The global small caliber ammunition market is expected to see a significant increase by the end of the decade, reaching $9.35 billion in 2028, and registering a revenue compound annual growth rate (CAGR) of 2.3 percent during the forecast period. According to new data from Emergen Research, increased spending in military modernization programs in emerging countries for training of soldiers, as well as the growing participation of people in hunting and sport shooting activities, and the rising emphasis on personal safety were among the major factors that were seen to be driving the small caliber ammunition market revenue growth.
Various countries including Germany, France, India, China, and Russia were escalating defense expenditure to enhance their military capabilities. This has resulted in increased defense investments, which had included the procurement of advanced weapons and ammunition. Small-caliber ammunition companies are now developing more innovative products that will meet small-caliber ammunition requirements in a more cost-effective manner.
The Emergen Research report projected that the 7.62mm segment is expected to register the largest revenue share during the forecast period. The 7.62mm caliber is used in short and long-range firearms including medium machine guns, handguns, and shorter-range sniper rifles.
The 9mm segment is also expected to register a significantly large increase in revenue share during the forecast period owing to its reduced gun recoil, which could make it easier for shooters to handle. Military and law enforcement agencies globally have continued to adopt the 9mm cartridge due to greater magazine capacity and improved performance.