sustainability. This also includes the current trend of adopting smart vending machines.

Howard Telford, head of soft drinks research at Euromonitor International, said, “Singapore’s market shows the power of consumer-led innovation. There’s a clear shift towards health, sustainability, and digital solutions redefining how beverages are purchased and consumed.”

According to the report, low-sugar teas are seeing a 16% increase due to consumers shifting to healthier lifestyles. Since low-sugar and sugar-free teas promote various health benefits, more people in younger and professional demographics are drawn to them.

Functional beverages, such as immunity-boosting and wellness drinks, also rose by 20%. Consumers are increasingly becoming interested in products with probiotics, vitamins, and minerals for their health goals.

Moreover, the use of smart vending machines in Singapore has surged by 18%, allowing convenience for customers with cashless payment options. It also allows personalised product recommendations based on local preferences, enhancing users’ experience.

“The increasing popularity of low-sugar and functional options provides growth opportunities for brands to connect with consumers’ health priorities while maintaining product appeal,” Telford commented.

He added, “Smart vending machines are bridging technology and convenience, enabling brands to strengthen consumer engagement in dynamic urban centres.”

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User-generated content and influencer marketing have sparked the sales increase on social media platforms, according to Euromonitor International’s report. Consumers’ elevated awareness of self-care and wellness also contributed to the increase in beauty products purchases.

In a separate survey done by the company in 2024, 36% of global consumers are planning to increase their spending on health and wellness.

According to the report, 59% of global skincare consumers are influenced through digital media channels.

Since online platforms are informing consumers about their self-care needs, consumers are shifting to healthier products and lifestyles. This led to a greater focus on healthy ingredients to have healthier skin.

Through ‘shoppable videos,’ influencers, dermatologists, skin care experts, and brands allow consumers to conveniently inquire about products or purchase them.

TikTok Shop also contributed to establishing a significant user base. According to Euromonitor, beauty and personal care products were the top sellers in 2024, which accounts for about 6% of TikTok Shop sales in the United States.

Additionally, the #Kbeauty hashtag was used on 7.7m posts on Instagram and 1.4m on TikTok, reflecting the surge in Korean beauty products.

Bob Hoyler, global insights manager for retail, at Euromonitor International, said, “With content creation at our societal forefront, businesses and marketers are leveraging these platforms for branding, advertising and consumer engagement to reach their target audiences, drive conversion, and enable product discovery.”

Jitong Li, consultant for beauty and fashion at Euromonitor International, commented, “The app is increasingly driving product trends in the US, particularly in the colour cosmetics and skin care categories. As beauty and personal care product prices rise and consumer awareness of ingredients grows, “dupe” products are gaining traction.”

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With growing consumer demand, brands are increasingly embracing K-wave in product development, promotion and local engagement. Consumer brands, particularly food, drinks and beauty, see K-wave as a tide driving key growth.

According to the report, Singaporeans saw a significant 52% growth in outbound travel to South Korea in 2024 compared to 2019. Visitors from Indonesia (10%) and Taiwan region (13%) also increasingly travel to the home of K-Wave, driven by strong outbound travel recovery.

For instance, Soju, South Korea’s popular alcoholic drink, has become an affordable drink for locals nowadays, thanks to it featuring in K-drama. Soju has seen impressive growth in major Southeast Asian countries with CAGR of 121% growth from 2019 to 2023 in total volume sales, particularly in Malaysia (241%), Indonesia (182%) and Thailand (100%).

However, consumers are now opting for locally produced Soju, rather than imported Soju. Indonesia and Malaysia have introduced Halal Soju, a non-alcoholic Soju but in Soju’s iconic green bottle. This caters to the Halal consumer’s demand, as well as a rapid growth for Soju in these markets.

Sunny Moon, research manager at Euromonitor International, said, “Beyond watching Korean content and travelling to Korea, consumers also incorporate K-products into their daily lives. However, they eventually prefer local products that align with local preference.”

She added, “Consumers’ Korean-craze consumption continues in their home countries. To meet growing consumer demand, brands are embracing the K-wave by appointing K-pop stars as brand ambassadors, even featuring Hangeul, the Korean alphabet, on product labels.”

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The report highlights that increased high-speed internet availability and rapid urbanisation in East Asia have fuelled a strong demand for quick and efficient shopping solutions, significantly shaping the region’s evolving e-commerce landscape.

Sachi Kimura, consultant at Euromonitor International, said, “The demand for quick and efficient shopping solutions in the region is being driven by the tech-embracing, fast-paced nature of daily life in these three countries. E-commerce platforms are continuously evolving to meet the increasing need for convenience among consumers in East Asia.”

According to the report, East Asia remains a major player in global e-commerce, with China, Japan, and South Korea accounting for 87% of Asia Pacific’s e-commerce sales value and 40% of global sales value in 2023. Despite being mature markets, these countries are also projected to retain 85% of the region’s retail e-commerce sales by 2028.

As the ‘home of health and beauty,’ East Asia has demonstrated a strong presence in the online health and beauty sector. Notably, four of the top ten beauty and personal care companies, as well as six of the top ten consumer health companies, are based in the Asia Pacific region.

Moreover, the food and drink industries, which currently have lower online penetration, are experiencing growth as their e-commerce channels are still emerging and have significant potential for expansion.

The report found that South Korea experienced double-digit growth in 2023, driven by the relaxation of online retail regulations for traditional alcoholic products from local small breweries. In Japan, online retail of soft drinks grew by 14%, reflecting rising demand for bulk options and sustainably packaged bottled beverages.

Meanwhile, China showed a strong e-commerce presence in most fast-moving consumer goods (FMCG) spending, recording double-digit penetration online.

“Low penetration can suggest the product’s nature, and consumers’ preference is to shop in person. However, convenience seeking is pushing these categories towards online channels, with many opportunities lying ahead,” Kimura noted. 

Euromonitor’s report reveals that, in contrast to e-commerce leaders like the US and the UK, marketplace platforms dominate the East Asian e-commerce landscape. In China, the top two retailers, Tmall and Douyin, have together captured over 70% of the health and beauty online sales market share over the past two years.

Additionally, nearly half (47%) of consumers in China view social media influencers as a trusted source of health information, significantly higher than the global average of 34%. Furthermore, 27% of Chinese respondents reported that social media influenced their decision to take dietary supplements in 2023, compared to the global average of 16%.

Marketplaces also lead the health and beauty online sales in Japan and South Korea, with the top two e-commerce retailers—Amazon and Rakuten in Japan and Coupang and Naver in South Korea—maintaining a stable presence over the past two years.

The report highlighted significant growth potential in other online channels, particularly health and beauty specialist shops. For example, in South Korea, Olive Young is emerging as one of the leading health and beauty lifestyle platforms, offering exclusive brands and competitive prices. The retailer is also working on enhancing its consumer trust through rigorous merchandising standards.

Yang Hu, insights manager for health and beauty Asia at Euromonitor International, commented, “Digital marketplaces are constantly evolving. Through various channel sales, businesses can gain dynamic insights into market trends, consumer preferences, pricing strategies, and promotional tactics. This knowledge enables brands to identify gaps in the market, differentiate their offerings, and refine their own approach to stand out in a crowded digital landscape.”

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According to the report, consumer demand for science-backed beauty and personal care has gained ground following the pandemic. Dermocosmetics, which brands conceptually centre around the use of unique ingredients, is rapidly gaining space globally.

Moreover, around 30% of respondents among Asia Pacific consumers perceived proven efficacy and medical endorsements as traits of premium beauty products in 2023. In addition, 38% of consumers in Asia-Pacific viewed premium ingredients as more important than premium brands when it comes to skin care products, while only 23% of respondents said brands come first. 

According to the report, this indicates that consumer perception of ‘premium’ spans across the realm of scientifically proven ingredients.

It is also noted that the blurring of category boundaries and increasing future demand for multifunctional products is especially being seen in skin care, sun protection and colour cosmetics. Products offering multiple benefits such as cost-effectiveness and time-saving options in a single item are highly welcomed in the market.

There is also a heightened demand for clinically-positioned beauty presents opportunities for sun care and deodorants. The latest ‘skinified’ formulas have multifunctional benefits, beyond traditional claims.

Suncare is one of the best ‘all-in-one’ products. Suncare products are now incorporating make-up functions such as primer, coverage, and colour correction, while colour cosmetics products are being enhanced with SPF. The markets Indonesia, Singapore, and China have seen a surge in demand for sun care products, with a respective CAGR of 10.5%, 8.9% and 8.8% in the period of 2018 to 2023 respectively. This is driven by growing awareness of the importance of sun protection and skin care amongst consumers.

The report also found a higher number of Asia-Pacific respondents searching for multifunctional attributes in suncare in 2023 than in 2021. 22% of respondents indicated ‘anti-ageing’ as one of the main desired functional features for a suncare product, up by 19% from 2021. A response of ‘wrinkle-preventing’ is also up by 16% from 13% in 2021 – a trend expected to continue in the future.

Another factor that is being highlighted in the report is how e-commerce channels still play an important role, emerging as a significant factor shaping the future of beauty retail in Asia Pacific. In 2023, retail e-commerce accounted for 30% of total beauty and personal care sales in Asia-Pacific. China is the second-largest market in the world for beauty retail e-commerce. Social media platforms in the country such as Douyin and Xiaohongshu are helping new brands drive China’s beauty market.

Lastly, livestreaming presents beauty brands the chance to break through to consumers in lower-tier cities in China and India as well, giving access to thousands of brands with a wider range of prices through online marketplaces. A digital-first environment in markets is expected to encourage beauty brands to leverage e-commerce channels to build their reach into tier-2 cities and beyond, with an affordable cost option.

Yang Hu, insights manager of health and beauty in Asia at Euromonitor International, said, “The future of innovation in beauty products will continue to be ingredient-driven. As the lines between health and beauty become blurred, more health-related ingredients will be researched to unlock their potential in beauty, with science-backed evidence.”

Hu added, “The beauty market in Asia Pacific is now faced with incredible possibilities that lie ahead for the industry – not only with increasing purchase power and changing demographic, but also with the market’s evolution of its growth engine through retail channel revolution, innovative brands and technological breakthroughs. To stay competitive, industry players must remain attentive to future factors such as environmental changes, the dynamic consumers of Gen Z and Gen Alpha, and developments in other wellness sectors.”

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The other two are conglomerate Charoen Pokphand Group with US$4.44b in 2021 sales, landing at 10th place, as well as hypermarket chain operator Big C Supercenter PCL with US$2.53b in 2021 sales, ranking 15th. The list was topped by Shopee’s parent company Sea from Singapore, with US$16.06b in 2021 sales.

In last year’s report by Euromonitor, Big C Supercenter PCL was ranked 12th in SEA rankings, while Central Retail Corp and Charoen Pokphand Group did not make the cut. 

The ‘Top 100 Retailers in Asia 2022’ report found that retail performance in 2021 reflects the pace of channel shifts, and e-commerce players outperformed other distribution channels, especially in markets with lower online penetration. It also revealed that pricing, marketing, and customer service also need to reflect individual market dynamics. When well-executed, localised approaches give retailers and manufacturers a steadfast and longer-term competitive edge. 

“SEA is home to more than 500 million people with diverse ethnicities, cultures, and religions, as well as online shopping habits. Conquering this market is complex. Regional e-commerce players must create localised strategies like search engine optimisation for respective countries and languages or product lines catered to various cultural needs,” said Euromonitor.

According to Euromonitor, retailing current value sales in Thailand fell for the second year in a row in 2021, with the rate of decline accelerating into double digits. Due to lockdowns, non-essential retail outlets, such as department stores and variety stores, underwent closure for an extended period. However, retailing current value sales were supported to an extent by an increase in welfare payments and subsidies by the government.

This 2022, retailing current value sales will begin to expand again, with the rate of growth accelerated over the course of the forecast period. However, in constant value terms (2021 prices), retailing value sales will not surpass their 2019 level until 2025. Growth will be supported by an anticipated post-pandemic economic rebound, with a revival in inbound tourism playing a significant role in this.

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