In its report The future of commerce media, Warc Media said that worldwide investment in retail media networks was due to hit $174.9bn this year, up 13.7% from 2024, before rising a further 12.4% to $196.7bn in 2026.

Warc Media said it expected the $200bn barrier to be broken in 2027, with forecast growth of 11.6%.

However, the report noted that growth rates were slowing, comparing the recent rises to the 38.6% seen in 2021.

Despite this, retail media advertising investment was expected to overtake combined linear and connected television spending in 2026.

In addition, in the first half of 2025, UK advertiser investment in display retail media increased 41.6% year-on-year, compared to a 35.6% rise in search retail media advertising spend. 

Alex Brownsell, head of content at Warc Media, said: “Retail media has evolved from a US and China-driven trend into a global phenomenon, with European spend now growing at double the rate of the broader digital advertising market.

“As the sector expands beyond traditional sponsored search into visual display, audio, social and television partnerships, it has never been more important for advertisers to have clarity on the scale and the suitability of the commerce media opportunity.”