E-commerce sales in Southeast Asia will total $89.67 billion in 2022, an increase of $15.31 billion from 2021, according to eMarketer. By 2023, the region is projected to break $100 billion and hit $128 billion in 2025, a long way from $37.22 billion when its ascent began in 2019.

Southeast Asia’s growth is even more remarkable compared with the moderate increases in other geographies, as its 20.6% expansion this year will be the highest in the world. Latin America follows, breaking the 20% threshold this year.

Only four countries in the world will grow faster than Southeast Asia’s combined figure, and two of them—the Philippines and Indonesia—are in the region. The other two are India and Brazil.

Meanwhile, five countries in the region—the Philippines, Indonesia, Vietnam, Malaysia, and Thailand—will rank among the top 10 markets measured by retail e-commerce sales growth. The other countries in the top 10 are India, Brazil, Argentina, Mexico, and the US.

In 2023, the report predicts that the e-commerce sales growth rate in most of Southeast Asia will slow down, but will still outpace the world at 14.0%. The report projects Latin America will take the lead in 2023 at 16.1%.