Ammunition Market worth $66.06 billion by 2031 - Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., March 10, 2026 /PRNewswire/ -- According to MarketsandMarkets™, the Ammunition Market is projected to grow from USD 34.81 billion in 2026 to USD 66.06 billion by 2031 at a CAGR of 13.7%.

Browse 600 market data Tables and 80 Figures spread through 390 Pages and in-depth TOC on " Ammunition Market - Global Forecast to 2031"

Ammunition Market Size & Forecast:

• Market Size Available for Years: 2020–2031
• 2026 Market Size: USD 34.81 billion
• 2031 Projected Market Size: USD 66.06 billion
• CAGR (2026–2031): 13.7%

Ammunition Market Trends & Insights:

• The ammunition market is supported by rising defense budgets and ongoing military modernization programs across major economies. Active conflicts and geopolitical tensions are increasing the need to replenish stockpiles and be ready for operations. Governments are also investing in domestic production to reduce supply chain risks and ensure a steady supply. The market is expected to continue growing as countries prioritize defense preparedness and long-term procurement planning.
• By Caliber, the large caliber ammunition segment is projected to register the highest CAGR of 16.6% during the forecast period.
• By End User, the military segment is projected to be the dominant end user during the forecast period.
• By Component, the projectiles and warheads segment is projected to be the dominant component during the forecast period.
• By Region, the European ammunition market accounted for a 37.8% revenue share in 2025.

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Rising defense spending and ongoing stockpile replacement programs are driving the market. The ammunition market is driven by increased defense spending and ongoing military modernization programs across many countries. Governments are investing to strengthen military capabilities, maintain adequate ammunition stockpiles, and ensure operational readiness. Rising security concerns, border tensions, and internal security operations are also increasing demand from military and law enforcement agencies. In addition, regular training requirements and the need to replace used and outdated ammunition support consistent demand globally.

By Guidance, the non-guided segment is projected to account for the largest market share during the forecast period.

Non-guided ammunition is expected to hold the largest share in the ammunition market during the forecast period because it is widely used for regular military operations, training, and stockpile replacement. Most existing artillery, tank, and small arms systems use non-guided rounds. These munitions are simpler, lower in cost, and easier to produce in large volumes, which leads to high procurement and overall revenue compared to guided ammunition.

By caliber, the large caliber ammunition segment is projected to hold the largest market share during the forecast period.

Large caliber ammunition is expected to hold the largest market share because it is used in major weapon systems such as artillery guns, tanks, naval guns, and rocket systems that support modern combat operations. Many countries are strengthening long-range firepower and heavy combat capability, which increases the need for these rounds. Large caliber ammunition is also used in coordinated land and naval operations, making it a key part of modern military planning and force readiness.

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Europe is projected to be the fastest-growing region during the forecast period.

Europe is expected to be the fastest-growing ammunition industry due to higher defense spending and a stronger focus on military readiness. Ongoing security concerns are increasing ammunition use and stockpile replacement across various countries in the region. Many countries are expanding local production, especially for artillery and large-caliber rounds. Long-term defense contracts and upgrades to land systems are also raising demand. These factors are expected to support steady market growth in Europe during the forecast period.

BAE Systems (UK), Rheinmetall AG (Germany), Nammo AS (Norway), Northrop Grumman (US), and General Dynamics Corporation (US) are the major players in the ammunition companies.

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