Ammunition Market Report 2024-2033: Global Outlook, Growing Demand, Rising Trends And Major Players

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.

Market Overview -
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.

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Growing Personal Safety Concerns And Expanding Shooting Ranges Drives Ammunition 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.

Competitive Landscape -
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

Focus On Research And Development Initiatives Enhanced Ammunition Market
The research and development activity to develop advanced ammunition is a key trend in the ammunition market. Key players and related stakeholders are increasingly focusing on research and development activities to advance the ammunition. The rising incidences of armed international conflicts have directed several countries to enhance their military strengths through the procurement of advanced ammunition and equipment. As a result of this, the defense expenditure for ammunition procurement and research and development activities have increased significantly across the globe over the past few years. For instance, in April 2021, Lonestar Future Weapons, a US-based advanced technology company focused on the manufacture of next-generation defense solutions formed a strategic alliance with a US-based manufacturer of composite-cased ammunition True Velocity to create synergy by utilizing the expertise of both companies in research and development, precision manufacturing, quality control, and production efficiency. The alliance will focus on the research and development of next-generation weapons and ammunition solutions.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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