Northrook, IL -- (SBWIRE) -- 07/06/2020 -- The ammunition market was valued at USD 25.9 billion in 2019 and is projected to reach USD 32.3 billion by 2025, at a CAGR of 3.73% from 2019 to 2029. The objectives of this study are to analyze the market along with the statistics from 2019 to 2025 as well as to define, describe, and forecast the market based on application, caliber, product, components, guidance, and lethality. and region. The base year considered for the ammunition market study is 2018, and the forecast period for this study is from 2019 to 2025.

Ammunition Market Based on application, the defense segment is projected to lead in during the forecast period

Based on application, the ammunition market has been segmented into defense and civil & commercial. The civil & commercial segment is projected to grow at a higher CAGR as compared to the defense segment from 2019 to 2025. Increasing demand for ammunition used in sports and hunting activities from the North American and European regions is fueling the growth of this segment of the market.

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Ammunition Market Based on caliber, the small segment of the market is projected to grow at the highest CAGR from 2019 to 2025

Based on caliber, the market has been segmented into small, medium, large, and others. The small segment is projected to grow at the highest CAGR during the forecast period. Increasing demand for small arms from armed forces and law enforcement agencies of various countries is fueling the growth of this segment of the market.

Ammunition market in the Asia Pacific is expected to witness the highest growth during the forecast period

The Asia Pacific ammunition market is projected to grow at the highest CAGR from 2019 to 2025. The growth of the market in this region can be attributed to the rising number of terrorist activities in the Asia Pacific region and increasing spending of emerging economies of the region on defense operations. Countries such as India and China have increased their defense budgets and are procuring advanced ammunition for their armed forces. This, in turn, is leading to the growth of the Asia Pacific ammunition market during the forecast period.

Key Market Players

Northrop Grumman (Orbital ATK Inc.) (US), General Dynamics Corporation (US), Olin Corporation (US), BAE Systems (UK), Nammo AS (Norway), RUAG (RUAG Ammotec) (Switzerland), Nexter (France), Vista Outdoor Inc. (US), and Rheinmetall AG (Germany).

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