Global Ammunition Market Size, Share, and Forecast Analysis 2025-2029

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What Are the Ammunition Market Size Forecast for 2025?
The size of the ammunition market has seen significant expansion in recent times. A projected growth from $28.43 billion in 2024 to $30.15 billion in 2025 is expected, boasting a compound annual growth rate (CAGR) of 6.0%. The preceding growth trends can be linked to factors such as modernization in the military sector, elevation in global defense budgets, a rise in terror activities, enhancements in weapon systems, area-specific security issues, and requirements in law enforcement.

What Is the Market Size Outlook for Ammunition Until 2029?
The market size of ammunition is projected to witness robust expansion in the upcoming years, escalating to a noteworthy $39.75 billion by 2029 at a compound annual growth rate (CAGR) of 7.2%. This surge during the forecasted timeline is due to factors such as the evolving demands of modern warfare, counter-terrorism strategies, concerns around cybersecurity, global arms trading, civil unrest, and public safety measures. Key trends anticipated during this period are the rise of non-lethal ammunition, advancements in propellant and casing technologies, sustainable measures in the manufacturing of ammunition, downsizing of ammunition, and improved training ammunition.

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What Are the Major Factors Driving Demand in the Ammunition Market?
The ammunition market is anticipated to flourish due to a rise in defense spending. Defense expenditure encompasses the funds set aside by a government dedicated to the upkeep and improvement of its national defense and military prowess. Factors such as escalated geopolitical conflicts, a need for military upgrades, increased efforts to combat terrorism, and emerging security hazards such as cybersecurity and space defense have contributed to the increase in defense spending. The budget for ammunition entails the buying, development, and upkeep of munitions, all key elements in supporting military drills, activities, and combat preparedness. For example, the UK Parliament disclosed that in the fiscal year of 2023/24, the UK dedicated around $66.4 billion (£54.2 billion) to defense costs. This amount is projected to escalate to approximately $69.4 billion (£57.1 billion) in 2024/25, symbolizing a real-term rise of 4.5%. Hence, a surge in defense expenditure is a significant factor propelling the ammunition market expansion.

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How Are End-Use Segments Shaping the Ammunition Market Outlook?
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

Subsegments:
1) By Bullets: Centerfire Bullets, Rimfire Bullets, Hollow Point Bullets, Full Metal Jacket Bullets, Tracer Bullets
2) By Aerial Bombs: Guided Bombs, Unguided Bombs, Cluster Bombs, Incendiary Bombs
3) By Grenades: Fragmentation Grenades, Smoke Grenades, Stun Grenades, Tear Gas Grenades
4) By Artillery Shells: High-Explosive Shells, Guided Artillery Shells, Smoke Shells, Illuminating Shells
5) By Mortars: Mortar Bombs, Illumination Mortar Shells, Smoke Mortar Shells, High-Explosive Mortar Shells

What Are the Strategic Trends Transforming the Ammunition Market Landscape?
The ongoing trend in the ammunition market is primarily driven by research and development efforts to create superior ammunition. Major market participants and other stakeholders are prioritizing efforts in research and development, in a bid to revolutionize the ammunition landscape. The surge in global armed conflicts has led numerous nations to fortify their military capabilities via the procurement of sophisticated ammunition and equipment. As such, there has been a significant global increase in defense spending on both ammunition procurement and research and development activities over the past few years. For example, in February 2024, The Adani Group, a diversified multi-sector conglomerate based in India, unveiled the country's first privately-managed ammunition and missile manufacturing complex in Kanpur, Uttar Pradesh, in a bid to boost both national security and economic development. The facility is committed to the production of superior small, medium, and large caliber ammunition, covering approximately 25% of India's annual requirements.

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Who Are the Prominent Companies in the Ammunition Market by ?
Major companies operating in the ammunition market include 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

Which Region Is Expected to See the Highest CAGR in the Ammunition Market?
North America was the largest region in the ammunition market in 2024. 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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