Top 5 Companies Driving the Global Ammunition Market Growth

The global ammunition market size was approximately USD 27.82 billion in 2024 and further expected to grow at a CAGR of 3.6% in the forecast period of 2025-2034, to reach a value of USD 38.28 billion by 2034. As per the analysis by Expert Market Research, the market is being driven by the growing demand for ammunition in the defence and military sector.

With the growing international tensions and cross-border conflicts, rising security concerns, and the surging risk of terrorism, various countries are expanding their defence capabilities, hence propelling the market growth of ammunition. Several governments like the Indian government are also promoting indigenous manufacturing of ammunition, thereby driving the market expansion.

Leading market players are incorporating innovative technologies to increase the hit probability of gun ammunition. The integration of innovative technologies is also expected to surge the lethality and blast effects of ammunition. Moreover, researchers are increasingly attempting to bolster the durability and upgradability of ammunition, which is likely to favour the market development in the forecast period.

Various leading companies in the market are increasingly launching innovative ammunitions. For instance, In July 2022, AMMO, Inc. announced the development and launch of the Green Streak® ammunition. The advanced visual ammunition features one-way luminescent technology and incorporates a patented non-toxic composite. The ammunition provides shooters with a visible trace and enables the masking of the firing position. The new technology improves the accuracy while maintaining consistent point impact with other rounds. Moreover, the latest ammunition is an effective and safe training tool and can be utilised in various ranges and environments for law enforcement and military combat and training applications.

Latest Updates on Top Ammunition Manufacturers & Companies:

March 2025: Nammo, a Norwegian ammunition manufacturer, was chosen by Denmark to reopen a closed munitions mill and produce small- and large-caliber ammunition. As soon as the production facilities is established, Nammo is expected to begin manufacturing ammunition for the Danish Army and others at the now-closed plant in northern Denmark. 

February 2025: State-owned Munitions India and Apollo Micro equipment Ltd. (AMSL) signed a deal to collaborate on the development of cutting-edge defense equipment for both home and foreign markets. In a regulatory filing, AMSL said that both organizations will work together on the design, development, and implementation of advanced defense technologies under the Memorandum of Understanding (MoU).

February 2025: Contracts worth Rs 10,147 crore were signed by the Ministry of Defence (MoD) to purchase ammunition for the Army's Pinaka Multiple Launch Rocket System (MLRS). The development coincides with modernization work being carried out by the Army's Regiment of Artillery, which is responsible for operating the Pinaka.

February 2024: Adani military & Aerospace, India's top private sector military producer, unveiled two massive facilities to produce ammunition and missiles in a historic milestone for the country's defence industry. These state-of-the-art facilities, the first of their kind in India's private sector, would greatly enhance the country's defense technology and self-reliance.

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Top 5 Ammunition Companies in the World | Best Manufacturers

1. Ammo Inc.

Ammo Inc is a company that manufactures and designs performance-driven, innovative, and high-quality, ammunition products. The company owns GunBroker.com, which is a leading online market offering sports shooting equipment and firearms. Its ammunition business is vertically integrated and caters to wholesale, law and military enforcement, and direct buyers. Its product portfolio includes over 60 items, including ammunition, firearms, and other accessories.

2. BAE Systems

BAE Systems is a company that offers technologically advanced aerospace, defence, and security solutions. The company’s products are marketed and sold in over 40 countries across the globe. It actively partners with customers for engineering, developing, manufacturing, and supporting innovative products that enhance national security and deliver excellent military capabilities. In November 2022, the company was awarded a contract worth EUR 4.2 billion by the United Kingdom for manufacturing innovative and advanced warships.

3. General Dynamics Corporation

General Dynamics Corporation is a leading defence and aerospace company. Its wide portfolio is extensively used in weapon systems, combat vehicles, ship repair, C4ISR solutions, and shipbuilding, among others. Through continuous research and development, the company aims to expand its business and deliver superior services and solutions. By 2034, it intends to reduce its GHG emissions by 40%.

4. Northrop Grumman Corporation

Northrop Grumman Corporation is a prominent company that provides innovative military technologies and weapons. The company’s diverse product portfolio addresses various challenges in the cyberspace, aeronautics, space, and defence sectors. Its products are targeted at the United States, South Korea, Australia, Japan, the United Kingdom, and the Middle East. It is listed on the NYSE with the symbol ‘NOC’.

5. Hanwha Corporation

Hanwha Corporation is a leading South Korean company that manufactures diverse products for the machinery, chemical, and defence markets. Through its extensive operating synergy and technologies, the company aims to boost the sustainability of its products. The company has played an integral role in the economic growth of South Korea, and it is recognised as a reliable defence partner in the global market.