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Ammunition Market Size

Report ID: GMI261
Published Date: Sep 2024
Report Format: PDF

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Ammunition Market Size

Ammunition Market was valued at USD 30.6 billion in 2023 and is anticipated to register a CAGR of 5.6% between 2024 and 2032. Increasing terrorism activities and cross-border conflicts have heightened the need for ammunition as governments and military forces require more supplies for counter-terrorism operations and enhanced border security measures. These security challenges contribute significantly to the rising demand for ammunition.

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For instance, according to the latest Global Terrorism Index (GTI), in 2021, the number of attacks had surged by 17% compared to the previous year.

Rising military budgets and defense expenditures globally are significantly boosting the demand for ammunition. Driven by escalating geopolitical tensions and comprehensive military modernization efforts, countries are increasing their defense spending to enhance their military capabilities and preparedness. According to the Stockholm International Peace Research Institute (SIPRI), global military spending reached approximately $2.4 trillion in 2022, underscoring the substantial investment in defense resources. This surge in expenditure reflects a broader trend of nations prioritizing military enhancements, which includes the procurement of advanced ammunition to support operational readiness and security objectives.

Ammunition Market Report Attributes
Report Attribute	Details
Base Year:	2023
Ammunition Market Size in 2023:	USD 30.6 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	5.6%
2024 – 2032 Value Projection:	USD 48.8 Billion
Historical Data for:	2021 - 2023
No. of Pages:	135
Tables, Charts & Figures:	49
Segments covered:	Product Type, Application, Region
Growth Drivers:	Rising terrorism activities and cross border conflicts Growing popularity of sport-shooting and hunting Military modernization programs Rising military budgets and defense expenditures Rising military budgets and defense expenditures
Pitfalls & Challenges:	Stringent governments rules

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Additionally, the growing interest in sport-shooting and hunting among civilians is fuelling the market. As more individuals engage in these recreational activities, the demand for ammunition increases, driven by a rising number of enthusiasts and participants.

Strict regulations and controls on the manufacture, sale, and distribution of ammunition present significant challenges for the industry. Compliance with a complex web of national and international regulations can complicate operations and increase costs for manufacturers. Each country has its own set of laws governing the production, handling, and sale of ammunition, which can vary widely and change frequently.

Authors: Suraj Gujar, Partha Paul

Frequently Asked Questions (FAQ) :

The industry size for ammunition was valued at USD 30.6 billion in 2023 and is anticipated to register a 5.6% CAGR between 2024 and 2032 led by increasing terrorism activities and cross-border conflicts

The small caliber product type segment in the ammunition market is expected to grow at a 5.3% CAGR from 2024-2032 backed by usage in various applications, such as shotgun pistols, assault rifles, rifles, and revolvers

North America market is expected to grow at a 5.1% CAGR from 2024-2032 owing to the growing threat of terrorism, combined with lenient gun laws ?

BAE Systems, CCI, Denel, Elbit Systems Ltd., Remington Arms Company, Global Ordnance, Magtech, NAMMO AS, Nexter Munition, Northrop Grumman Corporation, Olin Corporation, Orbital ATK Inc, and Poongsan Corporation