Ammunition Market to Reach $31.7 Billion, Globally, by 2031 at 3.9% CAGR Allied Market Research
Increase in demand for firearms and ammunition for various purposes, including self-defense, hunting, sports shooting, military and law enforcement operations, and surge in government expenditure on defense operations drive the global ammunition market
PORTLAND, Ore., March 30, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Ammunition Market by Product Type (Centrefire, RimFire), by Caliber Size (Small, Medium, Large, Others), by Application (Defense, Civil and commercial): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global ammunition industry generated $22 billion in 2021 and is projected to reach $31.7 billion by 2031, witnessing a CAGR of 3.9% from 2022 to 2031.
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Drivers, restraints, and opportunities:
The global ammunition market is being driven by a variety of factors including an increase in demand for firearms and ammunition for purposes such as self-defense, hunting, sports shooting, military and law enforcement operations. Additionally, there is a surge in government spending on defense operations, an uptick in demand within the military and defense sector due to geopolitical tensions, and advancements in technology and changes in military strategies. The growth of the ammunition market is hindered by various factors such as the limited availability of raw materials, as well as government regulations that impose strict licensing requirements and restrict the types of ammunition that can be sold. Furthermore, advancements in smart ammunition technology offer potential opportunities by enabling remote tracking and control of ammunition, thereby reducing the risks of unintended discharge or unauthorized use. These developments are expected to create new avenues for growth in the ammunition industry in the future.
- The outbreak of the Covid-19 pandemic had a negative impact on the global ammunition market due to the disruptions in supply chain, which made it difficult for ammunition manufacturers to obtain the raw materials they need to produce ammunition. This caused shortages in some areas and increased ammunition prices.
- During the pandemic, some countries restricted the import and export of firearms and ammunition, which impacted the ammunition market.
- The global economic slowdown hampered the development of new ammunition projects, as the majority of government funds was diverted to the healthcare sector as a result of the rapid spread of the COVID-19 virus. However, the market has recovered post-pandemic.
The defense segment to maintain its leadership status throughout the forecast period