TikTok‘s Southeast Asia doubled gross merchandise value (GMV) year-on-year to $45.6 billion in 2025, driven by strong momentum in Malaysia, Indonesia and Thailand, which recorded the fastest growth rates among all markets.

Momentum Works which has released its latest report, said in a statement on Wednesday that Indonesia reached $13.1 billion in GMV, ranking as TikTok Shop’s second-largest market globally.

Overall, TikTok Shop’s global GMV reached $64.3 billion in 2025, nearly doubling year-on-year (+94 percent), as the platform expanded to 16 markets worldwide.

After a volatile first full year in 2024, TikTok Shop’s U.S. ecosystem continued to scale rapidly in 2025.

Its GMV reached $15.1 billion, representing 68% year-on-year growth, supported by a broadening base of creators, merchants, and brands.

Growth remained strong, though less explosive than in 2024, as the ecosystem began to show early signs of structural maturation.

“As TikTok Shop scales in the U.S., the focus is shifting from experimentation to systematic execution,

“Artificial intelligence (AI) and data are becoming core infrastructure for how merchants and creators turn content into sustainable, repeatable growth,” said Jensen Wu, Chief Executive Officer and Co-founder of Tabcut.

Jianggan Li, Chief Executive Officer and Founder of Momentum Works, added that TikTok Shop’s continued growth in the U.S. amid volatile global macro environments shows both the commitment of the company to the U.S. market, as well as the proof that discovery-led ecommerce through videos actually works with U.S. consumers.

In 2025, Live commerce increased its share of U.S. TikTok Shop GMV from 10 percent to 14 percent, while the Shop tab grew from 32 percent to 36 percent.

Video remained the largest channel at 50 percent of GMV, though its share declined from 58 percent in 2024.

Meanwhile, TikTok Shop counted 15.4 million influencers and 803,500 stores in the U.S. in 2025.

While participation expanded, sales remained highly concentrated: more than half of stores recorded no sales, while 2,143 stores exceeded $1 million in GMV, including 135 surpassing $10 million, up sharply from 2024.

The number of influencers generating over $1 million in GMV more than tripled to 1,785 in 2025, from 529 a year earlier.

Live streaming dominated among top sellers, with nine of the top ten influencers by GMV relying primarily on live commerce.

Beauty & Personal Care remained the largest U.S. TikTok Shop category, followed by Womenswear & Underwear and Sports & Outdoors. Meanwhile, Kids’ Fashion, Baby & Maternity, and Muslim Fashion recorded the fastest growth, albeit from smaller bases.

After widespread price declines in 2024, pricing dynamics stabilized in 2025.

While 15 of 27 categories still saw average price declines, select categories – notably Jewelry Accessories & Derivatives, where prices rose 36 percent year on year – bucked the trend.

TikTok projects APAC’s creator commercial contribution to reach $1.2T by 2030