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Global retail media ad market nears $200bn but its gold-rush era wanes as search gives way to display

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WARC releases The Future of Commerce Media 2025 examining trends, advertising investment and the impact of AI on retail media

4 November 2025 – The global retail media market retains significant momentum, with ad investment projected to surpass $200bn by 2027, per WARC Media. However, underlying this growth is an evolving industry. As brands consolidate their ad spend across fewer retail media networks and sponsored search growth slows, retailers must reinvent themselves as ‘full-funnel’ platforms offering granular display and off-site solutions, whilst preparing for the impacts of agentic commerce and AI.

Alex Brownsell, Head of Content, WARC Media, says: “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.”

The Future of Commerce Media 2025 examines key trends, ad investment and the impact of AI that will drive the future of retail media

Retail Media ad market nears $200bn

According to the latest WARC Media forecast, worldwide investment with retail media networks (RMNs) is set to reach $174.9bn this year, up 13.7% year-on-year, before rising a further 12.4% in 2026 to reach $196.7bn, representing 16% of all ad spend.

However, topline growth rates are steadily slowing towards single-digit levels – from 38.6% in 2021 to a forecast growth rate of 11.6% in 2027.

James McDonald, Director of Data, Intelligence & Forecasting, WARC, says: “Retail media is rapidly evolving from a lower-funnel, search-dominated channel into a full-funnel proposition. Display advertising currently represents less than 30% of total on-site retail media spend, however, this balance is poised to shift as retail media becomes more integrated with brand digital budgets. Much may depend on the adoption of agentic AI, which threatens the high human traffic volumes that have monetised the retail media networks to date.”

A closer look at the retail media ad spend shows that:

Retail media ad investment is forecast to overtake combined linear and connected TV spend in 2026.
Spending growth from endemic brands (i.e. advertised products which are sold directly by a retailer) is decelerating.
Retail media ad spend for technology and electronics brands, the largest category, is forecast to reach $32.2bn globally in 2026, up 15.4% year-on-year.
Future growth is likely to come from display and off-site. In the first half of 2025, UK advertiser investment with display retail media increased 41.6% year-on-year, compared to a 35.6% rise in search retail media ad spend.
Quick-commerce (q-commerce) is a key area of expansion, especially in Asian markets. Instacart, Uber, Delivery Hero and DoorDash each boast annual ad businesses worth more than $1bn.
Scale will be a major determinant of retail media networks (RMN) viability in a decelerating market, as brands become more discerning about where to place commerce media investments.
Tariff concerns boosted retail media spend in H1 2025, particularly in Europe, as brands pulled budgets forward in fear of disruptions.

Commerce media is emerging as a full-funnel proposition

Commerce media is emerging as a full-funnel solution, with more ad formats and channels to complement granular first-party data. A recent survey by ad-tech company Infillion found that two in five (40%) of agency-side executives who buy retail media see it as a full-funnel solution, and another 7% agreed it is an upper-funnel opportunity.

But new strategies and definitions of success will be needed to help this channel escape from a tight focus on narrow, lower-funnel conversion and from relying on siloed metrics like ROAS.

There are a growing number of retail media channels and ad formats that can support truly full-funnel strategies. CTV, off-site, digital out-of-home, and in-store advertising can enable brands to execute full-funnel strategies that bridge digital and physical shopping experiences.

Best practices from other channels, especially around the need to use more media options and run longer campaigns, also apply to retail media.

Amazon aspires to dominate open web advertising

Amazon, the world’s largest commerce media seller, continues to dominate the commerce media landscape, maintaining 15% year-on-year growth, per WARC Media, through its full-funnel expansion and strategic demand-side-platform (DSP) partnerships.

Inventory partners now include Roku, enabling advertisers to reach an estimated 80m US connected TV households, and big hitters like Disney, Netflix, Spotify and Microsoft. Amazon claims its ad-supported monthly reach in the US has tipped over 300 million, while eight in 10 UK households can be reached with Amazon DSP.

Research by Skai found that more than 20% of all ad investment with Amazon is now allocated to its demand-side-platform (DSP) – double the share recorded two years ago – as advertisers look for greater efficiency.

Agentic AI commerce arrives

Agentic AI commerce – shopping powered by AI agents – is generating significant hype as the future of online shopping. The total addressable market for agentic commerce has an estimated value of $136bn in 2025 and has been forecast to grow to hit a potential $1.7trn by 2030, according to Edgar, Dunn & Company.

Test-and-learn strategies could be useful, but it will be essential to meet real consumer needs, not just develop new tech tools with no strategic purpose. The lessons of adapting to past innovations can be put to good use in thinking about how, when and where to potentially deploy agentic commerce

When using agentic tools, it is important to view results in a holistic way. Narrow metrics are not reliable success indicators. Whilst it could be tempting to over-credit AI tools for sales, many inputs, from brand equity to emotion-led creative and seasonality, also have a role.

The Future of Commerce Media 2025 is based on data and insights from WARC and external research. WARC members can read the full report. A deep-dive podcast into the report will follow.

 

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Africa and Caribbean trade potential could reach $1.65 billion annually by 2030: International Trade Centre (ITC)-Afreximbank report

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The report finds that around 80% of Africa’s annual goods export potential to the Caribbean remains untapped

ST. JOHN’S, Antigua and Barbuda, November 3, 2026/APO Group/ –Annual trade in goods and services between Africa and the Caribbean could reach up to $1.65 billion by 2030, excluding mineral fuels, according to a new report launched today by the International Trade Centre (ITC) and African Export-Import Bank (Afreximbank) (www.Afreximbank.com) on the sidelines of the Commonwealth Heads of Government Meeting in Antigua and Barbuda.

 




  

The report, Reshaping Africa-Caribbean Trade: Opportunities for Economic Transformation, (https://apo-opa.co/4eiz62u) finds that while Africa and the Caribbean share deep historical and cultural links, trade between the two regions continues to represent only a small share of each region’s overall trade, despite complementarities across sectors ranging from agribusiness and manufacturing to services and the creative economy.

A look at the numbers

The report finds that around 80% of Africa’s annual goods export potential to the Caribbean remains untapped, with are significant opportunities for export growth if trade and investment is actively promoted and facilitated.

Africa and the Caribbean must transform a shared history into shared prosperity

Caribbean export potential lies in the services sector, reaching $481 million. The report identifies business opportunities across several priority sectors, including processed food and animal feed, chemicals, minerals and metals, apparel and textiles, leather and footwear, tourism, transport services and creative industries.

These findings – and more – are based on trade and export potential analysis, detailed sector assessments and a survey of 1,175 businesses and business support organizations across Africa and the Caribbean.

Tapping into priority sectors

ITC Executive Director Pamela Coke-Hamilton (https://apo-opa.co/3WHHZMU), in launching the report, said: ‘At a time of major shifts in global trade, countries need to strengthen regional ties and invest in value addition, to build resilience. We know the major trade opportunities between Africa and the Caribbean – and now we can focus on helping businesses take advantage of those opportunities through better market intelligence, improved logistics and greater access to finance.’

Commenting on the report, Denys Denya, Senior Executive Vice President at Afreximbank, said: ‘Africa and the Caribbean must transform a shared history into shared prosperity. With our CARICOM office in Barbados, about $1 billion in approved transactions and a $5 billion regional financing commitment, Afreximbank is advancing this vision through financing, deposit mobilization under CENDEP, business links through the annual Afri-Caribbean Trade and Investment Forum, local-currency payments through CAPSS and creative-industry collaboration through CANEX. This report offers a practical roadmap to turn untapped potential into bankable opportunities across agribusiness, manufacturing, tourism and the creative economy. Through targeted financing, stronger transport and logistics links and strategic partnerships, we can build a Global Africa connected by heritage, trade, investment and shared opportunity.’

The report finds that businesses continue to face significant challenges, including high transport costs, limited direct shipping links, regulatory barriers, limited access to finance and difficulties in identifying trusted commercial partners. It highlights that future economic cooperation should extend beyond traditional trade in goods, including through joint investment ventures, digital services, creative industries and tourism. It also calls for targeted action to improve market intelligence and business matchmaking; expand access to trade finance and payment solutions; strengthen transport and logistics connectivity; support sector-specific value chain development; improve regulatory cooperation and market access; and foster stronger partnerships among business support organizations.

Read the full report HERE (https://apo-opa.co/4exHBH9)

Distributed by APO Group on behalf of Afreximbank.

 




 

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MSGBC Oil, Gas & Power 2026 Investment Track to Spotlight New Capital Opportunities

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Etu Energias

A high-level ministerial roundtable, a project development clinic and matchmaking sessions are set to drive partnerships across the MSGBC region

DAKAR, Senegal, November 3, 2026/APO Group/ –The MSGBC Oil, Gas & Power 2026 conference and exhibition, taking place from December 1–3 in Dakar, will introduce a dedicated Investment Track designed to deepen capital engagement across West Africa’s energy landscape. Building on the region’s expanding upstream activity, infrastructure development and cross-border integration, the track will serve as a platform where governments, investors and project developers can align on investment pathways across the MSGBC basin.

 




  

At the core of the Investment Track will be the Ministerial Leadership & Global Capital Roundtable, where energy ministers will convene to examine how enhanced regional cooperation, regulatory alignment and coordinated infrastructure development can accelerate capital flows into the sector. The session is expected to focus on the policy and financing frameworks required to unlock large-scale projects, including investment codes such as Mauritania’s 2025 reform, as well as strengthening fiscal incentives and improving regulatory clarity to attract capital into the energy sector.

The Investment Track is designed to move beyond dialogue and into deal facilitation, bringing together decision-makers who can directly shape the next phase of energy investment

For the first time at the MSGBC Oil, Gas & Power event, the Project Development Clinic will introduce a more technical format. In this small-group advisory setting, project developers, government representatives and investors will engage directly on project challenges. The clinic aims to improve project structuring, address financing bottlenecks and identify practical solutions to accelerate development timelines and move projects closer to final investment decisions.

The Investment Track will also feature structured Business-to-Business Matchmaking sessions designed to connect stakeholders across the energy value chain. These targeted engagements will facilitate discussions between investors, operators, service companies and public-sector institutions, enabling participants to explore partnerships and co-investment opportunities.

Together, these sessions reflect the MSGBC region’s broader shift toward investment-led growth. In Senegal, this momentum is already visible through the partnership between state-owned agencies APIX and COS-PETROGAZ to improve the business environment for energy projects and streamline investment processes. With PETROSEN advancing development work on the Yakaar-Teranga gas project and targeting a final investment decision in December 2026, alongside new exploration opportunities emerging onshore, the Investment Track will provide a platform to connect the region’s resource potential with investors and project developers.

“The Investment Track is designed to move beyond dialogue and into deal facilitation, bringing together decision-makers who can directly shape the next phase of energy investment across the region. By creating a space for investors, project developers and public-sector stakeholders to engage directly, the track will help turn investment priorities into concrete partnerships and project opportunities,” states Sandra Jeque, Events and Project Director, Energy Capital & Power.

Explore opportunities, foster partnerships and stay at the forefront of the MSGBC region’s oil, gas and power sector. Visit www.MSGBCOilGasAndPower.com to secure your participation at the MSGBC Oil, Gas & Power 2026 conference. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

Distributed by APO Group on behalf of Energy Capital & Power.

 




 

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Afreximbank and partners bring together investors and industrialists in Benin to Accelerate local processing and investment in Special Economic Zones

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Held under the theme “Investing in Local Processing and Industrialisation”, the forum brought together international investors, industrialists, buyers and development finance institutions to explore the vast opportunities for local processing and strategic partnerships offered by the GDIZ

COTONOU, Benin, November 3, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com), in partnership with the Société d’Investissement et de Promotion de l’Industrie (SIPI-BENIN S.A), the entity responsible for developing the Glo-Djigbé Industrial Zone (GDIZ), and Panafritex, hosted the Special Economic Zones Investment Forum (FocusSEZ 2026) on 21 and 22 October 2026 at the Sofitel Cotonou Marina Hotel and the GDIZ.

 




  

Held under the theme “Investing in Local Processing and Industrialisation”, the forum brought together international investors, industrialists, buyers and development finance institutions to explore the vast opportunities for local processing and strategic partnerships offered by the GDIZ.

Local processing at the heart of discussions

In his address, Mr Jean Arsene Yemina, Regional Director of Operations for Francophone West Africa at Afreximbank, speaking on behalf of Ms Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, Afreximbank, highlighted the role of financing and industrial partnerships in transforming Africa’s raw materials into finished products:

“Here in Benin, textiles have become the driving force behind this transformation. The Glo-Djigbé Industrial Zone was established through a partnership between the Government of Benin and ARISE IIP, with Afreximbank proud to have contributed to financing its development.

“Here in Benin, the textile industry has become the driving force behind this transformation. The Glo-Djigbé Industrial Zone was created through a partnership between the Government of Benin and ARISE IIP, and Afreximbank is proud to have helped finance its establishment. Today, the zone is home to West Africa’s first fully integrated cotton-to-garment manufacturing platform, operated by Benin Textile (BTEX). The entire value chain, from ginning and spinning to weaving and finished garments, is carried out on African soil by African hands. Before the creation of the GDIZ, less than 1% of Benin’s cotton was processed locally. In just three years, the zone has come to process approximately 40,000 metric tons of cotton—nearly 12% of national production—and to produce millions of “Made in Benin” garments for major international brands such as US Polo, Kiabi, and H&M.”

He also highlighted similar efforts underway at the GDIZ to develop local processing in the cashew, soybean and shea value chains.

Mr Létondji Beheton, Director General of SIPI-BENIN S.A., emphasised the need to strengthen value addition across the continent:

“Our ambition can no longer be limited to producing and exporting raw materials. We must go further by processing more of these resources on our continent, developing competitive industries, strengthening our value chains and retaining a greater share of the wealth generated from our natural resources.”

He added: “It is against this backdrop that the Glo-Djigbé Industrial Zone (GDIZ) was established, as the outcome of a public-private partnership between the Republic of Benin and ARISE Integrated Industrial Platforms (ARISE IIP). This integrated industrial platform embodies a shared commitment to making local processing a driver of economic growth, job creation and industrial development.

“By attracting manufacturing facilities and developing integrated value chains, the GDIZ is helping transform raw materials into higher-value-added products, strengthen Benin’s industrial capacity and enhance its competitiveness in regional and international markets. In doing so, it is contributing to the development of a more diversified economy that generates wealth and creates sustainable opportunities for the country.”

Africa has significant potential to strengthen its position in the global textile industry

Mr Arvind Mathur, CEO of PANAFRITEX, highlighted the role of ARISE IIP’s textile platform in developing an integrated textile industry in Africa, capable of transforming the continent’s cotton into finished, high-value-added products.

“Africa has significant potential to strengthen its position in the global textile industry. Realising this ambition will require the development of integrated industrial capacities that can transform cotton grown on the continent into higher-value-added finished products, while enhancing the competitiveness of the sector and expanding its access to international markets.

“At PANAFRITEX, we are contributing to this momentum by developing a model that brings together industrial processing, business development and the promotion of finished products. Our own brands, Obalé and SúSú, are part of this approach, connecting Africa’s manufacturing capabilities with consumer markets.

“The commissioning of our first industrial facilities at the GDIZ in Benin marks a major milestone in the rollout of this model. At the same time, the development of new facilities in Cameroon, Kenya, Nigeria, Ghana and Tanzania reflects our ambition to progressively expand our industrial footprint across the continent.

“Through this expansion, we aim to contribute to strengthening Africa’s textile value chains, creating skilled jobs and ensuring that a greater share of the value generated is retained locally.”

Financing, Market Access and Business Networking

Discussions focused on the development of a new generation of African industrial hubs, the cotton value chain, financing for the textile industry, as well as logistics and integrated supply chains. The programme also featured business-to-business (B2B) and business-to-government (B2G) meetings with targeted public-sector institutions, aimed at identifying investment opportunities, financing solutions and potential business partnerships.

Afreximbank presented the range of financial instruments and support facilities it offers investors and businesses to facilitate the establishment and expansion of their industrial operations. These include long-term financing and equipment financing, trade finance and working capital facilities, guarantees and risk-sharing mechanisms, as well as project preparation support and equity investment through the Fund for Export Development in Africa (FEDA).

The Bank also highlighted its Africa Buyers Programme, which connects African buyers with manufacturers operating in industrial zones across the continent. The initiative aims to complement access to finance with market opportunities for products manufactured in Africa.

A full day was dedicated to a visit to the GDIZ, during which participants toured its infrastructure and industrial facilities and took part in business matchmaking sessions bringing together investors, manufacturers and buyers. These activities were designed to facilitate the establishment of new manufacturing facilities and expand sourcing opportunities for “Made in Benin” products, particularly in agribusiness, textiles, plastics, packaging and industrial equipment.

Across sectors ranging from agro-processing and textiles to plastics, packaging and industrial equipment, the overarching objective is to accelerate the establishment of new production facilities and strengthen the supply of quality-certified “Made in Benin” products.

An Integrated Model for Advancing Industrial Sovereignty

Covering 1,640 hectares, the Glo-Djigbé Industrial Zone (GDIZ) is the result of a strategic partnership between the Republic of Benin and ARISE Integrated Industrial Platforms. Designed as a comprehensive, integrated ecosystem, it supports investors across the entire value chain, from securing supplies of locally sourced agricultural and mineral raw materials to industrial processing and the export of finished products, leveraging its direct connectivity to the country’s logistics infrastructure and the Port of Cotonou.

By hosting this international forum, Benin is once again demonstrating its ability to offer an attractive business environment, an enabling regulatory framework and world-class infrastructure to help build the future of African industry.

Distributed by APO Group on behalf of Afreximbank.

 




 

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