The platform order changed in 2025, not gradually
Lazada’s Philippine GMV fell by roughly a third in 2025 while the overall three-platform market kept growing. Combined Shopee, Lazada, and TikTok Shop GMV in the Philippines posted double-digit growth exceeding 20% for the year, consistent with a Southeast Asia-wide platform GMV rise of 22.8% to USD 157.6 billion. Lazada moved in the opposite direction from the market around it.
By the numbers behind that combined figure, Shopee held its position as the clear leader, reaching an estimated USD 12 billion in GMV, up 25% year on year, for roughly 55% of the three-platform total. TikTok Shop grew far faster, up an estimated 53% to around USD 6 billion. Lazada fell to an estimated USD 3 billion, down from a share of roughly 28% of the combined market a year earlier to around 16%.
The order between second and third place did not drift there slowly. TikTok Shop generated an estimated USD 2 billion in Philippines GMV in the fourth quarter of 2025 alone, about 35% of its own full-year total for the market. That single quarter is enough on its own to have overtaken Lazada’s full-year run rate. A brand still budgeting the Philippines with Lazada as the automatic second channel behind Shopee is working from a platform order that no longer holds.
What this number does not confirm
These platform-level figures come from one analytics source, Cube Asia, not from Lazada’s, Sea’s, or ByteDance’s own reporting. The direction, Lazada losing meaningful share while TikTok Shop gains it, is consistent across everything found in this pass. The precise percentages are not. Treat the roughly USD 12 billion, 6 billion, and 3 billion split as directionally reliable and the exact figures as a single source’s estimate, not a confirmed number to build a forecast on without a second source behind it.
The Philippines also sits outside the two markets, Thailand and Malaysia, that led Southeast Asia’s regional growth in 2025 at 51.8% and 47.6% respectively. Its own combined-platform growth rate, reported only as “double-digit, exceeding 20%” in the regional summary available in this pass, was real but not the fastest in the region. A platform-share shift this sharp inside one market can happen without that market being the headline growth story regionally.
The conditional recommendation
For a brand still running a Philippines media plan built around Lazada as the default second platform behind Shopee, that assumption is the one most likely to be out of date. Rerun the channel split against TikTok Shop’s estimated 53% GMV growth and Q4 run rate before the next budget cycle locks in, rather than carrying forward a 2024 platform order into a 2026 plan. For any claim that depends on the precise size of that shift rather than its direction, source a second confirmation beyond Cube Asia’s estimates before using it in a forecast or a client-facing figure.
Research Ledger (5 claims)
| Entity | Claim | Source | Status |
|---|---|---|---|
| Philippines | Combined Shopee, Lazada, and TikTok Shop GMV recorded double-digit growth exceeding 20% in 2025, part of a Southeast Asia-wide GMV rise of 22.8% to USD 157.6 billion | Momentum Works “Ecommerce in Southeast Asia 2026” report summary, thelowdown.momentum.asia | VERIFIED |
| Indonesia | Remained Southeast Asia’s largest ecommerce market by GMV share in 2025, at 37% of the region’s combined platform GMV, despite slower growth than Thailand, Malaysia, or the Philippines | Momentum Works “Ecommerce in Southeast Asia 2026” report summary, thelowdown.momentum.asia | VERIFIED |
| Lazada Philippines | GMV contracted approximately 34% in FY2025, falling to roughly USD 3 billion and around 16% of the three platforms’ combined GMV, down from about 28% a year earlier | Cube Asia Philippines ecommerce market analysis and Cube Asia’s “Return of the King” Lazada prospects piece | INFERRED (a single analytics source, its own underlying methodology could not be independently confirmed against Lazada’s or Alibaba’s own reporting in this pass, no primary filing names Philippines-specific GMV) |
| Shopee Philippines | Reached approximately USD 12 billion GMV in FY2025, up 25% year on year, holding roughly 55% of the three platforms’ combined GMV | Cube Asia Philippines ecommerce market analysis | INFERRED (same single-source caveat as above) |
| TikTok Shop Philippines | Reached approximately USD 6 billion GMV in FY2025, up 53% year on year. Q4 2025 alone contributed USD 2 billion, overtaking Lazada as the second-largest platform by quarterly GMV that quarter | Cube Asia Philippines ecommerce market analysis | INFERRED (same single-source caveat as above) |