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The news: China is outpacing the US in retail media鈥檚 global rise, with nearly half of its digital ad spending now flowing through retail platforms. While Amazon still leads globally, its growth is slowing鈥攅xpected to rise just 18.6% in 2025. Meanwhile, players like Uber Eats, Meijer, and Albertsons are growing ad revenues at triple-digit rates. Our take: Retail media is becoming more fragmented and competitive. Success now requires portfolio diversification, especially as new channels鈥攍ike last-mile delivery and in-store signage鈥攇ain momentum. What began as an Amazon-centric, US-led trend is now a worldwide shift reshaping how consumers discover, consider, and buy.

For the second half of 2023, US retail media ad spending will reach $46.38 billion, per Insider Intelligence鈥檚 forecast. Meanwhile, connected TV (CTV) ad spending will also post growth of 20.0%. In response, marketers in 2024 will create dedicated retail and media strategies to leverage retail data sets in CTV.

US retail media ad spend will hit $45.15 billion this year, an increase of almost 20% over 2022, according to our forecast. Growth will accelerate each year through 2027, when we expect spend to reach $106.12 billion.

US retail media ad spend will more than double between 2023 and 2027, reaching a total of $109.40 billion, according to our forecast.

Offsite programmatic retail media ascendant: A 167% spike in the category will help drive US retail media to $81.6 billion by next year.

There鈥檚 no stopping the retail media juggernaut. At $45.05 billion in US spending in 2023, it鈥檚 already far ahead of connected TV and closing in on traditional TV.

Amazon dominates retail media for now, but Walmart鈥檚 surge signals a fragmented future. Though Amazon still commands nearly 40% of all retail media ad spending, retailers like Instacart and Target, are investing heavily in RMNs鈥攕ignaling that brands now have more options for reaching high-intent shoppers.

Latin America鈥檚 ad market will surpass $40 billion this year as it continues to defy economic uncertainty. Rebounds in Argentina and Chile, along with double-digit growth in retail and social media spending, will fuel momentum. Here are the latest trends you need to know.

US omnichannel retail media ad spend will account for nearly a quarter of total media ad spend by 2028, reaching $129.93 billion, per our forecast. This growth will be fueled by a surge in retail media search, non-endemic partnerships, and off-site placements. However, financial media networks may give retail media networks some competition for advertiser dollars.

Latin America鈥檚 digital economy will undergo significant changes in 2025 as retail innovation and regulatory changes redefine business dynamics for global and local players alike.

US omnichannel retail media ad spend will hit $129.93 billion in 2028, according to our forecast, up from $54.85 billion this year.

In-store retail media ad spend will reach $1.06 billion by 2028, accounting for 0.8% of all retail media spend, according to our March 2024 forecast.

Key stat: By 2028, in-store retail media spend will reach over $1 billion but will make up less than 1% of total omnichannel retail media ad spending.

Retail media ad spend will make up over one-fifth of total US ad spending by 2027, per our forecast.

Amazon is ditching Just Walk Out in favor of Dash Carts. Not only will the move satisfy customers鈥� desire for familiar technology, but it鈥檚 also creating more ad inventory. Walmart Connect also emphasized its in-store retail media potential last week, with a focus on expanding familiar strategies like sampling and TV screens. This back-to-basics approach might spark more in-store retail media ad spend.

Retail media just got even bigger. We recently updated our US retail media ad spend forecast to show higher growth than previously estimated, culminating in $109.40 billion in spend in 2027.

US omnichannel retail media ad spend will increase by 22.6% next year for a total of $55.64 billion. One thing that could unlock spend even further? Standardization.

US in-store retail media ad spend will total $370 million this year. But as the channel expands, oversaturating stores with ads can cause tension between retail media teams, which focus on maximizing ad dollars, and merchants, which focus on the store as a whole. Online advertising and in-store advertising are not two distinct channels, but instead work together.