Market Size of Ammunition Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 9.48 Billion |
| Market Size (2029) | USD 11.59 Billion |
| CAGR (2024 - 2029) | 4.09 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Ammunition Market Analysis
The Ammunition Market size is estimated at USD 9.48 billion in 2024, and is expected to reach USD 11.59 billion by 2029, growing at a CAGR of 4.09% during the forecast period (2024-2029).
The impact of the COVID-19 pandemic on the ammunition market revenues is deemed to be less. The growth in global defense spending and initiation of infantry support programs to develop sophisticated and deadlier weaponry and ammunition are anticipated to bolster the adoption of newer generation ammunition with better penetrating power, thereby driving the growth of the ammunition market. Also, several new weapon and ammunition development programs are underway to develop lighter but deadlier ammunition with an enhanced range. The growth in technological advancements is fostering such developments.
The demand for advanced weapons and related ammunition is primarily from countries in Europe and Asia-Pacific, as they are either replacing their aging equipment or expanding their inventory to strengthen their armed forces.
