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Ad Tech

India's Retail Media Market to Hit $8.1 Billion by 2031: MPA

Ad Tribe! Bureau2 min read
India's Retail Media Market to Hit $8.1 Billion by 2031: MPA

India's retail media market is set to reach $8.1 billion by 2031, according to a new forecast from Media Partners Asia (MPA), positioning the segment as one of the fastest-growing corners of the country's advertising industry. By the end of the decade, retail media is expected to account for roughly one-third of India's overall media and entertainment advertising market.

  • India retail media projected at $8.1 billion by 2031 (Media Partners Asia)
  • Set to be ~one-third of India's M&E advertising by 2031
  • Premium video's share nearly halved: 39% (2019) to 20% (2025)
  • Quick commerce to lead the next wave (>26% of retail media by 2031)

Retail media gains as premium video's share shrinks

The rise of retail media is coinciding with a structural shift away from traditional premium video. MPA's data shows premium video's share of the advertising pie has nearly halved, falling from 39% in 2019 to 20% in 2025. Notably, this decline is proportional rather than absolute: premium video revenue has held broadly stable at around $3.2 billion even as its relative weight in the market has dropped. The contraction in share, even amid steady revenue, underscores how quickly newer formats like retail media are expanding the overall advertising pie and capturing incremental budgets that might once have flowed to video.

Quick commerce and AI analytics power the next wave

MPA identifies quick commerce as the leading driver of retail media's next growth phase. The format is already attracting about $500 million in ad spend and could account for more than 26% of India's total retail media advertising by 2031. This growth is closely tied to advances in measurement: AI-powered analytics that link campaigns directly to conversions and return on ad spend are flagged as a key differentiator strengthening retail media's appeal to advertisers. By offering clearer, closed-loop visibility into performance, this measurement capability gives retail media an edge over channels where attribution has traditionally been harder to establish, reinforcing brand confidence in shifting budgets toward commerce-linked platforms as India's advertising landscape continues to evolve through 2031.

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