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Overall retail media ad spending will grow 26.0% YoY in the US in 2024, but in-store will grow 31.9% YoY. In-store will remain a tiny portion of overall retail media ad spending through our forecast period. But by 2028, it will generate over $1 billion in ad spending and account for nearly a quarter of DOOH ad spending.

Key Question: How will retail media ad spending continue to evolve over the next four years? Key Stat: Retail media ad spending will have a compound annual growth rate (CAGR) of 17.2% between 2024 and 2028, per our forecast. Executive Summary. Even after a downward revision, we expect retail media ad spending to grow at a robust pace over the next several years.

Commerce media ad spending in the US is on track to surpass $100 billion by 2028. While retail media networks (RMNs) will continue to dominate, growth from nonretail verticals will shake up the landscape. This deck will:. Analyze our forecast for commerce media ad spending from 2025 to 2028. Outline key differences among commerce media cohorts.

Retail media ad spending growth in 2025 (19.7%) will be more than double the growth in digital ad spending (8.8%). Over the five-year span leading to 2028, we forecast a 134% gain in the channel overall. Click here to view the full forecast for Canada retail media ad spending. A rapid expansion in ad inventory is helping fuel growth.

The US and China will each account for roughly 40% of worldwide retail media ad spending in 2024. Click here to view our full forecasts for retail media ad spending worldwide and retail media ad spending by country. The rest of the world will spend roughly $28 billion on retail media advertising in 2024.

FMN ad spending will steadily gain commerce media ad spending share. FMN鈥檚 small share of total commerce media ad spending (1.0% in 2025) will steadily increase through our forecast period (1.9% in 2027).

This year, it will account for 78.3% of total retail media ad spending in Germany versus 72.8% in France and 71.5% in the UK. As the duopoly of Google and Meta loses market share, Amazon is contributing heavily to the triopoly. Amazon鈥檚 particularly strong footing in Germany is reflected in its share of the overall digital ad market, which will approach one-fifth in 2026.

鈥淎mazon is set to continue comfortably clearing more than three-quarters of retail media ad spending through our forecast period with Walmart coming in a distant second.鈥�. Despite familiar trends, some new factors could adjust trends within the retail media landscape. Tariffs create new uncertainty for commerce media networks.

Impact of Tariffs on US Retail Media Ad Spending (蘑菇AV subscription required). Retail Media Forecast Update H1 2025 (蘑菇AV subscription required). Note: Data was provided to 蘑菇AV by Koddi. Methodology: Data is from the May 2025 Koddi report titled "The State of Programmatic Retail Media." 149 US retail media buyers from brands and agencies were surveyed during March 2025.

Retail media continues its ascent: WARC projects global retail media ad spend will grow 14.4% in 2025 to $176.2 billion, while Magna forecasts it will contribute to a broader $163 billion in retail media network revenues within digital ad sales. Our forecast for retail media stands at $169.1 billion.

Even with heavy tariffs, US retail media ad spend will grow by 8.5% in 2025, per our April 2025 forecast. Use this chart: Media buyers and strategists can prepare scenario plans tied to tariff policy risks. Financial teams that budget forecasts should account for macro volatility and international policy shifts that could ripple through marketing plans.

Spain's digital advertising is booming, outpacing many European peers and gaining momentum worldwide.

Amazon makes up 75% of retail media ad spending, far outperforming its competitors. The company unveiled Amazon Retail Ad Service earlier this year, enabling third-party retailers to leverage its ad tech to launch and run their own networks鈥攁 move that will expand its market power.

Go further: View our tariff coverage in our Impact of Tariffs hub, which includes reports like Impact of Tariffs on US Retail Media Ad Spending.

Retail media ad spending topped C$3 billion in 2024. Retail media formats are expanding as the market matures. GenAI deployments are now table stakes for retailers.

CTV display ad spending will reach $33.35 billion in 2025, with 98.4% of those dollars going to video ads. Total CTV ad spending will see solid double-digit annual growth rates through our forecast period to reach $46.89 billion in 2028.

In-game advertising will maintain solid growth over the next few years, but its share of digital ad spending will decline, despite heightened brand interest.