2025年上半年，TikTok Shop全球GMV 达到262亿美元，同比增长100%，主要得益于美国和东南亚市场的强劲增长。

尽管面临持续的政治压力以及潜在封禁的不确定性，TikTok Shop 美区依然保持高速发展，GMV 达到58亿美元，同比增长91%。在特朗普总统三次延长“剥离”最后期限、将封禁风险推迟至2025年9月之后，大多数相关方已不再认为禁令会真正落地。

在表面的风浪相对平息的大环境下，TikTok Shop 美国正在迅速演变：直播电商的占比持续上升，GMV 占比从2024年的10%提升至14%；头部主播、直播内容以及热销品类的格局也发生了显著变化。

本报告基于我们此前发布的《TikTok Shop 在美国2024》，对美区 TikTok Shop的发展进行了更新和深入解读。欢迎下载由墨腾创投与特看科技联合发布的《TikTok Shop美国H1 2025》，获取最新分析与一线观察。

本报告亮点摘要：

TikTok Shop 2025年上半年全球 GMV 达到262亿美元。若当前增长势头持续，平台有望在年底将2024年总 GMV（332亿美元）翻倍。
美国市场方面，TikTok Shop GMV 已达 58亿美元，由 47.5万家店铺与1530万位达人共同驱动增长。
印尼在 2025 年上半年超越美国，成为 TikTok Shop 全球最大市场，GMV 达 60亿美元。美国退居第二，泰国与越南分列其后。
TikTok Shop 美国的直播在 2025 年上半年贡献了 14% 的 GMV，高于 2024 年的 10%，但与东南亚及中国相比仍处于早期阶段。商城占比提升至36%，而短视频仍为主力渠道，占比达50%。
头部生态发生剧烈重组：2025年上半年，畅销商品榜前五与达人榜前十中的九位均为新面孔。大多数头部达人高度依赖直播带货，其GMV中超九成来自直播。
2025年上半年，仅有一场直播带货场次 GMV 突破100万美元，而2024年同期为四场。该场次由 CozyNest 主播团队操盘，直播时长近 137小时。

TikTok Shop’s global GMV reached US$26.2 billion in H1 2025, up 100% YoY driven by strong growth in the U.S. and Southeast Asia.

Despite ongoing political pressures and uncertainty around a potential ban, TikTok Shop U.S. continued its momentum, generating US$5.8 billion in GMV (+91% YoY). With President Trump granting three consecutive deadline extensions, now pushing the potential ban to September 2025, most stakeholders no longer believe the ban will materialise.

Beneath the surface, TikTok Shop U.S. is evolving rapidly. Live commerce gained share, contributing 14% of GMV (up from 10% in 2024), and the landscape of top influencers, live sessions, and best-selling products has been completely reshuffled. 

This report builds on our previous “TikTok Shop in the U.S. 2024”, offering an updated view of the TikTok Shop U.S. landscape. Download TikTok Shop in the U.S. H1 2025, a joint report by Momentum Works and Tabcut, for deeper analysis and the latest insights.

This report covers the following sections:

1. Introduction – TikTok Shop U.S. maintains growth amid shifting tides

2. TikTok Shop’s global performance

• In H1 2025, TikTok Shop’s global GMV hit US$26.2 billion
• Once TikTok Shop’s top market, the U.S. has now been overtaken by Indonesia
• Southeast Asia leads in TikTok Shop live maturity over the U.S.
• TikTok Shop is positioning itself as “discovery commerce” in 2025
• TikTok Shop has expanded to Japan, Europe and Latin America in 2025
• Southeast Asia is TikTok Shop’s most competitive market
 
3. TikTok Shop in the US: Stores, products & sales

• TikTok Shop achieved US$1B GMV in the U.S. in March and June
• Live and Shop expands GMV share while Video declines
• Only 1 of the top 3 sub-categories in H1 2025 remains the same as 2024
• Food & Beverages saw the biggest average price increase
• Influencers commission grew for most categories
• All categories grew in GMV, Kids’ fashion was the fastest growing
• 36 TikTok Shop stores achieved over US$10m GMV in H1 2025
• 5 out of the Top 10 stores are new to the list, generating US$118.3m GMV
• All top 5 selling items changed, with more beauty products joining supplements
 
4. TikTok Shop in the US: Influencers, videos & live

• Influencers generate the GMV in the TikTok Shop ecosystem 
• 291 influencers achieved more than US$1M GMV in H1 2025
• Video is even more dominant as a channel for influencers
• Top live sellers rely heavily on live selling – 9 out 10 of them are different from 2024
• Only one session in H1 2025 surpassed US$1M GMV
•The three top-performing live influencers
• Top 3 grossing videos on TikTok Shop in H1 2025
 
5. Conclusion and looking forward – The ecosystem is still taking shape, beneath the surface of growth

TikTok Shop进入美国市场16个月以来，快速行动，在2024年取得了初步成果：
– 吸引39.8万家店铺和1100万达人，发布1700万个短视频，发起400万场直播。
– 达播GMV超过54亿美元，占总GMV的60%。
– 短视频GMV占比58%，超越店铺GMV（32%）和直播GMV（10%）。
美国的直播电商仍处于早期阶段，仅有不到8%的网红完全依赖直播。2024年，美国TikTok Shop的单场直播最高GMV为210万美元，历时14小时，吸引了230万观众。而全年400万场直播中，仅有4场的GMV超过100万美元，这表明直播电商渠道仍处于起步阶段，未来增长潜力巨大。
报告主要内容：
1. 全球GMV增长
2024年，TikTok Shop的全球商品交易总额（GMV）达到332亿美元，同比翻倍以上。
2. 市场领先地位
美国超越印度尼西亚，成为TikTok Shop的最大市场，GMV达90亿美元，其次是印度尼西亚、泰国和越南。
3. 创作者影响力
美国的TikTok网红通过短视频和直播贡献了54亿美元GMV，占总GMV的60%。
4. 高业绩店铺
尽管美国39.8万家店铺中近一半没有任何销售额，但仍有1,033家店铺年GMV超过100万美元，显示出头部卖家的巨大潜力。
5. 直播电商潜力
在美国市场，直播仅占GMV的10%，表明这一领域仍处于早期阶段。然而，随着平台持续推动，直播电商未来有望获得更多关注和发展。
本报告向媒体免费开放，以期提供关于TikTok Shop在美国市场表现的深入洞察，并探讨品牌、网红及生态系统利益相关者的未来机会。

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In Southeast Asia, 137 million people, 46% of the region’s workforce, are employed in the frontline sectors of F&B, retail, tourism & hospitality, healthcare, transport & logistics, and manufacturing. 

Momentum Works and Lark have released a joint report titled “Transforming Frontline Industries: Make F&B, Retail and Hospitality Greater”, providing in-depth insights into Southeast Asia’s frontline industries.

Despite experiencing robust growth post-pandemic, organisations in these industries face two critical challenges:

1. High turnover of frontline staff. Turnover rates can reach up to 48% annually, costing businesses US$22.6 billion in replacement and retraining costs.
2. Complex organisation, where headquarters, store managers and frontline staff are operating in very different environments, yet they have to communicate and collaborate effectively. 

In addition, frontline industries are also facing external challenges of intensifying competition, evolving customer expectations, squeezed margins and complex supply chain that is prone to disruptions. 

Addressing these challenges requires frontline industries to enhance operational efficiency. The report presents a six-part playbook for future-proofing the frontline workforce. 

There are frontline organisations which have risen to the challenges well. The report features case studies from Zus Coffee and Pop Mart, exploring their successful management of over 3,000 employees and 3,735 frontline staff respectively. 

Outline of the “Transforming Frontline Industries: Make F&B, Retail and Hospitality Greater” report:

1. Introduction to frontline industries 
2. Key external challenges facing frontline industries 
3. A six part playbook on how frontline sectors can futureproof themselves; 
4. Case studies: Zus Coffee, Pop Mart

2023年上半年，东南亚科技投资领域逐迅速回归至疫情前水平，甚至回落至接近独角兽时期之前。

该地区的科技投资额同比下降 54%，降至 31 亿美元，这是自 2017 年以来的最低上半年投资额。

随着投资额的减少，估值和交易规模也随之恢复到泡沫前水平，但这一过程明显滞后。有趣的是，这次市场调整晚于美国出现市场低迷整整一年，东南亚直到2022年底才经历了资本吸纳量的急剧下降。

尽管投资环境充满挑战，但东南亚的核心风投却出人意料地表现良好。我们看到，从pre-A轮到C轮（金额在50万到5000万美元之间的交易）的投资速度与前三年基本相同。B 轮融资的估值波动最大，印度尼西亚和菲律宾尤为明显。

此外，本报告还涉及以下主题：

• 双重泡沫后，东南亚投资活动触底反弹
• 东南亚投资者保持节奏，估值开始调整 
• 菲律宾热度不再，马来西亚吸引力提升
• IPO市场遇冷，流动性十年最低 
• 数字金融服务仍是最大行业，其子行业有所调整

以下是报告亮点：

• 东南亚投资在2023年H1同比下降54%，至31亿美元
• 菲律宾市场淡出视野
• 金融科技投资依旧，2023H1达总投资额的41%
• 头部科技企业的股价停留在IPO价格的25%-50%之间

The first half of 2021 has been an exuberant period for many aspects of Southeast Asia tech investment. Even as COVID-19 cases reached a record high and many countries went into a prolonged economic lockdown, the region tech scene continued to break a number of new records.

Record number of deals in H1, but total amount invested fell.

H1 2021 has seen a surge in the number of deals. We tracked 393 investments across the region in the first half, exceeding the previous high of 375 in H1 2019, and well ahead of the 327 last year.

Deal sizes and valuations rise

Deal sizes and valuations at each of the early funding stages have remained remarkably stable over recent years. In H1 2021, we saw a sharp upturn in both. Median round sizes rose, with Pre-A rounds of $0.8M, Series A rounds of $4.3M, and Series B of $10M.

Indonesia and Singapore still attract most capital

H1 2021 was entirely typical in terms of the geographic distribution of deals. 51% of capital was invested in Indonesian startups, and Indonesia and Singapore startups combined accounted for 70% of the total number of deals done. There was also an increase in activity in the Philippines.

Sector diversification continues

More narrowly focused digital retailers collected over $1.1B in investment, nearly double that of H1 2020. Fintech startups saw a similar amount of capital inflows, in that case about four times the volume of H1 2020. Fintech appears to be the sector of investor focus at the moment.

New unicorns

H1 2021 saw PropertyGuru, Nium, Carro added to Southeast Asia’s companies valued at over $1B. While relevant press announcements did not make it to a strictly defined H1 timeframe, we now know $1B+ valuations were being finalized for companies such as Carsome, Carousell, Xendit, VN Life, and Advance – thus, considered them as $1B+ companies, although some of the announcements came in Q3.

IPOs appear

In a first for the region, IPOs accounted for more than 50% of liquidity. While this was the product of one IPO carried out by CTOS (ctosdigital.com) in Malaysia, it may signal the start of an interesting trend.

Looking forward

The profile of other exits in H1 2021 seems to follow the rather subdued trend noted in our 2020 report. We continue to assume that some larger potential deals have been delayed and that we will see some pick up in trade sales in the second half of the year.

关于报告：
对于东南亚科技投资来说，2021上半年充满了活力。尽管疫情持续恶化并且很多国家进入了漫长的封城状态，东南亚的科技领域还是继续创造了一些新的记录。

墨腾和Cento Ventures联合发布的2021上半年东南亚风险投资报告（中文版）通过真实的数据和全面的分析，让您更加了解2021年上半年以及近年来东南亚投资趋势和投资环境的变化。同时，我们还特别准备了一个章节来介绍和分析中国投资人在东南亚的情况。

通过这篇报告，相信您可以对以下问题有更好的理解：

东南亚最受投资人欢迎的行业有哪些？
最受投资人欢迎的国家有哪些？
有哪些新的独角兽企业诞生？
项目退出前景发生什么样的变化？
中国资本在东南亚参与了哪些投资和退出？

目录：

1. Cento Ventures和墨腾创投的简介
2. 前言
3. 东南亚风投市场概况
4. 东南亚各行业投资趋势与初创企业概览
5. 退出
6. 中国资本的动向与分析
7. 调研方法

聚焦：
• 区域综合性平台(超级应用)： Grab, Gojek, Rappi
• 电商： Shopee, Lazada, Tokopedia, Mercado Libre
• 物流： Ninja Van, Flash Express, Loggi
• 支付处理：Promptpay, PayNow, Pix, CoDi, UPI, Netsunion
• 数字银行： Seamoney, Grab Financial group, Goto Financial, Nubank, Ualá, Stori
• 二手车平台： Carro, Carsome, Kavak

关于报告：
2020年对个人、家庭和组织带来的非凡挑战将会被永远铭记。然而，这一年也是坚韧不拔、充满韧性的一年。根据上半年的数据，我们原本预计COVID-19相关的限制会导致科技投资放缓。但总体而言，2020年对东南亚科技投资来说似乎是“无比寻常”的一年。这份报告通过真实的数据和全面的分析，让你更加了解2020年以及近年来东南亚投资趋势和投资环境的变化

目录:

1. Cento Ventures和墨腾创投的简介（3）
2. 前言（4-5）
3. 东南亚风投市场概况（6-11）
4. 东南亚各行业投资趋势与初创企业概览（12-16）
5. 并购与退出（17-26）
6. 中国资本的动向与分析（27-29）
7. 调研方法（30-33）

报告简介
在2020年的上半年里，东南亚各国政府和公司都为了应对Covid-19做出相应的政策调整。而疫情在影响人们生活的同时，也极大地推动了东南亚的整个数字化进程。这份报告将分析最近几年的东南亚的风投环境和最新的投资趋势。中国等各国资本在东南亚风投中所扮演的角色。以及让你从中发掘新的机会，提高资本回报

目录：

1. Cento Ventures和墨腾创投的简介(4)
2. 前言(5-6)
3. 东南亚风投市场概况以及中国资本的动向(7-15)
4. 东南亚各行业投资概览(16-20)
5. 各国投资趋势以及产业布局(21-27)
6. 并购与退出(28-35)
7. 调研方法(36-39)