Ammunition Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
The ammunition refer to materials such as bullets, rockets, bombs, shrapnel, or shells that are fired, scattered, dropped, or detonated from any weapons. Ammunition comes in a range of types and sizes that are often designed to work only in specific weapon systems. Ammunition is a disposable weapon as well as the components of other weapons that produce the effect on a target.

Sizing and Forecast
The ammunition market size has grown strongly in recent years. It will grow from $27.19 billion in 2023 to $29.03 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%.  The growth in the historic period can be attributed to military modernization, global defense budgets, increased terrorism threats, weapon system upgrades, regional security concerns, law enforcement needs.

The ammunition market size is expected to see strong growth in the next few years. It will grow to $38.46 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.  The growth in the forecast period can be attributed to modern warfare requirements, counterterrorism operations, cybersecurity concerns, global arms trade, civil unrest and public safety. Major trends in the forecast period include non-lethal ammunition, propellant and casing technologies, sustainable practices in ammunition manufacturing, miniaturization of ammunition, enhanced training ammunition.

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Segmentation & Regional Insights
The ammunition market covered in this report is segmented –
1) By Product: Bullets, Aerial Bombs, Grenades, Artillery Shells, Mortars
2) By Caliber: Small, Medium, Large, Other Calibers
3) By Guidance Mechanism: Non-guided, Guided 
4) By Application: Defense, Less-lethal

North America was the largest region in the ammunition market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ammunition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The growing personal safety concerns and increasing shooting ranges are propelling the growth of the ammunition market. The increasing terrorist activities, mass shootings, increasing gangster activities, and increasing awareness for self-defense are the main reasons for the growing personal safety concerns while the rising awareness about the safe use of guns is the main reason for increasing shooting ranges. These growing personal safety concerns and increasing shooting ranges have led to the increased procurement of small caliber ammo for personnel safety. For instance, according to a survey commissioned in June 2021 by a nonpartisan American think tank the Pew Research Center, 44% of Republicans and Republican-leaning independents personally own a gun, compared with 20% of Democrats and Democratic leaders. 39% of the men own a gun, compared with 22% of women. In addition, 41% of adults in rural areas own a firearm, compared to about 29% of those in the suburbs and 2 in 10 in cities. The leading reason for owning a gun and firearm was personal safety or protection. Therefore, the increasing prevalence of personal safety concerns and increasing shooting ranges are expected to boost demand for ammunition during the forecast period.

Key Industry Players
Major companies operating in the ammunition market report are General Dynamics Corporation, Northrop Grumman Corporation, CBC Global Ammunition, Lapua Ammunition, Olin Corporation, Alliant Techsystems Inc., Vista Outdoor Inc., Ruag Ammotec, Nammo AS, Remington Arms Company, Fiocchi Munizioni S.p.A., Magpul Industries (Magpul Ammunition), Browning Ammunition, Hornady Manufacturing Company, Norma Precision AB, Nosler Inc., Black Hills Ammunition, Barnes Bullets LLC, PMC Ammunition, Dynamic Research Technologies, Underwood Ammunition, Atomic Ammunition, Buffalo Bore Ammunition, DoubleTap Ammunition, ELEY (ELEY Ammunition), Aguila Ammunition, GECO Ammunition, PolyCase Ammunition, SBR Ammunition, SIG Sauer (SIG Sauer Ammunition), Dynamic Munitions

The ammunition market report table of contents includes:
1. Executive Summary
2. Ammunition Market Characteristics
3. Ammunition Market Trends And Strategies
4. Ammunition Market - Macro Economic Scenario
5. Global Ammunition Market Size and Growth
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32. Global Ammunition Market Competitive Benchmarking
33. Global Ammunition Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Ammunition Market
35. Ammunition Market Future Outlook and Potential Analysis
36. Appendix