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Tuesday, November 8, 2016

Ammo Market Expected To Reach $16 Billion By 2024

Grand View Research reports that the global ammunition market size is expected to witness significant growth over the next eight years—reaching $16 billion. Fueling this growth is the rise in terrorist organizations and activities. 

The United States, China, Saudi Arabia and Russia are the countries spending the most on guns and ammunition. The U.S. accounted for 36 percent of the global expenditure on firearms, followed by China with a share of 13 percent.

The two end-user categories for ammunition are civil and defense, and the civil sector is responsible for nearly two-thirds of the global revenue share. So it’s no surprise that the ammunition industry trends reflect the increasing demand for hunting and the shooting sports. With outdoor recreation such a big business in North America—most notably, the United States—the continued growth of the hunting and shooting sports factors heavily into the projected numbers.