Market Size of Asia-Pacific Ammunition Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Ammunition Market Analysis
The Asia-Pacific ammunition market is anticipated to grow at a CAGR of more than 3% during the forecast period.
The defense sector across the Asia-Pacific witnessed a mild impact due to the COVID-19 pandemic. South Korean government reduced its defense budget by USD 733 million in 2020 due to the pandemic. The funds were transferred to the national emergency disaster assistance plan that aims to reduce the economic impact of the pandemic.
A surge in the number of terrorist attacks in the region has triggered the procurement of weapons by regional law enforcement agencies to prevent such security lapses and the resultant loss of both lives and property. Since several weapons are configured to work with a specific caliber size, the demand for new weapons is also driving the demand for associated ammunition in this region. Furthermore, growing cross-border conflicts, political disputes among neighboring countries, and increasing terrorism across the Asia-Pacific are likely to lead to rising demands for advanced weapons and ammunition from defense forces.
Additionally, the rising demand for environment-friendly bullets to boost green ammunition and the design and development of advanced ammunition are expected to drive market growth in the coming years. The ongoing modernization of the armed forces in the region is anticipated to drive the demand for ammunition as several air, land, and naval assets feature some sort of fixed weapon station that can fire medium to large caliber bullets.
