Context
According to the Future of Commerce Media study published by WARC, the global retail media market reached US$175 billion in 2025 (up by 13.7% year-on-year), representing 16% of total advertising spend. The market is expected to reach US$200 billion in 2026, accounting for 16% of the total advertising market, more than linear TV and CTV combined. In the U.S.A., retail media remains largely concentrated on e-commerce, dominated by Amazon, which accounts for 75% of e-commerce sales, followed by Walmart with 10%. For Amazon, advertising services generated 9.4% of Amazon’s revenue (up by 0.8 point) from January to September 2025 and 15.7% of growth, with an increment of US$8.4 billion.
In Europe, in-store activation has historically been more deeply rooted, with players such as Mediaperformances, Budgetbox and Catalina, paving the way for faster acceleration of in-store retail media. In France, the market remains highly dynamic. According to the e-Pub SRI / UDECAM / Oliver Wyman observatory, e-retail media grew up by 12% in the first half of 2025 to €647 million. By comparison, this totalled €1.22 billion in 2024 (up by 14%).
A double-digit growth market is slowing. Annual growth continues to decelerate for retail media, but in many European countries remains above 20%.
