Ammunition Market Size, Share, Growth Analysis, By Small Ammunition Product(Rimfire, and Centerfire), By End-use(Civil & Commercial, and Defense), By Region - Industry Forecast 2024-2031

Ammunition Market size was valued at USD 55.16 billion in 2022 and is poised to grow from USD 58.25 billion in 2023 to USD 90.07 billion by 2031, growing at a CAGR of 5.60% during the forecast period (2024-2031).

Rapidly increasing military & defense spending around the world is projected to primarily drive up the demand for ammunition. High investments in the development of modern ammunition and advancements in weapons technologies are also expected to boost sales of ammunition in the future. Rising geopolitical tensions around the world and increasing risk of terrorism and terrorist attacks are also estimated to create new opportunities for ammunition providers going forward. Frequent outbreaks of wars in different countries will also bolster sales of ammunition in the long run. Developed as well as developing countries are providing lucrative business scope for ammunition companies. The rising use of firearms among civilians to ensure their own safety and the growing issuance of new firearm licenses for civilians are also estimated to bolster the demand for ammunition over the coming years. On the contrary, environmental concerns of traditional ammunition, stringent regulations for ammunition sales and usage, and supply chain issues are estimated to be top restraints for ammunition market development across the study period and beyond. 

US Ammunition Market is poised to grow at sustainable CAGR for the next forecast year