Global Ammunition Market Report, published by Variant Market Research, forecast that the global market is expected to reach $25 Billion by 2024 from $15.6 Billion in 2016, growing at a CAGR of 6.0% from 2016 to 2024. By geography, Asia Pacific and North America are expected to grow at a CAGR of 6.8% and 6.1%, respectively, during the forecast period.
Increased spending by government on military ammunition and rising threats from terrorist and cross-border disputes fuels the demand for the global ammunition market. Moreover, growing popularity of shooting as a sports activity and rising demand for ammunition used for training the various armed forces also boosts the growth of the market.
By type, full metal jacketed holds the major share with 47.5%, a common bullet type that is used for target shooting at ranges, shooter and hunter, followed by tracer with 14.7%, in 2016. By caliber segment, small caliber and artillery ammunition accounted for 28.3% and 26.3% respectively, in the year 2016. By applications, military hold the half of share in the global ammunition market due to ceasefire violations, terrorist attacks, cross border disputes and among others, followed by law enforcement with 25.3% share in 2016.
Asia Pacific is the fastest growing region in the global Ammunition market, and is expected to continue this trend due to increasing defense budget, rising presence of terrorism and increased participation in sports activities. Europe accounts the largest share of the market with 30.78% followed by North America with 30.5%, in the year 2016.
The key market players include BAE Systems, General Dynamics Corporation, Nammo AS, Maxam, Federal Premium Ammunition, Olin Corporation, Remington Arms Company, Inc., RUAG Holding A.G., Orbital ATK Inc., Fiocchi Munizioni S.p.A., Hornady Manufacturing Company, Inc., and Remington Arms Company.