(MENAFN) Vista Outdoor, a US company based in Minnesota that owns multiple firearms businesses, has cautioned that a shortage of worldwide gunpowder supplies may lead to a significant surge in ammunition prices, as reported.

The company stated last week that it plans to implement a comprehensive increase in its ammunition and gunpowder prices starting on January 1.

“Due to world events our suppliers have notified us of unprecedented demand for and an anticipated global shortage of gunpowder, and thus has increased our prices substantially,” Brett Nelson, the Vice President of Sporting Product Sales at Vista Outdoor, was quoted in a letter as saying. “We must therefore raise our pricing to help offset those increases.”

Vista Outdoor also informed customers that, unless they opt to cancel a delivery, the company will adjust the prices of "existing and future orders shipped on or after January 1, 2024, to the new prices." According to Nelson, revised price lists is going to be provided in the coming weeks.

The report suggests that companies such as Remington, Alliant Powder, CCI, Federal, SEVI-Shot, and Speer are anticipated to raise prices. Ammunition prices saw a significant increase during the Covid pandemic due to heightened sales and disrupted supply chains.

While Vista Outdoor did not specify the events contributing to the price hike, Newsweek noted that the Ukraine conflict and hostilities between Israel and Hamas have substantially driven up demand for ammunition.

MENAFN11122023000045015839ID1107571742