The U.S. affiliate marketing industry has grown by nearly 50% in three years, according to the Performance Marketing Association’s (PMA) newly released 2025 Industry Study.

Spending in the channel rose from $9.1 billion in 2021 to $13.62 billion in 2024, which marks a 49.8% increase and a compound annual growth rate (CAGR) of 14.42%. 

This is double the growth rate of the wider e-commerce market.

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