Dry Ice Market

• Increasing Growth of Cold Food and Beverages

The CAGR for the global cold food and beverages market is projected to reach 9.4% from 2022 to 2028. Online food delivery platforms have made it easier for consumers to access a wider variety of cold food and beverages. This has led to an increase in demand for cold food and beverages, as consumers are now able to order their favorite cold food and beverages from the comfort of their own homes. The increasing growth of cold food and beverages indeed drives the demand for dry ice.

Dry ice, which is solid carbon dioxide (CO2) in its frozen form, is widely used in the food and beverage industry for various purposes due to its unique properties.

Cold food and beverages, including frozen foods, seafood, meats, and certain beverages, require strict temperature control during storage and transportation to maintain their quality and safety. Dry ice is an excellent cooling agent in such cases because it sublimates (converts directly from a solid to a gas) without leaving any residue. This makes it ideal for maintaining low temperatures and preserving the freshness of perishable products during shipping.

The Global Dry Ice Market Industry experiences a notable increase in demand due to the growing need for food preservation. As consumers become more health-conscious, the requirement for safe and effective food storage solutions intensifies. Dry ice, with its ability to maintain low temperatures, plays a crucial role in the transportation of perishable goods. In 2024, the market is projected to reach 397.2 USD Million, reflecting the industry's responsiveness to this trend. This demand is likely to escalate further as the global population increases, necessitating efficient food supply chains that utilize dry ice for extended shelf life.

The Global Dry Ice Market Industry benefits significantly from the expansion of the pharmaceutical sector. With the increasing production and distribution of temperature-sensitive medications and vaccines, dry ice serves as an essential component for maintaining the integrity of these products during transit. The pharmaceutical industry is projected to grow, which may lead to a corresponding rise in dry ice usage. As the market evolves, it is expected that the demand for dry ice will continue to grow, aligning with the anticipated market value of 928.8 USD Million by 2035. This trend underscores the critical role of dry ice in ensuring the efficacy of pharmaceutical products.

Technological advancements in the production of dry ice contribute to the growth of the Global Dry Ice Market Industry. Innovations in manufacturing processes enhance efficiency and reduce costs, making dry ice more accessible to various sectors. These advancements may lead to improved quality and consistency in dry ice products, which is essential for industries such as food and pharmaceuticals. As production capabilities expand, the market is likely to witness a compound annual growth rate of 8.03% from 2025 to 2035. This growth trajectory indicates a robust future for dry ice as industries increasingly rely on its unique properties.

The Global Dry Ice Market Industry sees a surge in demand due to its increasing use in industrial applications. Industries such as metalworking and manufacturing utilize dry ice for cleaning and cooling processes, which enhances operational efficiency. The versatility of dry ice in various applications, including blast cleaning and carbon dioxide snow production, positions it as a valuable resource in industrial settings. As industries continue to adopt dry ice for its effectiveness, the market is poised for growth, potentially reaching 928.8 USD Million by 2035. This trend highlights the expanding role of dry ice in diverse industrial processes.

Environmental considerations and sustainability efforts drive the Global Dry Ice Market Industry as businesses seek eco-friendly alternatives for cooling and preservation. Dry ice, being a solid form of carbon dioxide, offers a more sustainable option compared to traditional refrigerants, which may have harmful environmental impacts. As companies increasingly prioritize sustainability, the demand for dry ice is likely to rise. This shift towards greener practices aligns with the projected market growth, potentially reaching 397.2 USD Million in 2024. The emphasis on environmental responsibility may further enhance the appeal of dry ice across various sectors.

By Region, the study segments the market into North America, Europe, Asia-Pacific, and Rest of the World. North America Dry Ice market has held the largest market share among the region in the Dry Ice Market. The increasing demand from the pharmaceutical and healthcare sectors, especially in light of the ongoing global health crisis. Dry ice, essential for the preservation and transportation of vaccines and other temperature-sensitive medical supplies, has seen a surge in demand, fueling market growth.

Additionally, the expanding e-commerce sector, accelerated further by the pandemic, has led to a greater need for efficient cold chain logistics, where dry ice plays a crucial role in preserving perishable goods during transportation. Furthermore, there is a growing awareness of the environmental benefits of dry ice. As sustainability becomes a key focus for businesses, the eco-friendly nature of dry ice production, often made from recycled carbon dioxide, aligns with these goals, driving its adoption across various industries.

Technological advancements and innovations in dry ice manufacturing processes have also enhanced production capabilities, ensuring a stable supply to meet the rising demand. With these factors in play and a diverse range of industries recognizing the value of dry ice, the North America dry ice market is expected to experience substantial growth in the foreseeable future.

The major countries studied are the US, Canada, Mexico, UK, Germany, France, Italy, China, Japan, India, Middle East, Latin America, and Africa.

Figure 3: DRY ICE MARKET SHARE BY REGION, 2021 & 2032 (USD Million)

Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

Asia-Pacific’s burgeoning pharmaceutical and healthcare sectors are expected to fuel the growth of the dry ice market in the region. With a growing population and increased healthcare awareness, there is a rising demand for temperature-sensitive pharmaceuticals, vaccines, and medical supplies. Dry ice, with its exceptional cooling properties, has become indispensable for the safe transportation and storage of these products, thus fueling the market's expansion. Moreover, the booming e-commerce industry in countries like China and India is another significant factor driving the demand for dry ice.

The need for efficient cold chain logistics to deliver perishable goods, including fresh produce and frozen products, to consumers' doorsteps is pushing companies to adopt dry ice as a reliable solution, fostering market growth. As businesses become more eco-conscious, the environmentally friendly nature of dry ice production, often made from reclaimed carbon dioxide, aligns with their sustainability goals. Furthermore, the increasing industrialization and modernization in emerging economies across Asia-Pacific are driving the demand for dry ice in various applications, from food processing to automotive industries.

The Dry Ice market in Europe is expected to lead the regional segmental share in the coming years. The ongoing global health crisis has accelerated the need for reliable cold chain solutions. This is especially true when it comes to transporting and storing COVID-19 vaccines and other temperature-sensitive medical supplies. To ensure the efficacy and safety of these products, dry ice has emerged as a vital component. It is being widely adopted in various regions. Moreover, Europe's food and beverage industry is experiencing an increase in demand for dry ice.

Consumers are now seeking fresher and more diverse products, prompting the industry to utilize dry ice for efficient preservation and transportation of perishable goods. By doing so, they can meet the ever-changing preferences of their customers. Furthermore, there is a growing emphasis on environmentally friendly practices in Europe. Dry ice aligns perfectly with sustainability goals as it is made from recycled carbon dioxide. Industries are increasingly opting for dry ice over traditional cooling methods due to its eco-friendly nature, driving market growth.

The Dry Ice market is highly competitive due to the presence of several private players manufacturing counterfeit products of major brands to boost their sales. Therefore, the major companies are adopting innovative production strategies to set themselves apart from the crowd. For example, major companies are using new materials and partnering with celebrities to establish themselves in the Dry Ice market. They are also offering sponsorships for various sports and events, leading to an increase in the sales of Dry Ice products. Some of the key players in the Dry Ice market include U.S.

Ice Corporation, Polar Ice Ltd, Continental Carbonic Products, Inc., SICGIL India Limited, Linde plc, Air Liquide, Tripti Dry Ice Co., and Dry Ice UK Limited. Although the international players dominate the market, regional and foreign players with small market shares also have a presence. The international players may strengthen their presence worldwide through acquisitions during the forecast period.

One of the key business strategies deployed by the Dry Ice industry to gain a competitive advantage among the competitors is increasing product launch. Also, expansion with new startups and small-scale manufacturers augment the production capacity to meet the increasing demand for various Dry Ice types in the market.

U.S. Ice Corporation is a privately held company headquartered in Detroit, Michigan. It was founded in 1946 and is one of the largest ice producers in the United States. U.S. Ice Corporation produces a variety of ice products, including cubed ice, flake ice, and dry ice. It also offers a variety of ice delivery services. U.S. Ice Corporation is a major supplier of ice to the foodservice, hospitality, and industrial industries. It also supplies ice to individual consumers. U.S. Ice Corporation is committed to providing its customers with high-quality ice products and services.

It has a state-of-the-art manufacturing facility and a team of experienced professionals.

SICGIL India Limited (SICGIL) is a leading manufacturer and supplier of industrial gases in India. The company was founded in 1947 and is headquartered in Chennai, Tamil Nadu. SICGIL has a strong track record of growth and profitability and is well positioned to capitalize on the growing demand for industrial gases in the country. SICGIL's product portfolio includes a wide range of industrial gases, including carbon dioxide (CO2), oxygen (O2), nitrogen (N2), argon (Ar), helium (He), and hydrogen (H2). The company also offers a range of value-added services, such as gas blending, gas recovery, and gas transportation.