Discover trends, market shifts, and competitive outlooks for the ammunition industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research

#How Has The Ammunition Market Size Shifted, And What Is the Outlook Through 2034?

In recent times, the ammunition market has witnessed significant growth. The market, which is forecasted to be at $28.43 billion in 2024, will expand to $30.29 billion in 2025, resulting in a compound annual growth rate (CAGR) of 6.5%. The past period of growth is attributed to aspects such as advancements in military technology, worldwide defense budgets, heightened terrorism threats, improvements in weapon systems, regional security issues, and the demands of law enforcement.

The size of the ammunition market is projected to experience robust expansion in the upcoming years, reaching a staggering $40.31 billion in 2029 with a compound annual growth rate (CAGR) of 7.4%. The projected growth during the forecast period is driven by factors such as evolving warfare needs, anti-terrorism activities, worries over cybersecurity, worldwide arms commerce, civil disturbances, and public safety considerations. The forecast period will also witness trends like non-lethal ammunition, advances in propellant and casing technologies, environmentally conscious manufacturing methods in ammunition production, ammunition miniaturization, and improved training ammunition.

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What Are the Major Market Drivers Behind the Rising Adoption of Ammunition Market?

The ammunitions market is projected to expand due to a boost in defense spending. The term defense spending refers to the budget set aside by a government for the strengthening and improvement of its national defense and military power. The increase in defense spending is as a result of several factors including the escalation in geopolitical tensions, the requirement for military modernization, an increase in anti-terrorism activities, and the appearance of fresh security risks such as cybersecurity and space defense. Funds allocated for defense spending on ammunition is utilized for the procurement, innovation, and upkeep of armaments, which are critical for military training, operations, and preparedness for combat. For example, the UK Parliament, a governing institution in the UK, reported in May 2024 that in the financial year 2023/24, £54.2 billion (around $66.4 billion) was designated for defense expenditure. This allocation is forecasted to increase to £57.1 billion (approximately $69.4 billion) in 2024/25, indicating a rise of 4.5% in real terms. As a result, the augmentation in defense spending is fueling the growth of the ammunition market.

Which Key Market Segments Comprise the Ammunition Market and Drive Its Revenue Growth?

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

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Which Areas Are Leading Regions in the Ammunition Market Expansion Across the Globe?

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.

What Are the Strategic Trends Steering theAmmunition Market Direction?

A notable trend within the ammunition market is the intensified focus on research and development (R&D) activities to create more advanced ammunition. Major players and stakeholders in the industry are capitalizing on the escalating instances of international militarized disputes by scrutinizing how ammunition is advanced through R&D. This situation has led to multiple nations prioritizing enhancing their military power via the acquisition of sophisticated ammunition and corresponding equipment. As such, there has been a marked increase in defense spending worldwide over recent years, particular to ammunition acquisition and related R&D operations. For example, in February 2024, India’s multi-sector conglomerate, The Adani Group, has introduced the country’s initial private-sector ammunition and missile production complex in Kanpur, Uttar Pradesh, which is expected to yield significant security and economic benefits. This complex has the potential to manufacture a diverse range of high-quality ammunition spanning small, medium, and large calibers, anticipated to satisfy about 25% of India’s annual ammunition needs.

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How Is the Ammunition Market Conceptually Defined?

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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