Global Ammunition Market to Reach $33.1 Billion by 2028: Trends, Drivers & Key Players

Delray Beach, FL, Aug. 14, 2025 (GLOBE NEWSWIRE) -- The Global Ammunition Market Size is projected to grow from USD 28.0 billion in 2023 to USD 33.1 billion in 2028, at a CAGR of 3.4% from 2023 to 2028.

Factors such as the changing nature of warfare, the militarization of police forces, the increasing incidence of drug trafficking and terrorist activities, and the modernization of armed forces are fueling the growth of the ammunition market. Apart from its use in defense forces, ammunition also sees increasing importance in civil and commercial applications such as sporting, hunting, and self-defense.

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Major Key Players in the Ammunition Industry:

• Northrop Grumman Corporation (US)
• General Dynamics Corporation (US)
• CBC Global Ammunition (Brazil)
• Olin Corporation (US)
• Ruag Ammotec (Switzerland)
• BAE Systems (UK)
• Thales Group (France)
• Rheinmetal AG (Germany), among others.

Ammunition Market Dynamics:

Opportunity: Stockpiling of ammunition

Despite the risk of unplanned explosions and theft associated with the stockpiling of ammunition, there is a rise in stockpiling by both the military as well as civilian sectors. Countries across the world are procuring and stocking large quantities of ammunition to maintain sufficient war reserves. This stock of surplus ammunition has increased in several countries as a result of a reduction in the size of their armed forces. These countries have accumulated large stocks of ammunition and are continuously procuring more ammunition to ensure war preparedness.

Challenge: International measures to control use of ammunition

The Arms Trade Treaty (ATT) is a multilateral treaty ratified by 91 countries across the globe that came into effect on December 24, 2014. It is one of the measures taken by the United Nations Security Council to regulate the international trade of small arms, ammunition, and other weapons. The treaty prohibits the sale of ammunition across international borders.

Geographical Market Analysis:

The Asia Pacific region to account for the highest market share during 2023 to 2028.

Asia Pacific to account for the highest share during the forecast period, which is largely driven by the increasing instances of terrorism and cross-border conflicts in the region. Defense forces of different countries in Asia Pacific are procuring new ammunition under military modernization programs. Several countries, such as India and China, are carrying out dedicated ammunition upgradation programs, which have resulted in an increased demand for ammunition. The North American ammunition market is projected to grow at a CAGR of 2.6% during the forecast period. The growth of the market in this region can be attributed to the increased procurement of ammunition by the US due to the rising deployment of the defense forces of the country in overseas operations. The US is the largest developer, operator, and exporter of ammunition, globally, thereby making the North American region one of the largest consumers of ammunition across the globe.

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Market Segmentation Analysis:

Increasing investment on the modernization of the military is fueling the rise of the defense applications.

Based on application, there are two segments of the ammunition market: defense and civil & commercial. In 2023, the defense application held the biggest market share. The global rise in terrorism and armed conflicts is propelling the growth of the military sector in the market. The demand for large-caliber ammunition, artillery, and mortars in the Asia-Pacific area has significantly increased as a result of growing international hostilities and cross-border conflicts.

Based on caliber, the ammunition market's small caliber segment is anticipated to grow at the fastest rate from 2023 to 2028.

Based on caliber, there are four categories in the ammunition market: small, medium, large, and others. Over the course of the forecast period, the small caliber segment is anticipated to grow at the highest CAGR. Due to the lower lethality of small caliber ammunition, there has been a growth in this market sector among homeland security and military personnel.

The ammunition market's bullets segment is anticipated to grow at the fastest rate

Based on products, the market for the ammunitions is segmented into mortars, artillery shells, grenades, aerial bombs, and bullets. Upgrading the land and air force inventories worldwide has become more important in recent years for a variety of reasons, including air force uses and geopolitical threats. Due to which bullet segmented is forecasted to be fastest growing segment.

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