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Global retail ad market to hit $200bn milestone this year as growth momentum slows

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WARC
WARC Media releases The Future of Commerce Media 2026 examining the intersection of commerce and advertising
19 August 2026 – The global retail media market continues to grow and evolve, with ad investment projected to surpass $200bn this year and reach $223bn by 2027, per WARC Media. However, growth is slowing towards single digits, and there are dangers of ‘enshittifying’ the shopper experience, which in turn may have a negative impact on campaign effectiveness, as retail media networks look to meet ambitious targets.

Alex Brownsell, Head of Content, WARC Media, says: “The retail media landscape is maturing and

consolidating, forcing marketers to rethink their approach. While retail media excels at converting existing demand, it underperforms on long-term brand building. Retailers face a delicate balancing act: growing ad revenue to boost margins without overwhelming shoppers with too many ad interruptions that compromise both shopper experience and campaign effectiveness. Success now depends on smart integration with other channels and finding the optimal path to sustainable results.”

The Future of Commerce Media 2026 examines key trends and analyses fresh research about the intersection of commerce and advertising.

Global retail media ad market to reach $200.4bn in 2026 and $223.4bn in 2027, but growth slows

On course to reach $200.4bn in 2026, worldwide retail media investment is forecast to grow by 11.5% year-on-year in 2027 to $223.4bn, according to WARC Media’s latest forecasts. By then, retail media will account for 15.2% of total worldwide ad investment.

However, growth is slowing towards single digits. When excluding industry leader Amazon, the global retail media market is set to dip to 9.8% in 2027 – the lowest year-on-year rate of growth since WARC Media began monitoring spend.

US retail media remains resilient as European growth slows

While European retail media spend growth decelerates to single digits, the US market shows stronger momentum. WARC Media forecasts US retail media network spending will grow 13.6% in 2028 to reach $74.9bn.

But concentration of ad spend remains a challenge. In 2025, Amazon captured 78.0% of all US retail media expenditure, with Walmart taking 7.5%, leaving just 14.5% for all other networks combined, according to Walrus Intelligence. In Europe, more than two-thirds of overall retail media spend went to Amazon in France, Germany, Italy, Spain, and the UK.

Retail media takes more than half of CPG ad budgets

Retail media dominates endemic CPG category budgets. In 2027, retail media will account for 55.8% of all media investment by alcoholic drinks brands globally, and 54.9% of the overall food category spend. However, in fast-growing categories like technology and electronics, retail media is set to only take 15.0% of total spend in 2027 – down from 16.2% in 2025.

Many retail media networks are over-reliant on a small number of core advertisers. Nearly three-quarters (73.9%) of UK brands spend with three or fewer RMNs. WARC Media’s analysis found that among eight of the UK’s largest domestic RMNs, none achieves a third of revenue from the long tail – i.e. the bottom 50% of brands by spend.

Amazon’s non-retail advertising business – spanning Prime Video and Twitch – is projected to generate $6.7bn in 2027, surpassing Walmart’s total 2025 ad spend. As a standalone entity, it would be the world’s second-largest commerce media operation outside China, highlighting Amazon’s expanding dominance beyond traditional retail media.

Retail media can help bring SMEs into the TV ad market

Video on-demand is poised to overtake retail media’s global advertising investment by 2028, according to WARC Media forecasts, with connected TV already representing 23% of retail media spend.

Walmart’s acquisition of Vibe.co points towards a clear growth opportunity for retail media networks, by encouraging smaller brands, which until now focused on performance, to begin exploring channels like CTV.

‘Enshittification’ a risk as retail media networks try to meet ambitious targets

As commerce media enters a phase of slower growth and consolidation, it risks what tech author Cory Doctorow has called “enshittification”, where the digital experience declines as platforms look to fuel monetisation at the expense of users and business customers.

With consumer spending under pressure, it may be tempting for RMNs to dial up ad loads. Amazon, The Home Depot, Macy’s and Walmart each serves 20+ ads per page on average, research has found.

To avoid commerce media ‘enshittification’, brands are advised to build a frictionless on-platform experience that prioritises serving users, maximises ad relevance and minimises irrelevant ad clutter. Standardised measurement and arming AI tools with robust datasets and deep consumer understanding can also help.

Retail media creative must work harder than other channels

Retail media creative must work significantly harder just to register with audiences. A study of simulated shopping experiences on Walmart and Amazon by Ipsos found that memory encoding drops by 47% for ads run on retailer platforms, as opposed to those appearing on generic offsite environments.

For undecided shoppers, high creative quality drives a 12% lift in short-term brand choice. For those not in the market, superior creative quality produces a 21% performance advantage over low-quality ads.

More than half (62%) of US grocery buyers claim to have purchased a product directly after seeing it on an in-store screen, yet in-store remains one of the most underdeveloped creative opportunities in retail media.

Additionally, WARC research suggests that retail media ads are good at converting existing demand, but bad at generating long-term outcomes. Brand-side organisational dysfunction and a poor understanding of the contextual requirements of commerce ad formats has led to creative shortcomings the industry must overcome to ensure the effectiveness of retail media campaigns.

Retail media’s most creative potential may exist in the space where channels meet – for instance, through partnerships with creators, and campaigns that span physical and digital touchpoints.

The Future of Commerce Media 2026 is based on data and insights from WARC and external research. WARC members can read the full report.

 

Business

African Energy Leaders Call for Action on South-South Oil and Gas Partnerships

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African Energy Chamber

At AEW 2026, industry representatives from Africa and the Caribbean say joint ventures, enforceable local-content rules and regional financing are needed to turn petroleum resources into domestic industrial growth

CAPE TOWN, South Africa, October 17, 2026/APO Group/ –African and Caribbean energy leaders called for stronger cross-border investment, technology transfer and enforceable local-content requirements to ensure emerging oil and gas producers capture more value from their resources during the session South-South Energy Partnership: Advancing Africa’s Oil and Gas Future in 2026 at African Energy Week (AEW) 2026 in Cape Town.

 




 
 

Ndapwilapo Selma Shimutwikeni, CEO, RichAfrica Consultancy, said partnerships could accelerate skills development.

“From a business perspective, we need to build partnerships that encourage joint ventures between experienced countries and emerging countries like Namibia,” she said. “We need to look beyond just oil production and actually look at the entire value chain.”

Building on Shimutwikeni’s remarks, Gilbert Yevi, Lead Consultant, Grenada Hydrocarbon Technical Working Group, called for partnerships that share risks and benefits rather than simply replace one source of financing with another.

We want cooperation and a collaboration in risk sharing, skill sharing, and sharing in the benefits

“We want cooperation and a collaboration in risk sharing, skill sharing, and sharing in the benefits,” he said.

Yevi also advocated regional training centers to pool expertise and help emerging producers access established industry capabilities.

Expanding on the topic of local content, Eric Williams, Principal Consultant and President, Royal Triangle Energy Solutions, said policies must be linked to a broader national development strategy, using petroleum resources to build domestic industries rather than focusing solely on exports.

“The Trinidad model is about using the molecules to develop the country,” he said, arguing that this vision should shape negotiations with upstream investors and the terms of petroleum contracts.

Omar Farouk Ibrahim, Regional Chair for Africa, World Energy Council, said national sovereignty concerns continued to limit practical regional cooperation, despite public commitments to collaboration.

“The first question they ask is: ‘Will the industry be in my territory?’ If it’s not, why should I? And for as long as we have this mentality, believe me, this cooperation and collaboration we’re talking about will just be theory,” he said.

Across the discussion, speakers emphasized that cooperation must translate into financing, enforceable commitments and local capabilities that endure beyond individual projects.

Distributed by APO Group on behalf of African Energy Chamber.

 




 

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Nigeria NOW! opens its project boardrooms to global investors in Abuja

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Nigeria

With Nigeria’s annual mining revenue up more than tenfold to above N70bn, Nigeria NOW! brings global investors to Abuja on 19 and 20 November, where the Minister of Solid Minerals Development is Chief Host

First and foremost all international investors coming to Abuja should understand that Nigeria is ready and open for business

LONDON, United Kingdom, October 21, 2026/APO Group/ –Platinum group metals, gold, nickel, copper, lithium and rare earth elements lie together in one mineral province in Kaduna State, which the Minister of Solid Minerals Development announced in June as world-class and the Nigerian Geological Survey Agency has verified. The Ministry opens its doors to global investors at Nigeria NOW!, held at the Bola Ahmed Tinubu International Conference Centre in Abuja on 19 and 20 November.

 




  

Processing is following the discoveries, as lithium facilities of $600m in Nasarawa State and $200m near Abuja sit alongside a $400m rare earth processing project in Nasarawa, and mining lease applicants must now submit value-addition plans. Annual mining revenue has risen from about N6bn before the current administration to more than N70bn by the end of 2025.

The routes to export markets are moving too, as the Federal Executive Council has approved deep seaports at Bakassi and Ondo as public-private partnerships, with the Bakassi port alone valued at $2.27bn.

With a month to go, investors and developers travelling to Abuja will meet these projects at close quarters. In investor boardrooms, the Government of Nigeria will review specific projects in depth, from large-scale infrastructure to multilateral programmes such as Mission 300.

Speaking to Energy News Network in September, Tunde Arisekola, Senior Advisor, Geological and Minerals Information at the African Minerals Development Centre, who joins the minerals session on the first day, said that “first and foremost all international investors coming to Abuja should understand that Nigeria is ready and open for business”. In the same interview he described Nigeria’s economy as “stable, safe, peaceful and welcoming to all international investors”.

The programme opens with a welcome from the Chief Host, H.E. Dr Oladele Henry Alake, Minister of Solid Minerals Development, followed by sessions on how the Ministry of Power will drive capacity into Nigeria’s industrial hubs and on the policies opening the minerals sector to foreign investment, including domestic processing and value addition. The second day turns to the pipeline of transport and port infrastructure and the $1bn Domestic Green Bond, and closes with an investors’ clinic on the 2025 Tax Act.

Lagos State Government, a Nigeria NOW! partner, now regulates its own electricity market after NERC transferred oversight to the Lagos State Electricity Regulatory Commission. Hon. Biodun Ogunleye, Lagos State Commissioner for Energy and Mineral Resources, told Energy News Network that “capital follows bankable cashflows”. The state’s job, he said, is “to create both the infrastructure plan and the commercial architecture that makes that plan financeable”.

On Friday 20 November, YES! Nigeria runs alongside the main programme under the theme “Empowering Today’s Entrepreneurs, Building Tomorrow’s Industrialists”. Abuja University and Philomath University are partners, and the Youth Sustainable Development Network is Community Partner. Its opening session hands the stage to young Nigerians already at work in the sector, among them Damilola Hamid Balogun of YSDN and Emmanuel Terwase of Boost Power.

Nigeria NOW! is held under the patronage of the Minister of Solid Minerals Development, with the Lagos State Government, the Nigerian Indigenous Women in Mining & Natural Resources Organisation, Women in Mining, Nextier and The Electricity Hub as partners.

Distributed by APO Group on behalf of EnergyNet Ltd..

 




 

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Global Islamic finance industry assets to reach US$10.5 trillion by 2030 as adoption broadens

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Global Islamic finance

The report draws on the Islamic Finance Development Indicator (IFDI), a global benchmark that assesses the development of the Islamic finance industry across 140 countries through five key areas, Financial Performance, Governance, Sustainability, Awareness, and Knowledge

For ICD, these developments reinforce the importance of ensuring that Islamic finance serves as a practical instrument for inclusive and sustainable economic transformation

KUALA LUMPUR, Malaysia, October 21, 2026/APO Group/ –LSEG, in collaboration with the Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), the private sector arm of the Islamic Development Bank (IsDB) Group, today announced the results of the 2026 edition of the Islamic Finance Development Report at the Kuala Lumpur Islamic Finance Forum (KLIFF) in Malaysia.

 




  

Key findings of the report include:

  • The global Islamic finance industry maintained a strong growth trajectory in 2025, with total assets reaching US$6.5 trillion, up 9% year-on-year. Growth was supported by the continued expansion in Islamic banking, record sukuk issuance, strong Islamic fund performance, and new regulatory frameworks.
  • Malaysia, Saudi Arabia, the United Arab Emirates, Indonesia, and Pakistan retained their positions as the world’s most developed Islamic finance markets. These countries continued to benefit from comprehensive regulation, strong institutional development, active financial markets, and well-established knowledge ecosystems.
  • Several markets recorded notable gains in performance, including Türkiye, Tanzania, Kenya, Benin, Azerbaijan, and Uzbekistan, highlighting the growing momentum across both established and emerging Islamic finance markets.

The report also identified several structural trends that are shaping the industry’s development. Regulatory reforms and stronger market infrastructure are supporting growth beyond core markets, particularly across Africa and Central Asia. Sustainability guidelines are increasingly prioritised, although activity remains concentrated in developed markets. Digitalisation is also advancing, with FinTech, open banking, and tokenised sukuk influencing financing, issuance, and settlement while widening access to financial products. However, talent development is lagging industry expansion, emphasising the need for stronger specialist education.

Khalid Khalafalla, Acting Chief Executive Officer of ICD, said: “For ICD, these developments reinforce the importance of ensuring that Islamic finance serves as a practical instrument for inclusive and sustainable economic transformation. ICD remains committed to advancing private-sector development across its member countries through targeted financing and the promotion of Islamic financial solutions.”

Mustafa Adil, Head of Islamic Finance, LSEG, added: “Looking ahead, global Islamic finance assets are projected to exceed US$10.5 trillion by 2030, supported by continued Islamic banking expansion, growing sukuk issuance momentum, emerging-market adoption and demand for sustainable and digital financial solutions.”

The report draws on the Islamic Finance Development Indicator (IFDI), a global benchmark that assesses the development of the Islamic finance industry across 140 countries through five key areas, Financial Performance, Governance, Sustainability, Awareness, and Knowledge. It provides a holistic view of the global Islamic finance landscape, measuring progress in alignment with Islamic principles and supporting stakeholders in identifying opportunities for growth and reform.

Read full report: Link (https://apo-opa.co/3TTw9yq)

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

 




 

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