Top 14 Ammunition Manufacturers in the World - key Trends and Industry Outlook

The global ammunition market size reached US$ 25.8 Billion in 2024. The market growth is driven by increasing defense investments, evolving international geopolitical uncertainties, and technological advancements. Countries around the world are revamping their military to tackle emerging threats and subsequently, boosting the demand for state-of-art munitions. Innovations in the industry include smart ammunition with GPS-guided precision, lighter polymer ammunition, and environmentally friendly options such as lead-free ammunition. Furthermore, increased personal security concerns and the rising trend of recreational shooting and hunting, especially in North America, have increased civilian ammunition sales.

As per IMARC analysis, North America accounts for the largest market share in the global ammunition market. The United States is witnessing lucrative growth in the market, driven by increasing defense initiatives and substantial investments in local production. Meanwhile, key players in the region are actively expanding manufacturing to meet both domestic and international needs. For instance, in September 2024, Saab announced a new munitions facility in Grayling, Michigan, focusing on the assembly of shoulder-fired munitions and precision fire systems. This facility is aimed to significantly enhance U.S. ammunition production capacity and support national defense objectives. Such developments underscore the country’s strategic focus on bolstering ammunition output while catering to global security demands. In addition, the demand for ammunition in civilian markets, including hunting, sports shooting, and personal defense, is also on the rise. As per the Firearm Industry Trade Association data, in 2023, there were an estimated 4.3 million new gun owners in the country.

Countries in Asia-Pacific, including India and South Korea, are rapidly establishing domestic production to mitigate import dependence. For instance, India's Ordnance Factory Board (OFB) is working to expand domestic production, while Hanwha Corporation from South Korea is expanding the global footprint in ammunition-related businesses. Technological advancements in the region are creating growth opportunities for the manufacturers. For instance, in August 2024, the Odisha Police in India launched an e-module for inventory management of its ammunition and munitions. The e-module is purposed to help the senior officers monitor the stock of arms of all the police districts in the state.

The leading companies in the ammunition market are engaged in expanding their product portfolio and gaining a competitive edge. These companies are focusing on introducing ammunition with lightweight bullets, which are manufactured from polymer-based cases as they are lighter, less expensive to produce, and environment-friendly as compared to traditional ammunition. Moreover, the advent of smart ammunition that uses sensors and microchips to provide information about the trajectory, velocity, and location of the ammunition is influencing the market positively.

Learn about opportunities, challenges, and trends in the global Ammunition market with IMARC’s market research report. Try a free sample today!

List of Top Manufacturers Operating in the Ammunition Industry:

The global ammunition market comprises several major players including AMMO, Inc., ARSENAL JSCo., BAE Systems PLC, CBC Global Ammunition, Denel SOC Ltd, Hanwha Corporation, FN Browning Group (FN Herstal), Hornady Manufacturing, Inc., Nammo AS, KNDS Group, Northrop Grumman Corporation, Nosler Inc, Rheinmetall AG, and Sierra Bullets. More information about these companies has been provided below.

1. AMMO, Inc.

Establishment:	2016
Headquarters:	Arizona, United States
Website:	https://ammoinc.com/

AMMO, Inc. produces a wide range of high-quality ammunition for military, law enforcement, and civilian use, including rifle, pistol, and shotgun ammunition. Its products are known for their consistency, accuracy, and reliability, which make them a widespread choice among shooting enthusiasts and professionals alike. It is also committed to environmental sustainability and uses only non-toxic materials in its production process. In April 2024, the company acquired a tooling manufacturer to in-source over 90% of tooling manufacturing at its Manitowoc, Wisconsin factory, and this strategic move is expected to save more than USD 1 Million in production cost per year.
 

2. ARSENAL JSCo.

Establishment:	1878
Headquarters:	Kazanlak, Bulgaria
Website:	https://www.arsenal-bg.com/

ARSENAL JSCo. specializes in the production of military equipment and munitions. Its product line includes a wide range of military equipment, including small arms, artillery, and armored vehicles. It also produces ammunition for both military and civilian use, including rifles, pistols, and shotguns. It is known for its commitment to quality and innovation, and its products are highly regarded by military professionals and enthusiasts around the world. It also offers a range of maintenance and repair services to ensure that its equipment is always in top condition.
 

3. BAE Systems PLC

Establishment:	1999
Headquarters:	Farnborough, United Kingdom
Website:	https://www.baesystems.com/

BAE Systems PLC is a multinational defense, security, and aerospace company that has a global presence and operates in over 40 countries with a workforce of over 85,000 employees. Its product portfolio includes a wide range of defense systems and platforms, including combat vehicles, aircraft, missiles, and naval ships. It also provides a range of services, including cybersecurity, intelligence, and surveillance. The company has a strong focus on innovation and technology, investing heavily in research and development to ensure that its products remain at the forefront of the industry. In August 2024, BAE Systems announced that they won a USD 493 Million contract to produce M109A7 Self-Propelled Howitzers and M992A3 Ammunition Carriers. The production is planned to continue up until July 2026 as the US Army continues to execute its artillery modernization plan.
 

4. CBC Global Ammunition

Establishment:	1926
Headquarters:	Sao Paulo, Brazil
Website:	https://cbcglobal-ammunition.com/

CBC Global Ammunition produces a wide range of ammunition products, including rifles, pistols, shotgun ammunition, and components for reloading. Its products are used by military and law enforcement agencies, as well as by shooting enthusiasts and hunters around the world. The company is recognized for its commitment to quality, innovation, and safety, and its products are tested to rigorous standards to ensure their reliability and consistency. It also offers a range of training and consulting services, which help educate customers on the safe and effective use of firearms.
 

5. Denel SOC Ltd

Establishment:	1992
Headquarters:	Centurion, South Africa
Website:	http://www.denel.co.za/

Denel SOC Ltd designs and manufactures a wide range of products, including defense systems, missiles, and munitions, as well as aircraft and aerospace components. It is one of the biggest defense companies in Africa, and its products are used by domestic and international customers, including military and law enforcement agencies. It offers a range of services, including training and consulting, to help its customers maximize the use of its products. It is a trusted partner for governments and organizations with a verified track record of success and a commitment to excellence around the world.

 

6. Hanwha Corporation

Establishment:	1952
Headquarters:	Seoul, South Korea
Website:	https://www.hanwha.com/

Hanwha Corporation operates in various industries, such as aerospace, defense, chemical, finance, and construction. Its global presence is impressive, with operations in more than 50 countries and a workforce of over 62,000 employees worldwide. It is dedicated to innovation and has invested in research and development (R&D) to stay ahead of the curve in various industries. In October 2024, Hanwha signed an MoU with Ultra Intelligence & Communications (Ultra I&C) to improve global defense capabilities. The partnership was planned to integrate Ultra I&C's ADSI C2 gateway with Hanwha's K239 Chunmoo rocket launcher, supporting Five Eyes interoperability and CJADC2 initiatives through innovative command and control architectures.

7. FN Browning Group (FN Herstal)

Establishment:	1889
Headquarters:	Herstal, Belgium
Website:	https://fnbrowninggroup.com/

FN Browning Group is known for producing high-quality firearms and ammunition for military, law enforcement, and civilian use. It has a long history of innovation, and its products are renowned for their accuracy, reliability, and durability. It is committed to meeting the highest standards of quality and safety, and its products undergo rigorous testing and quality control before they are sold to customers.

8. Hornady Manufacturing, Inc.

Establishment:	1949
Headquarters:	United States
Website:	https://www.hornady.com/

Hornady Manufacturing, Inc. produces a wide range of ammunition types for handguns, rifles, and shotguns, including hunting, self-defense, and target shooting rounds. It also produces reloading equipment, such as dies, presses, powder measure, and other shooting accessories. The company is known for its exceptional accuracy, consistent performance, and advanced features such as ballistic coefficients, low drag tips, and precision swaged cores.
 

9. Nammo AS

Establishment:	1998
Headquarters:	Raufoss, Norway
Website:	https://www.nammo.com/

Nammo AS specializes in producing ammunition, rocket motors, and rocket-propelled grenades for military and civilian use. Its products are used by militaries across the world, and law enforcement agencies, hunters, and sports shooters. It aims for innovation and sustainability and has set a goal to become the most sustainable ammunition manufacturer in the world. It has developed advanced technologies to reduce the environmental impact of its products, including lead-free ammunition and rocket motors with lower emissions.
 

10. KNDS Group

Establishment:	2015
Headquarters:	Amsterdam, Netherlands
Website:	https://www.knds.com/

KNDS specializes in producing land systems, ammunition, and related services. It produces a variety of ammunition types for military use, including artillery rounds, small arms ammunition, and tank ammunition. The company is known for its advanced technologies, such as programmable fuses that can be set to detonate at a specific time or altitude and self-destruct mechanisms that reduce the risk of unexploded ordnance. It also produces armored vehicles, artillery systems, and other defense equipment.
 

11. Northrop Grumman Corporation

Establishment:	1994
Headquarters:	Virginia, United States
Website:	https://www.northropgrumman.com/

Northrop Grumman Corporation specializes in producing advanced aircraft, spacecraft, electronics, and defense systems for the military, government, and commercial sectors. It produces unmanned aerial vehicles (UAVs) and defense electronics such as radar and missile defense systems. It is dedicated to innovation and has a strong focus on research and development, with significant investment in new technologies such as artificial intelligence, cybersecurity, and autonomous systems.

12. Nosler Inc

Establishment:	1948
Headquarters:	Oregon, United States
Website:	https://www.nosler.com/

Nosler Inc is an American manufacturer of high-quality ammunition, bullets, and firearms. It is recognized as one of the leading manufacturers of hunting ammunition and bullets in the world. It produces a wide range of ammunition types for rifles, handguns, and shotguns, including hunting, self-defense, and target shooting rounds. Its ammunition is known for its exceptional accuracy, consistent performance, and advanced features such as polymer tips, bonded cores, and low-drag coefficients.
 

13. Rheinmetall AG

Establishment:	1889
Headquarters:	Düsseldorf, Germany
Website:	https://www.rheinmetall.com/

Rheinmetall AG produces a wide range of military equipment, including armored vehicles, artillery systems, ammunition, and air defense systems. It also sells components and systems for the automotive industry, including emission reduction technologies, engine components, and electric drivetrains. It is committed to innovation and sustainability and has set a goal to reduce the environmental impact of its products and operations. It has developed advanced technologies to reduce emissions and improve fuel efficiency, and technologies for reducing the environmental impact of its defense products, such as lead-free ammunition.
 

14. Sierra Bullets

Establishment:	1947
Headquarters:	Missouri, United States
Website:	https://www.sierrabullets.com/

Sierra Bullets specializes in producing high-quality bullets for rifles and handguns. It produces different bullets for target shooting, hunting, and self-defense, including hollow point, boat-tail, and match-grade bullets. Its bullets are known for their exceptional accuracy, consistent performance, and advanced features such as polymer tips, bonded cores, and low-drag coefficients. It also manufactures a line of reloading equipment and supplies for shooters who prefer to reload their own ammunition. It has a robust focus on innovation and continually develops new technologies to improve the performance of its products.

Key Trends Driving the Ammunition Industry:

• Increasing government expenditures on ammunition: In March 2024, the European Union Commission allocated USD 537.2 Million to ramp up ammunition production, aiming to strengthen their defense industry. Such investments across different regions have led to an increased impetus towards the ammunition industry. These investments are driven by the increasing need to attain a competitive edge in technological advancements, meet fluctuating demands, and ensure product preciseness. For instance, in February 2024, Adani unveiled South Asia's largest ammunition and missile complex in Kanpur, India to cater to domestic demand, augment defense capabilities, and boost economic growth and employment.
• Technological Advancements: Integration of automation and digitalization in ammunition management is further projected to create new growth opportunities for the market participants. For instance, in July 2024, American Rounds announced plans to introduce AI-driven ammunition vending machines in different U.S. states. Vending machine weighing 2000 pounds was developed with double steel walls and automated facial recognition technology. This machine accepts credit card payments to provide ammunition.

Challenges and Market Opportunities:

• Challenges: Fierce competition, government regulations, and export bans restrain the market primarily in regions where strict arms control policies are implemented, including Europe and some parts of Asia. Increased environmental awareness for lead-based ammunition and the resultant impact on wildlife and ecosystems have prompted calls for other means, increasing production costs. The situation also worsens due to fluctuating raw material prices and slow supply chain disruptions due to geopolitical unrest. The civilian market faces demand fluctuations as it also experiences sudden demand spikes spurred by political uncertainty, causing stock shortages and irregular supply.
• Opportunities: Development of smart and precision-guided ammunition for military purposes is creating new growth avenues for the market. Increasing investments in defense by emerging economies, coupled with growing popularity of environmentally friendly and lead-free substitutes have opened new markets. Further, the recreational shooting and hunting segments are also witnessing substantial growth, particularly in North America and Europe. Efforts toward self-reliance in defense manufacturing, like in India, add further opportunity for innovation and collaboration.

 

Future Outlook:

Emerging markets are expected to grow at steady pace, propelled by technology advancement and increased defense budgets. The demands for smart and eco-friendly ammunition are expected to expand the industry potential, prompting innovative investments among manufacturers. Recreational shooting and hunting activities are projected to continue to be an important revenue stream in North America and Europe as well as in other regions. Furthermore, the promotion of domestic defense manufacturing capabilities by governments is expected to provide avenues for collaborative work and technology development. Looking forward, the market value is expected to reach US$ 36.1 Billion by 2033, exhibiting a growth rate (CAGR) of 3.44% from 2025-2033.

About Author:

Aditi Kumar  Senior Content Writer at IMARC Services Private Limited Aditi is a content writer and editor at IMARC Services Private Limited with over two years of experience in market research, covering diverse sectors from information technology to healthcare, automotive, oil and gas, food and beverage, and electronics. She actively works on numerous predictive and exploratory research projects and has hands-on experience analyzing and writing about macro and micro markets. Besides writing, Aditi loves baking and reading novels.