On the back of increased participation in sports shooting, the global ammunition market is expected to grow 1.4 times between 2019 and 2029, according to new market research.
The global value of the ammunition market is $23.1 billion.
Ammunition manufacturers are investing in product development such as light weight bullets using polymer casings which is driving mass-adoption among government agencies and consumers alike. Rising global tensions pertaining to terrorism will garner increased traction from developing economies that wish to upgrade their defence capabilities to combat geopolitical insurgencies. However, illegal sales of ammunition will continue to pose restraints in global ammunition trade, according to a new study.
Centerfire ammunition will account for the highest demand owing to its ability to withstand high pressures, facilitate re-use of casings, and enhanced safety features.
Small Calibre ammunition will grow 1.5 times during the forecast period as a result of high adoption from homeland security bodies and sport shooting consumers worldwide.
Military and government bodies will drive a majority of growth in the ammunition market as developing countries look to ensure national security and developed countries look to upgrade existing ammunition.
North America holds the largest market share since early adopters in this region maintain international dominance in defence systems.
The rockets and missiles segments are expected to generate significant demand as North American economies such as the US take on the upgrade of its nuclear capacity.
“The alignment of consumer groups such as National Rifle Association with ammunition manufacturers will continue to support demand generation in the US. Globally, ammunition sales are centred on statutory government bodies. Industrial security is also expected to drive growth of ammunition sales between 2019 and 2029,” according to the study by Fact.MR.
Small calibre ammunition presents lucrative growth opportunities for ammunition manufacturers. The spike in consumer trends such as sports shooting and the proactive purchase of ammunition to safeguard residential properties is driving the adoption of the small calibre segment during the forecast period. Online sales channels are also gaining traction from millennial consumers that shop online for everything. Manufacturers are invested in developing innovative products to aid consumer traction. Plastic guns, light-weight polymer casings, and re-usable casings are a few instances where manufacturers can leverage innovation to attract, engage, and delight commercial consumers. Rising activism from anti-ammunition groups is expected to pose mild restraints for market players during the forecast period.