The ammunition market is projected to grow from USD 25.9 billion in 2019 to USD 32.3 billion by 2025, at a CAGR of 3.73% from 2019 to 2025. Growing demand for ammunition due to rising instances of cross-border conflicts and increasing incidences of asymmetric warfare across the globe are expected to fuel the growth of the ammunition market across the globe. However, the proliferation of illicitly manufactured ammunition and initiation of international measures such as the Arms Trade Treaty (ATT) to regulate the cross-border trade of ammunition are expected to hinder the growth of the market during the forecast period.
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The military segment of the ammunition market in defense consists of ammunition such as artillery shells, mortars, grenades, bullets, and aerial bombs used by land, naval, and airborne forces. Increasing procurement of small caliber ammunition such as bullets and mortars along with high adoption of guided ammunition worldwide is adding to the growth of defense ammunition market.
Based on application, the ammunition market has been segmented into defense and civil & commercial. The civil & commercial segment is projected to grow at a higher CAGR as compared to the defense segment from 2019 to 2025. Increasing demand for ammunition used in sports and hunting activities from the North American and European regions is fueling the growth of this segment of the market.
Based on caliber, the market has been segmented into small, medium, large, and others. The small segment is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to increased use of small caliber ammunition by civilians and homeland security personnel, owing to less lethality of these ammunition. Moreover, open online market places for small arms and ammunition and increased procurement of small caliber ammunition by the defense and homeland security sectors to curb rising instances of armed conflicts are also contributing to the growth of this segment.
The Asia Pacific ammunition market is projected to grow at the highest CAGR from 2019 to 2025. The growth of the market in this region can be attributed to the rising number of terrorist activities in the Asia Pacific region and increasing spending of emerging economies of the region on defense operations. Countries such as India and China have increased their defense budgets and are procuring advanced ammunition for their armed forces. This, in turn, is leading to the growth of the Asia Pacific ammunition marketduring the forecast period.
Key players operating in the ammunition market Northrop Grumman (Orbital ATK Inc.) (US), General Dynamics Corporation (US), Olin Corporation (US), BAE Systems (UK), Nammo AS (Norway), RUAG (RUAG Ammotec) (Switzerland), Nexter (France), Vista Outdoor Inc. (US), and Rheinmetall AG (Germany), among others.
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