Market Size of Latin America Ammunition Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 2.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Ammunition Market Analysis
The Latin American ammunition market is projected to record a CAGR of more than 2% during the forecast period.
Although the COVID-19 pandemic affected the economy of the region, it did not diminish the sales of ammunition in the region during and after 2020. In fact, in the year 2020, when COVID-19 was at its peak, Mexico's military expenditure was USD 8.68 billion, a 7.91% increase from 2020. From 2021, as the supply chain also began to reach its maximum recovery, the ammunition market further began to showcase its growth.
In Latin America, there is a constant supply, availability, and proliferation of ammunition to civilians, law enforcement, and the military. This may be one of the major driving factors for the ammunition market in Latin America during the forecast period. The countries in Latin America, like Mexico, Brazil, Peru, Argentina, Bolivia, and Colombia, are involved in the production and exporting of ammunition. This growth of ammunition trade in Latin America is another propelling factor for the growth of the market in the region. The changing laws and regulations pertaining to the use of arms and ammunition by civilians in this region are expected to open up opportunities for the market during the forecast period.
