Ammunition Market Size By Ammunition (Small Caliber, Medium Caliber, Large Caliber, Artillery, Mortar), By Application (Defense, Civil), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Landscape & Forecast, 2022 - 2030

Ammunition Market Size By Ammunition (Small Caliber, Medium Caliber, Large Caliber, Artillery, Mortar), By Application (Defense, Civil), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Landscape & Forecast, 2022 - 2030

The ammunition market is poised to register significant growth through 2030 owing to increasing international conflicts. In addition, a surge in sporting competitions and demand for recreational shooting is also likely to positively impact market growth in the forecast timeframe.

Moreover, key players in this industry have been engaging in rigorous research and development activities related to ammunitions, which have benefited the product landscape. For instance, in July 2022, AMMO Inc., the owner of GunBroker.com and a prominent player in the ammunition market, announced the retention of CORE IR, which will assist the firm with shareholder communications and investor relations. CORE IR agreed to help AMMO expand market awareness by promoting its growth strategies and business model to retail investments and institutional communities.

Moreover, with prevalent geo-political instability, countries around the world are trying to increase their ammunition production, fostering product outlook. To cite an instance, in July 2022, the Latvian Ministry of Defense introduced compulsory military service and announced its plans to create a state capital company to supply the country with ammunition. This plan was intended to aid the growth of private sector companies in the sector.

The ammunition market has been bifurcated in terms of application, caliber, and region.

On the basis of application, the market has been divided into civil and defense. The defense segment is expected to register robust growth at a CAGR of about 4.3% through the study timeline on account of surging prevalence of terrorism.

Based on caliber, the ammunition market has been divided into medium caliber, artillery, small caliber, large caliber, and mortar. Among these, the artillery segment is expected to grow at a CAGR of around 5% to attain above $7.3 billion in revenue by 2030. The medium caliber segment holds the lowest market share and is slated to exhibit moderate growth at over 4.2% CAGR to exceed a valuation of $2.8 billion by the end of the assessment timeframe.

In the regional context, the North America ammunition industry is anticipated to grow at a rate of about 4.1% CAGR through 2030. Increasing efforts by the U.S. government to control terrorism and ensure the safety of its citizens are speculated to impel regional business progress.

Meanwhile, the Middle East & Africa ammunition market is expected to depict a CAGR of approximately 5% to be valued at around $3.98 Billion by 2030. The present cross-border conflicts among nations, such as Syria, Libya, and Yemen, have driven the demand for advanced weapons and ammunition in the MEA region, which is foreseen to bolster market growth.