Ammunition Global Market Report 2024

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%. Historical growth can be attributed to various factors including military modernization efforts, global defense budget allocations, heightened concerns regarding terrorism threats, upgrades in weapon systems, regional security considerations, and increased demands in 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%. Forecasted growth is driven by modern warfare demands, counterterrorism operations, escalating cybersecurity concerns, the global arms trade, and the focus on civil unrest and public safety. Key trends expected in this period include the development of non-lethal ammunition, advancements in propellant and casing technologies, the adoption of sustainable practices in ammunition manufacturing, miniaturization of ammunition, and the improvement of training ammunition.

The ammunition market is experiencing growth driven by heightened personal safety concerns and the expanding demand for shooting ranges. Factors contributing to the rise in personal safety concerns include increasing incidents of terrorism, mass shootings, and gang-related activities, prompting a greater awareness of the need for self-defense. Simultaneously, a growing awareness of the safe use of firearms is fostering an increase in shooting ranges. This trend has resulted in a surge in the procurement of small caliber ammunition for personal safety. A June 2021 survey commissioned by the nonpartisan American think tank, the Pew Research Center, revealed notable ownership patterns, with 44% of Republicans and Republican-leaning independents, compared to 20% of Democrats and Democratic leaders, personally owning guns. Men showed higher ownership rates at 39%, compared to 22% for women, and 41% of adults in rural areas owning firearms compared to around 29% in suburbs and 20% in cities. The primary motivation for gun ownership cited by respondents was personal safety or protection. Consequently, the increasing prevalence of personal safety concerns and the growing popularity of shooting ranges are anticipated to drive ammunition demand throughout the forecast period.

The ammunition market has witnessed growth driven by the increasing number of terrorist activities. Terrorism involves the use of violence or intimidation to achieve political, religious, or ideological objectives, often targeting civilians to instill fear within a population. Such activities contribute to an elevated demand for ammunition as they generate conflicts and necessitate enhanced defense and security measures. In March 2023, the Global Terrorism Index (GTI) 2023, published by an Australia-based Institute for Economics and Peace, reported a concerning trend of terrorist attacks becoming more lethal. The average fatalities per incident increased by 26%, with a mortality rate per attack rising to 1.7 individuals in 2022, compared to 1.3 deaths per attack in 2021. Sub-Saharan Africa witnessed a significant surge in casualties due to terrorism in 2022, with conflict zones bearing the brunt - over 88% of terror attacks and 98% of fatalities occurred in these areas throughout the year. Consequently, the rise in terrorist activities is anticipated to drive demand for ammunition in the forecast period.

The ammunition market is witnessing a key trend centered around research and development activities aimed at advancing ammunition technology. Major players and relevant stakeholders are increasingly directing their focus towards such R&D endeavors. The escalating occurrences of armed international conflicts have prompted numerous countries to bolster their military capabilities by acquiring advanced ammunition and equipment. Consequently, global defense expenditures dedicated to ammunition procurement and R&D initiatives have shown a significant increase in recent years. As an example, in April 2021, Lonestar Future Weapons, a US-based advanced technology company specializing in next-generation defense solutions, established a strategic alliance with True Velocity, a US-based manufacturer of composite-cased ammunition. This collaboration aims to leverage the combined expertise of both companies in areas such as research and development, precision manufacturing, quality control, and production efficiency. The alliance specifically focuses on advancing next-generation weapons and ammunition solutions, reflecting the industry's commitment to innovation and technological advancement.

Leading companies in the ammunition market are strategically investing in the development of advanced luminescent technology solutions to cater to the rising demand for improved visibility and accuracy in low-light conditions. These innovative solutions encompass cutting-edge technologies that leverage light emission for various applications, ranging from displays to medical imaging. In July 2022, AMMO Inc., a prominent US-based provider of high-performance ammunition and components, unveiled the Green Streak - a patented one-way luminous round representing a significant advancement in visible ammunition. Distinguished by its non-incendiary system, this technology eliminates the reliance on fireworks for illumination during the projectile's trajectory. Instead, it utilizes a proprietary non-toxic compound that efficiently flash-charges the projectile's rear by capturing the light generated during the ignition of gunpowder.

In August 2023, CBC Global Ammunition, a prominent ammunition manufacturer based in Brazil, successfully acquired SinterFire for an undisclosed sum. This strategic acquisition underscores CBC Brazil's dedication to driving innovation and excellence within the ammunition sector, solidifying its standing as a leading global provider of top-tier ammunition solutions. Additionally, the acquisition facilitates the expedited development of groundbreaking, environmentally conscious ammunition solutions. By combining resources and expertise, the company is poised to make significant strides in shaping the future of the ammunition industry. SinterFire Inc., the acquired entity, is a US-based company recognized for manufacturing proprietary frangible-free ammunition projectiles and advanced bullet technology.

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.

North America was the largest region in the ammunition market in 2023. 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. The countries covered in the ammunition market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Ammunition comprises various products, with notable examples including bullets, aerial bombs, grenades, artillery shells, and mortars. Bullets, a fundamental component, are kinetic projectiles fired from firearm barrels. These projectiles are constructed from diverse materials such as lead, copper, steel, polymer, wax, and rubber. Ammunition comes in various calibers, including small, medium, large, and others, each designed for specific equipment with distinct operating mechanisms, encompassing both non-guided and guided systems. The utilization of ammunition extends beyond defense applications to include civil and commercial purposes.

The ammunition market research report is one of a series of new reports that provides ammunition market statistics, including ammunition industry global market size, regional shares, competitors with an ammunition market share, detailed ammunition market segments, ammunition market trends and opportunities, and any further data you may need to thrive in the ammunition industry. This ammunition market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The ammunition market consists of sales of ammunition components such as primers, cartridge cases and propellant powders. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.