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Ammunition Market Size (2024 - 2029)

The ammunition market is projected to experience growth over the forecast period, driven by increased global defense spending and the development of advanced weaponry and ammunition. The market's expansion is supported by technological advancements that facilitate the creation of sophisticated and effective ammunition. Demand is particularly strong in Europe and Asia-Pacific, where countries are modernizing their military capabilities by replacing outdated equipment and expanding their arsenals. Despite the challenges posed by the COVID-19 pandemic, the market's growth trajectory remains positive, reflecting a robust increase in market size.

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Market Size of Ammunition Industry

Ammunition Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 31.72 Billion
Market Size (2029) USD 38.68 Billion
CAGR (2024 - 2029) 4.05 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Low

Major Players

Ammunition Market Major Players

*Disclaimer: Major Players sorted in no particular order

Ammunition Market Analysis

The Ammunition Market size is estimated at USD 31.72 billion in 2024, and is expected to reach USD 38.68 billion by 2029, at a CAGR of 4.05% during the forecast period (2024-2029).

Defense expenditures in key nations like the US, China, India, Russia, and France have grown significantly in recent years. This surge is fueled by escalating political tensions, heightened cross-border conflicts, and a rise in terrorist activities. Consequently, nations increasingly prioritize bolstering their defense capabilities, creating a heightened demand for weapons and ammunition. This uptick in demand, especially for advanced weaponry, enhances defense capabilities and ensures greater security for soldiers.

While small-caliber ammunition finds broad civilian applications in activities like hunting, sports shooting, and personal protection, medium and large-caliber ammunition predominantly serves defense purposes. Nations are actively modernizing their armed forces, upgrading weaponry, and adapting to the evolving landscape of military technology. This evolution necessitates ammunition that is compatible with these advanced weapon systems. Moreover, nations are keen on replacing their aging ammunition with newer variants that boast extended lifespans and enhanced storage and handling features, a significant driver for the market.

However, technological constraints and stringent government regulations governing firearm usage tempered the market's growth.

Ammunition Industry Segmentation

The ammunition market encompasses the acquisition of various ammunition types by the military, homeland security, local law enforcement, border security forces, and special forces. The study specifically excludes ammunition procurement for commercial purposes.

The market is segmented by type, application, and geography. By type, the market is segmented into small caliber, medium caliber, and large caliber ammunition. By application, the market is segmented into lethal and non-lethal. The report also covers the market sizes and forecasts for the ammunition market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).

Type
Small Caliber
Medium Caliber
Large Caliber
Mortar
Artillery
Application
Non-lethal
Lethal
Geography
North America
United States
Canada
Europe
United Kingdom
France
Germany
Russia
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
Middle East and Africa
Saudi Arabia
United Arab Emirates
Turkey
Rest of Middle East and Africa
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Ammunition Market Size Summary

The ammunition market is poised for steady growth over the forecast period, driven by increased global defense spending and advancements in weaponry technology. The market is experiencing a shift towards newer generation ammunition with enhanced penetrating power, as countries seek to replace aging equipment and expand their military inventories. This demand is particularly strong in Europe and Asia-Pacific, where militaries are engaged in peacekeeping and counter-insurgency operations, necessitating a continuous supply of ammunition. The small caliber ammunition segment is currently the largest, supported by the need for training and operational readiness. Additionally, countries like the United States and India are investing in higher caliber ammunition to improve effectiveness against tougher armors, further fueling market expansion.

North America holds a significant share of the ammunition market, with the United States leading due to its substantial military expenditure and involvement in NATO missions. The U.S. is modernizing its infantry weapons and artillery systems to keep pace with geopolitical developments, which is expected to drive regional market growth. The market is characterized by fragmentation, with major international players like BAE Systems, Rheinmetall, and General Dynamics dominating, while local defense industries also play a crucial role. Companies are focusing on research and development to create advanced munitions and enhance local manufacturing capabilities, aiming to meet future demand and increase market share. This competitive landscape is further intensified by countries investing in indigenous production to cater to both domestic and international markets.

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Ammunition Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Small Caliber

      2. 2.1.2 Medium Caliber

      3. 2.1.3 Large Caliber

        1. 2.1.3.1 Mortar

        2. 2.1.3.2 Artillery

    2. 2.2 Application

      1. 2.2.1 Non-lethal

      2. 2.2.2 Lethal

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

      2. 2.3.2 Europe

        1. 2.3.2.1 United Kingdom

        2. 2.3.2.2 France

        3. 2.3.2.3 Germany

        4. 2.3.2.4 Russia

        5. 2.3.2.5 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 India

        3. 2.3.3.3 Japan

        4. 2.3.3.4 South Korea

        5. 2.3.3.5 Rest of Asia-Pacific

      4. 2.3.4 Latin America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Rest of Latin America

      5. 2.3.5 Middle East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 United Arab Emirates

        3. 2.3.5.3 Turkey

        4. 2.3.5.4 Rest of Middle East and Africa

Ammunition Market Size FAQs

The Ammunition Market size is expected to reach USD 33.00 billion in 2025 and grow at a CAGR of 4.05% to reach USD 40.25 billion by 2030.

In 2025, the Ammunition Market size is expected to reach USD 33.00 billion.

Ammunition Market Report Snapshots

Ammunition Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)