Top 25 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 25 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. Ammo, Inc. offers a wide range of products, including centrefire, rimfire, and shotgun ammunition, along with reloading supplies. The company’s ammunition is known for its precision, reliability, and consistency, making it a trusted choice for both recreational shooters and professionals. Ammo, Inc. has a focus on innovation, consistently developing new products and technologies to improve ammunition performance, including environmentally friendly options. With state-of-the-art manufacturing facilities and a commitment to quality control, Ammo, Inc. ensures that every round meets rigorous standards.

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. With a presence in over 40 countries, BAE Systems has built a strong international footprint, providing critical solutions to both government and commercial sectors. The company’s focus is on delivering advanced technological solutions to enhance national security, ensure military readiness, and improve safety. BAE Systems is renowned for its expertise in cyber defence, providing innovative cybersecurity solutions for both defence and civil markets. Through continuous investment in research and development, BAE Systems is committed to advancing technologies such as autonomous systems, artificial intelligence, and quantum computing to stay ahead in a rapidly evolving market.

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%. General Dynamics is known for its expertise in developing advanced military systems, including combat vehicles, submarines, and cybersecurity solutions, as well as producing cutting-edge aircraft and technologies for both government and commercial sectors. The company operates through several key business segments: Aerospace, Combat Systems, Information Technology, and Marine Systems. Its Aerospace division is recognized for manufacturing business jets, including the Gulfstream line of aircraft, while its Combat Systems segment focuses on providing military vehicles and weapon systems to support defense operations worldwide. The Marine Systems division is a major provider of submarines and surface ships for the U.S. Navy.

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’. The company provides a wide range of solutions for government and commercial customers, including unmanned aircraft, cybersecurity systems, satellite services, and missile defence technologies. Northrop Grumman operates in sectors such as aerospace systems, mission systems, defence systems, and space systems, serving industries including defence, space exploration, and critical infrastructure. With a workforce of over 90,000 employees worldwide, the company supports customers in more than 25 countries, delivering cutting-edge solutions to complex challenges. The company is known for its focus on next-generation technologies, such as autonomous systems, artificial intelligence, and quantum computing, enabling advanced capabilities in both defence and commercial applications.

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. Hanwha Corporation’s core operations include manufacturing of high-quality chemicals, including petrochemicals and advanced materials, as well as the development of renewable energy solutions, with a focus on solar power and energy storage systems. The company has also established itself as a leader in the aerospace and defense sectors, supplying innovative technology to enhance global security. In addition to its industrial ventures, Hanwha is deeply involved in financial services, including insurance, asset management, and investment. Through its subsidiaries, such as Hanwha Life Insurance and Hanwha Investment & Securities, the corporation provides a wide range of financial products.

6. Thales Group

Thales Group is a global technology leader in the aerospace, defence, transportation, and security industries. Thales designs and delivers innovative solutions that help its clients tackle complex challenges in safety, security, and defence. With a strong presence in over 50 countries, the company operates in diverse sectors such as civil aviation, space exploration, rail transport, and cybersecurity. Thales is renowned for its cutting-edge technologies, including advanced radar systems, secure communication networks, air traffic management systems, and cybersecurity solutions. The company's products and services are instrumental in enhancing national security, ensuring safe transportation, and enabling the seamless operation of critical infrastructure globally. The company’s strategic focus is on delivering high-performance solutions that address the needs of both governments and private industries. Thales is particularly committed to innovation, investing heavily in research and development to stay at the forefront of emerging technologies like artificial intelligence, big data, and the Internet of Things (IoT).

7. Elbit Systems Ltd.

Elbit Systems Ltd. is a global high-tech company that provides advanced defence and aerospace systems for military, government, and commercial applications. The company is recognised for its expertise in developing cutting-edge technology solutions, specialising in areas such as aerospace, land systems, naval systems, and cyber security. The company’s innovations are integral to enhancing the effectiveness of defence forces worldwide. Elbit Systems offers a comprehensive range of products, including unmanned aerial vehicles (UAVs), airborne surveillance systems, electronic warfare systems, advanced communication networks, and command and control systems. These solutions are designed to meet the operational needs of armed forces and security agencies, ensuring superior performance in complex and evolving environments. The company operates across more than 40 countries, serving both governmental and commercial clients. Elbit Systems has a strong focus on research and development, with a significant portion of its revenues reinvested into the creation of advanced technologies.

8. Raytheon Technologies Corporation

Raytheon Technologies Corporation is a global leader in aerospace and defense technologies. Established through the merger of Raytheon Company and United Technologies Corporation (UTC), the company specialises in providing advanced systems and solutions in areas such as missile defense, cybersecurity, avionics, and commercial aerospace. Raytheon Technologies operates across four main business segments: Pratt & Whitney, Collins Aerospace, Raytheon Intelligence & Space, and Raytheon Missiles & Defense. These segments offer a wide range of products and services, from aircraft engines and aerospace components to advanced radar systems, satellite technology, and defense electronics. The company’s commitment to innovation and technological excellence enables it to meet the complex demands of governments, military organisations, and commercial enterprises worldwide. Raytheon Technologies plays a critical role in shaping the future of defense and aerospace, with a focus on next-generation technologies like artificial intelligence, hypersonics, and autonomous systems.

9. Lockheed Martin Corporation

Lockheed Martin Corporation is a global aerospace, defence, arms, security, and advanced technologies company, established in 1995 through the merger of Lockheed Corporation and Martin Marietta. The company is a leading provider of innovative solutions to defence, space, and aeronautics sectors, with an extensive portfolio that includes fighter jets, satellites, advanced radar systems, and missile defence technologies. Lockheed Martin operates in various business segments: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space Systems. The company is renowned for its cutting-edge technologies and high-performance products, including the F-35 Lightning II fighter jet, the Orion spacecraft, and the Aegis Ballistic Missile Defense System. Lockheed Martin also plays a crucial role in national and global security, offering solutions for military, intelligence, and homeland security applications. With a presence in over 50 countries, Lockheed Martin is a key partner to governments, military organisations, and commercial industries worldwide. The company is committed to advancing technology in areas like artificial intelligence, cybersecurity, and space exploration, driving innovation through research and development.

10. Nammo AS

Nammo AS is a leading global manufacturer of ammunition, defense, and aerospace products. The company has grown into one of the foremost players in the defence industry, providing innovative solutions for military, law enforcement, and commercial markets. The company’s portfolio includes a wide range of products, from ammunition and rocket propulsion systems to energy management and defense electronics. Nammo is particularly known for its advanced ammunition technologies and is a key supplier to NATO and other defense organizations. The company’s aerospace division specializes in rocket motors, offering critical support to space programs and satellite launches. Nammo operates in more than 20 countries across Europe, North America, and Asia, with a strong presence in the defense and aerospace sectors. With a commitment to cutting-edge research and development, Nammo focuses on delivering high-performance, cost-effective, and sustainable solutions. The company’s focus on innovation, quality, and safety has earned it a reputation for excellence in the defense industry.

11. Saab AB

Saab AB is a global leader in defence and security solutions. The company has built a strong reputation for providing advanced technology and cutting-edge products in the aerospace, defence, and civil security sectors. The company develops and manufactures a wide range of products, including military aircraft, submarines, radars, and defence systems, with a focus on innovation and sustainability. Saab’s portfolio includes the Gripen fighter aircraft, one of the world’s most advanced multi-role jets, and the A26 submarine, designed for both national and international missions. The company also specializes in providing intelligence systems, cybersecurity solutions, and integrated air defence systems for governments, armed forces, and industries around the world. Operating in more than 30 countries, Saab has a global presence, with a strong focus on delivering customer-centric solutions and ensuring high operational performance. The company is committed to long-term partnerships, offering tailored defence solutions and modernizing existing systems for its clients.

12. Vista Outdoor Inc.

Vista Outdoor sold its ammunition brands (The Kinetic Group) to Czechoslovak Group in November 2024. Vista Outdoor’s outdoor brands (Revelyst) was acquired by Strategic Value Partners, LLC (SVP) in January 2025. Vista Outdoor Inc. is a leading global designer, manufacturer, and marketer of outdoor products. The company operates through a diverse portfolio of well-known brands across various categories, including shooting sports, outdoor recreation, and sporting goods. Vista Outdoor serves a broad range of customers, from outdoor enthusiasts and sports shooters to law enforcement and military personnel. The company’s product range includes ammunition, firearms, outdoor accessories, and fitness equipment, with brands such as Federal Premium, Bushnell, CamelBak, and Blackhawk. Vista Outdoor’s operations span across North America, Europe, and the Asia-Pacific region, giving it a strong global presence in both commercial and government markets. Vista Outdoor is committed to innovation and sustainability, continuously investing in product development to enhance customer experiences while reducing its environmental impact. The company focuses on providing high-quality, performance-driven products that meet the diverse needs of its customers.

13. Singapore Technologies Engineering Ltd

Singapore Technologies Engineering Ltd (ST Engineering), based in Singapore, is a global leader in integrated engineering solutions. ST Engineering operates in four key sectors: Aerospace, Electronics, Land Systems, and Marine. The company designs, develops, and delivers a wide range of products and services to meet the needs of industries such as defence, aerospace, automotive, healthcare, and smart cities. ST Engineering is known for its innovation and advanced technological capabilities, offering solutions in areas like urban mobility, cyber security, artificial intelligence, and autonomous systems. With a strong emphasis on research and development, the company continues to push the boundaries of technology to address complex challenges faced by industries worldwide. The company operates in over 100 locations across the globe, with a strong presence in North America, Europe, and Asia, allowing it to serve clients in both the public and private sectors. ST Engineering has a robust portfolio of capabilities, from providing mission-critical defence systems to delivering cutting-edge commercial solutions.

14. CBC Global Ammunition

CBC Global Ammunition is a leading manufacturer of small-caliber ammunition, serving both military and civilian markets worldwide. CBC (Companhia Brasileira de Cartuchos) has become a trusted name in the ammunition industry, known for its commitment to quality, innovation, and precision. The company operates through its subsidiaries, including Magtech Ammunition and Sellier & Bellot, expanding its reach to various international markets. CBC Global Ammunition produces a wide range of ammunition, including handgun, rifle, shotgun, and military-grade products. Its diverse portfolio caters to law enforcement, defense, sporting, and hunting sectors, offering reliable and high-performance ammunition for different applications. The company invests heavily in research and development, continuously advancing its manufacturing processes and technologies to meet the highest standards of safety and efficiency. CBC’s products are renowned for their consistency, accuracy, and durability. With manufacturing facilities in Brazil, the United States, and the Czech Republic, CBC Global Ammunition operates a strong global supply chain, ensuring timely delivery and high-quality production.

15. KMW+Nexter Defense Systems N.V.

KMW+Nexter Defense Systems N.V. is a leading global provider of defense solutions, specialising in land-based military systems. Formed from the merger of Krauss-Maffei Wegmann (KMW) and Nexter Systems, the company combines decades of expertise in the development and production of advanced military vehicles, artillery systems, and related technologies. The company operates under the umbrella of KNDS (KMW+Nexter Defense Systems), and it serves armed forces and defense organisations worldwide. KMW+Nexter offers a broad range of products, including the Leopard 2 tank, PzH 2000 self-propelled howitzers, and VBCI armored vehicles. The company’s solutions are designed to meet the highest standards of protection, mobility, and firepower, ensuring military forces can effectively address modern combat challenges. In addition to vehicle systems, KMW+Nexter focuses on providing complete life-cycle support, including maintenance, upgrades, and training services. The company’s products are used by military forces in Europe, North America, and other regions, with a strong presence in key markets such as Germany, France, and the Middle East.

16. Leonardo S.p.A.

Leonardo S.p.A. is a global leader in aerospace, defence, and security technologies. The company has built a reputation for excellence in the development and production of advanced systems and solutions for both civilian and military applications. Leonardo operates in various sectors, including aerospace, defence, cyber security, and space, offering cutting-edge technologies and services to governments, military forces, and industrial clients worldwide. The company is known for its expertise in avionics, radar, electronic warfare, helicopters, unmanned systems, and cybersecurity solutions. Leonardo’s portfolio includes products and services for air, land, sea, and space operations, with a strong emphasis on innovation and technological advancement. The company also plays a key role in international collaborations, providing systems integration and support services to global markets. Leonardo has a vast global presence, with operations in over 150 countries and a significant workforce spread across various research and manufacturing facilities.

17. The Boeing Company

The Boeing Company is one of the world’s largest aerospace and defence companies. The company designs, manufactures, and sells airplanes, rotorcraft, satellites, telecommunications equipment, and missiles. Boeing is a key player in both the commercial and military aviation sectors, providing a wide range of products and services for both civil and military customers. Boeing's commercial division is renowned for its line of passenger aircraft, including the popular 737, 787 Dreamliner, and 777 models, while its defence and space division manufactures products such as fighter jets, bombers, space exploration systems, and missile defence technologies. The company also offers services that include maintenance, upgrades, and training, supporting its global customer base. With a presence in over 65 countries, Boeing has a strong international footprint, serving both governmental and private clients. The company’s commitment to innovation is reflected in its ongoing investment in research and development, particularly in areas such as autonomous systems, next-generation aircraft, and space exploration.

18. Olin Corporation

Olin Corporation is a global leader in the chemical industry, with a strong focus on providing innovative products and solutions. Olin operates in key markets including aerospace, automotive, electronics, and energy. The company’s core business segments include Chlor Alkali Products, Epoxy, and Winchester, the latter of which is a renowned producer of ammunition. Olin is known for its manufacturing expertise in producing chemicals, such as chlorine, caustic soda, and epoxies, which are vital for a wide range of industrial applications. The company’s products are used in diverse sectors, including water treatment, construction, and industrial coatings. The company also has a significant presence in the ammunition industry through Winchester, one of the most trusted names in firearms and ammunition. Olin's strategic investments in cutting-edge technologies and its commitment to operational excellence have helped the company maintain a competitive edge in the global market.

19. Herstal Group

Herstal Group is a renowned global leader in the design and manufacture of high-performance firearms, ammunition, and tactical systems. Established in 1889, Herstal has built a strong reputation for innovation, quality, and reliability, serving both military and law enforcement agencies, as well as the civilian market. The company is best known for its flagship brands, FN Herstal and Browning, which offer a wide range of firearms, including rifles, shotguns, and handguns, alongside ammunition and accessories. Herstal Group’s products are used by armed forces, police forces, and security professionals worldwide, offering cutting-edge technologies designed to enhance operational efficiency and safety. The company’s commitment to precision engineering and rigorous testing ensures that all products meet the highest standards of performance and durability. With a presence in over 100 countries, Herstal Group operates through a network of subsidiaries, partners, and distributors. The company continually invests in research and development to advance firearm technology, incorporating the latest innovations in materials, ergonomics, and safety features.

20. Fiocchi Munizioni S.p.A.

Fiocchi Munizioni S.p.A. is a renowned manufacturer of high-quality ammunition and shooting products. The company has a rich history of providing innovative and reliable ammunition solutions for both civilian and military markets. Fiocchi is recognized globally for its expertise in producing a wide range of ammunition, including shotgun, rifle, and pistol cartridges, as well as industrial and defence-related products. With a commitment to precision, performance, and safety, Fiocchi Munizioni has become a trusted name in the industry, supplying ammunition to professional shooters, law enforcement agencies, and recreational users. The company is also known for its ongoing research and development efforts, ensuring that its products meet the highest standards of quality and technology. Fiocchi operates internationally, with a strong presence in Europe, North America, and beyond, and it maintains a reputation for excellence in manufacturing and customer service. The company’s state-of-the-art production facilities and dedication to innovation enable it to deliver top-tier ammunition tailored to the needs of its diverse customer base.

21. Prvi Partizan A.D.

Prvi Partizan A.D. is a leading manufacturer of ammunition, with a rich history spanning over 95 years. The company has become one of the most prominent producers of small arms ammunition in Europe. Prvi Partizan offers a diverse range of products, including ammunition for rifles, handguns, shotguns, and military applications, serving both civilian and defense markets. The company is known for its commitment to quality, safety, and innovation, using advanced technology in its production processes. Prvi Partizan’s manufacturing capabilities include the production of bullets, casings, and primers, ensuring that each component meets international standards. It is renowned for its ability to produce a variety of calibers and specialized ammunition for hunting, sport shooting, and law enforcement use. With a strong global presence, Prvi Partizan exports its products to over 60 countries, including the United States, Canada, and several European markets. The company’s reputation for producing reliable and high-performance ammunition has earned it a loyal customer base worldwide. Prvi Partizan continues to invest in research and development, aiming to introduce new, more efficient, and environmentally-friendly ammunition solutions. As an industry leader, it remains dedicated to maintaining its position as a key player in the global ammunition market.

22. Hornady Manufacturing Company

Hornady Manufacturing Company is a renowned American manufacturer of ammunition and reloading components. The company is known for its high-quality products that cater to hunting, shooting sports, and law enforcement sectors. Hornady has established itself as a leader in ammunition technology, offering a wide range of rifle, handgun, and shotgun ammunition, as well as reloading tools, components, and accessories. The company is widely recognized for its innovation in bullet design, particularly its patented "Hornady InterLock" bullets, which are designed to provide superior accuracy, consistency, and terminal performance. Hornady also produces premium ammunition lines, such as "Custom", "Precision Hunter", and "Black", which are tailored to the needs of precision shooters, hunters, and tactical users. Hornady Manufacturing focuses on ensuring the highest quality and precision across all its products by maintaining rigorous testing standards. The company operates state-of-the-art facilities and uses advanced manufacturing technologies to maintain its reputation for quality and reliability.

23. Ceska zbrojovka a.s.

Česká zbrojovka a.s. (CZ) is a leading global manufacturer of firearms and ammunition. The company has built a strong reputation for producing high-quality, innovative products for civilian, military, and law enforcement sectors. CZ specializes in designing and manufacturing handguns, rifles, submachine guns, and related accessories, as well as ammunition. With over 80 years of experience, Česká zbrojovka is known for its precision engineering and cutting-edge technology. The company is committed to delivering durable, reliable, and accurate firearms, and it has become a prominent name in both the sporting and defence industries. Its products are widely used by military personnel, police forces, and shooting enthusiasts around the world. The company’s success is driven by continuous innovation, with a focus on developing advanced materials, improving performance, and ensuring safety. CZ operates globally, with a strong presence in Europe, North America, and Asia, and has expanded its portfolio through acquisitions of other firearm companies. The company is also dedicated to sustainability and corporate social responsibility, investing in environmentally friendly production practices and contributing to various social initiatives.

24. Nosler Inc

Nosler Inc. is a renowned manufacturer of high-performance ammunition, firearms, and reloading components. Established by John Nosler, the company has built a legacy of producing precision-crafted bullets and ammunition for hunters, sports shooters, and law enforcement agencies. Nosler is particularly known for its innovative bullets, including the Partition and AccuBond, which have set new standards in the industry for accuracy, terminal performance, and reliability. Nosler operates a vertically integrated business model, managing every step of the production process, from raw materials to finished products. This ensures the highest quality and consistency across all its offerings. The company’s product portfolio includes premium rifle and handgun ammunition, custom ammunition, reloading components, and a range of firearms, including bolt-action rifles. With a focus on cutting-edge technology and meticulous craftsmanship, Nosler maintains its competitive edge in the market. The company’s commitment to excellence is reflected in its rigorous testing processes, which ensure that each product meets the highest standards.

25. ARSENAL JSCo,

ARSENAL JSCo is a leading manufacturer of military equipment and ammunition. The company has built a strong reputation as a trusted supplier for the defence and security sectors, offering a wide range of products, including small arms, artillery, missiles, and ammunition. ARSENAL JSCo also provides maintenance, repair, and modernisation services for military equipment. With decades of experience, the company is known for its high-quality standards and innovation in defence technologies. ARSENAL JSCo serves both domestic and international markets, supplying armed forces, security agencies, and defence contractors across the globe. The company has established strategic partnerships with numerous military organisations and has a significant export presence in Europe, Asia, and Africa. In addition to its defence-related products, ARSENAL JSCo is committed to continuous research and development, striving to improve the performance and efficiency of its offerings. The company also emphasises environmental sustainability and adheres to strict quality control processes to meet international standards.