Ammunition Market - Opportunities, Share, Growth and Competitive Analysis and Forecast 2032

 The global ammunition market was valued at US$ 19.2 billion in 2021 and is projected to see a year-on-year increase of 4.16% in 2022, reaching a value of US$ 20 billion. During the 2022-2032 assessment period, demand is expected to rise at a 5.7% compound annual growth rate (CAGR), potentially reaching US$ 35 billion by the end of the forecast period.

The primary driver of this demand is increased defense spending to counter external aggression. Additionally, the development of lightweight bullets with polymer casings is propelling growth for ammunition manufacturers. Centerfire ammunition is expected to see particularly high demand, accounting for more than two-thirds of total revenue by 2020, establishing it as the gold standard in the defense industry.

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Ammunition Demand Influenced by Recreational Shooting

The growing popularity of shooting sports is creating lucrative growth opportunities for ammunition manufacturers, particularly in the small caliber segment. Additionally, the purchase of ammunition for residential property protection is driving the adoption of small caliber ammunition during the forecast period.

For instance, National Shooting Sports Month® in August 2021 provided millions of first-time firearm owners in America an opportunity to enjoy their new firearms through training courses, competitions, or recreational target shooting with friends. According to the National Shooting Sports Foundation, 8.4 million people bought their first firearm in the previous year, many of them being first-time buyers.

Key Challenges in the Global Ammunition Market

Budget cuts in Europe and the United States are expected to restrain the growth of the global ammunition market over the forecast period.

Significant budget reductions in developed regions like Europe and the United States have impacted military budgets, subsequently affecting the ammunition market. For example, US military spending decreased from $711 billion to $668 billion in 2012.

These budget cuts make it challenging for countries to stay current through modernization programs. Consequently, these factors are expected to limit the growth of the global ammunition market during the forecast period.

Competitive Landscape

The ammunition market is fragmented due to the presence of various players who support armed forces worldwide. These players are employing diverse strategies to expand their product portfolios and strengthen their global footprint. Additionally, advancements in technology are expected to attract new players into the market.

  • In July 2021, BAE Systems and the UK Ministry of Defense (MOD) signed a £250 million contract to advance the design and development of Tempest, the UK's Future Combat Air System (FCAS).
  • In December 2020, Nammo and the Finnish Defense Forces (FDF) announced a new long-term strategic partnership agreement, building upon a previous security of supply agreement signed in 2014.
  • Companies are also focusing on investing in the development and production of advanced precision-guided ammunition. These innovations are designed to effectively target adversaries while minimizing collateral damage, reflecting ongoing advancements in military technology and strategic capabilities.

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Key Segments Covered in the Ammunition Industry Report

  • Ammunition by Caliber
    • Small Caliber Ammunition
      • 5.56 mm
      • 7.62 mm
      • 7.62 x 51 mm
      • 7.62 x 39 mm
      • 9 mm
      • 9 x 18 mm
      • 9 x 19 mm
      • Others
    • Medium Caliber Ammunition
      • 23 mm
      • 30 mm
      • Others
    • Large Caliber Ammunition
      • VSHORAD
      • 122 mm
      • Others
    • Rockets, Missiles and Others
      • Tank Ammunition
      • Artillery Ammunition
  • Ammunition by Type
    • Rimfire Ammunition
    • Centerfire Ammunition
  • Ammunition by Application
    • Civil & Commercial
      • Sports Ammunition
      • Hunting Ammunition
    • Self Defense
      • Defense Ammunition
      • Military Ammunition
      • Law Enforcement Ammunition
  • Ammunition by Region
    • North America Ammunition Market
    • Latin America Ammunition Market
    • Europe Ammunition Market
    • East Asia Ammunition Market
    • South Asia Ammunition Market
    • Oceania Ammunition Market
    • Middle East & Africa Ammunition Market

FAQ:

How big is the ammunition market?

The global ammunition market was valued at US$ 19.2 Billion in 2021, and is projected to register a Y-o-Y increase of 4.16% in 2022 to be valued at US$ 20 Billion.

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