USA, Rockville, MD, April 12, 2022 (GLOBE NEWSWIRE) — The global ammunition market was valued at US$19.2 billion in 2021 and is expected to register an annual increase of 4.16% in 2022 to be valued at US$19.2 billion. 20 billion. During the forecast period 2022-2032, the demand is projected to increase at a CAGR of 5.7%, likely to reach US$35 billion by the end of the said forecast period.
Demand is mainly driven by increased defense spending to counter external aggression. Another driving factor for ammunition manufacturers is the development of lightweight bullets with polymer jackets. Centerfire Ammunition Request is expected to skyrocket, accounting for more than 2/3 of total revenue by 2020, making it the gold standard of the defense industry.
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Ammunition demand influenced by recreational shooting
With the growing popularity of shooting sports, small caliber ammunition presents lucrative growth opportunities for ammunition manufacturers. Additionally, during the forecast period, the purchase of ammunition to protect residential properties drives the adoption of a small caliber segment.
For example, National Shooting Sports Month® in August 2021 will be the perfect time for the millions of first-time American firearm owners to enjoy using their new firearms, whether in a practice class, a competition or just having fun shooting targets with friends. According to the National Shooting Sports Foundation, 8.4 million people bought their first firearm last year, many of them first-time buyers.
Key challenges prevailing in the global ammunition market
Budget cuts in Europe and the United States are expected to restrain the growth of the global ammunition market over the forecast period.
Significant budget cuts have taken place in developed regions such as Europe and the United States. This had an impact on the military budget and, consequently, on the ammunition market. For example, in 2012, US military spending increased from $711 billion to $668 billion.
Due to these budget cuts, countries are struggling to stay up to date through means such as modernization programs. Accordingly, these factors are expected to limit the growth of the global ammunition market over the forecast period.
What are the growth prospects for ammunition in the United States?
Considerable investments in military and armed forces improvements that contribute to the growth of the market
The United States government has made significant investments in improving the military and armed forces, which is supporting the growth of the country’s market. The United States will generate more than 33% of total ammunition demand. A CAGR of 4% is expected for the US market
In May 2021, the Department of Defense released the President’s budget for fiscal year 2022, which proposed a 1.6% increase in defense spending over fiscal year 2021. Civilians and local security forces acquire small caliber ammunition. Additionally, major players are working to improve their online presence, which is expected to complement the growth.
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Due to the presence of various actors in support of the armies, the ammunition market is fragmented. These players are focusing on a variety of strategies to expand their product offerings and strengthen their geographic presence. New players are expected to enter the market as technology advances.
- BAE Systems and the UK Ministry of Defense (MOD) signed a £250 million contract in July 2021 to advance the design and development of Tempest, the UK’s Future Combat Air System (FCAS).
- Nammo and the Finnish Defense Forces (FDF) announced the signing of a new long-term strategic partnership agreement in December 2020, following the previous security of supply agreement signed by the two parties in 2014.
- Companies are investing in the development and production of advanced precision-guided munitions capable of effectively attacking the target while causing minimal collateral damage.
Major Ammunition Service Providers
- General Dynamics Society
- BAE Systems API
- Rheinmetall SA
- Elbit Systems Ltd
- Nexter Group.
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Key segments covered in the Ammunition Industry report
- Ammunition by caliber
- Small caliber ammunition
- 5.56 millimeters
- 7.62 millimeters
- 9 millimeters
- Medium caliber ammunition
- Large caliber ammunition
- Rockets, missiles and more
- tank ammunition
- Artillery ammunition
- Small caliber ammunition
- Ammunition by type
- Rimfire ammunition
- Centerfire ammunition
- Ammo by Application
- Civil & Commercial
- Sporting ammunition
- Hunting ammunition
- self defense
- defense ammunition
- Military ammunition
- Law enforcement ammunition
- Civil & Commercial
- Ammo by region
- Ammunition market in North America
- Ammunition market in Latin America
- European ammunition market
- East Asia Ammunition Market
- Ammunition Market in South Asia
- Oceania Ammunition Market
- Ammunition market in the Middle East and Africa
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