Ammunition Market Projected to Reach USD 31 Billion by 2034, at a CAGR of 3.50%

The global ammunition market was valued at USD 22 billion in 2024 and is expected to grow at a CAGR of 3.50% from 2025 to 2034. The market growth is driven by rising defense spending and increasing demand for firearms across military and law enforcement sectors.

Market Definition

The Ammunition Market encompasses the global supply chain involved in designing, producing, and distributing a wide range of munitions—such as bullets, cartridges, shells, and artillery rounds—for military, civilian, and law enforcement use. It includes components like propellant, primers, casings, fuzes, and warheads, and spans various calibres from small arms to large-calibre and guided munitions. The market also sets itself apart by offering specialized products like smart and eco-friendly ammunition, which integrate guidance systems, polymer casings, and biodegradable materials to meet evolving industry standards .

Key Report Highlights

The report highlights the key region that accounts for the highest revenue share in the global Ammunition market.
It identifies the leading country within this region that makes a significant contribution to the market’s overall performance.
The report outlines the dominant segment that holds a major share of the market.
It also emphasizes the fastest-growing segment projected to gain strong traction during the forecast period.
Qualitative and quantitative market analysis have been used to provide an in-depth understanding of the market.

Market Overview: Key Figures at a Glance

Market Value in 2024: USD 22 billion
Projected Market Size in 2034: USD 31 billion
Anticipated CAGR (2025-2034): 3.50%

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Market Growth Drivers

Rising Defense Expenditure & Geopolitical Tensions – Increased military spending amid conflicts such as Russia–Ukraine and heightened regional rivalry in the Asia-Pacific have pushed countries to bulk-purchase ammunition, replenish inventories, and modernize armed forces . Defence firms across Europe and North America are scaling up production capacities, including underground factories and artillery shell plants, to meet this surge .
Technological Advancements & Civilian Demand – Innovations like precision-guided rounds, smart fuses, polymer and caseless cartridges, and AI-enhanced fire control systems cater to military, law enforcement, and civilian sectors alike . Civilian interest in sporting, hunting, and personal defense ammunition—especially small-calibre—also drives growth, supported by looser regulations and expanding distribution channels .

Market Key Players

The competitive landscape features a mix of long-standing companies and emerging contenders. Leading players are actively pursuing R&D initiatives and strategic moves to strengthen their market position. Notable participants include