[eMarketer] A rapidly surging market for US digital retail media

US digital retail media ad spending will reach $61.15 billion by the end of our forecast period in 2024. This is nearly triple the 2020 figure of $20.81 billion and represents a compound annual growth rate (CAGR) of 30.9% in that four-year span.

eMarketer forecasts that CTV will have a CAGR of 33.3% from 2020 to 2024. Channels with lower rates for that time frame include video (26.2%), social media (21.4%), digital (20.0%), and search (18.5%).

The projection of $61.15 billion also puts retail media in the same ballpark as traditional TV, which will reach $67.17 billion in 2024. Given the upward trajectory of retail media and the gradual decline of TV, it seems only a matter of time before retail media becomes the bigger of those two ad markets in the US.

Retail media ad spending tracks closely with its largest subset: ecommerce channel ad spending. The latter category will be robust over the coming years, growing at a CAGR of 29.0% from 2020 to 2024, when spending will hit $52.63 billion.

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