If you search "ammunition market size," most sources will hand you the same three facts: USD 80.86 billion in 2025, a drop to USD 28.37 billion by 2033, and a -14.0% CAGR. Read in isolation, that looks like an industry in trouble. It isn't. It's an industry that overbuilt for a crisis and is now working its way back to a steadier baseline — and the path it takes depends entirely on...