As per MRFR analysis, the India Dry Ice Market Size was estimated at 27.39 (USD Million) in 2023.
The India Dry Ice Market Industry is expected to grow from 29.79(USD Million) in 2024 to 65 (USD Million) by 2035. The India Dry Ice Market CAGR (growth rate) is expected to be around 7.35% during the forecast period (2025 - 2035).
Key India Dry Ice Market Trends Highlighted
The India Dry Ice market has received attention because of various reasons. As one of the primary factors, the rapid development of the food and beverages industry, which uses dry ice for the preservation of food both during transportation and storage, stands out. Additionally, the growth of e-commerce and the delivery of frozen foods has offered companies dry ice owing to its low-cost transportation and quality maintenance during transit. Moreover, the expansion of the pharmaceutical industry, with the focus on the distribution of vaccines, has increased the use of dry ice as a refrigerant due to the low temperatures required to transport sensitive products.
Much of the opportunity lies in increasing the capacity for dry ice production and devising new designs for its usage, especially in packaging. There is adequate attention for the development of green practices, which is an advantage in the country’s environment policy, allowing producers to use such methods while enhancing market competition. This becomes an advantage for businesses because they are able to compete for differentiating their products. Lately, there has been a lot of focus on the logistics and transport industry, creating a need for better and available solutions to effectively refrigerate cargo.
As India procures additional funds and enhances investments towards developing its cold chain infrastructure, the use of dry ice in Logistics increasing, ensuring that perishables are transported and delivered efficiently. Moreover, the government’s educational policies regarding the uses and benefits of dry ice in various field is increasing its use and further fostering the growing Indian marketing. This makes it clear that dry ice is an important factor in various key industries in India.
India Dry Ice Market Drivers
Growing Pharmaceutical and Biotech Industries
The India Dry Ice Market Industry is experiencing significant growth, driven largely by the burgeoning pharmaceutical and biotechnology sectors. The Indian pharmaceuticals market was valued at approximately 42.4 billion USD in 2021 and is projected to reach 130 billion USD by 2030. This rapid expansion is fueling the demand for dry ice, which is pivotal in the safe transportation and storage of temperature-sensitive medications, vaccines, and biological samples.
With the increasing focus on Research and Development (R) and the rising number of clinical trials, companies like Serum Institute of India and Biocon are intensifying the need for efficient cooling solutions. According to the Ministry of Chemicals and Fertilizers, the Indian pharmaceutical sector is expected to grow at a rate of 11 to 12 percent annually, providing a substantial opportunity for the dry ice market, particularly for distributing mRNA vaccines and other therapeutics that require strict temperature controls.
Expanding E-commerce and Food Delivery Sectors
The exponential growth of e-commerce and food delivery services in India is significantly contributing to the expansion of the India Dry Ice Market Industry. The e-commerce market in India was estimated to reach 84 billion USD in 2021, driven by the pandemic and changing consumer habits. As online grocery and food delivery services proliferate, the need for efficient preservation of perishable items has augmented the demand for dry ice as a cooling agent.
Companies such as Zomato and BigBasket are increasingly utilizing dry ice solutions to ensure that food items remain frozen during transit, thereby enhancing product quality and customer satisfaction. The FSSAI's guidelines on food safety and preservation are also likely to drive the adoption of dry ice in the supply chain, reinforcing its importance in food logistics.
Increasing Demand from the Hospitality Industry
The hospitality sector in India is witnessing a resurgence, particularly following the pandemic. With the Indian government projecting a 7.5% growth in real GDP and the hospitality industry recovering rapidly, there is an increased demand for catering services that often require dry ice for presentation and preservation. High-end restaurants and catering companies are using dry ice for creating an enhanced dining experience, which has led to a higher adoption rate in event management and culinary applications.
This trend is bolstered by the growing number of weddings and large gatherings in India, providing a robust market for dry ice suppliers to cater to this expanding need.
India Dry Ice Market Segment Insights
Dry Ice Market Dry Ice Type Insights
The India Dry Ice Market is evolving rapidly, driven by increased demand in sectors such as food and beverage, pharmaceuticals, and logistics. The Dry Ice Type segment is crucial as it encompasses various forms of dry ice, including pellets, blocks, and others. Pellets of dry ice are widely recognized for their versatility and efficiency, particularly in preserving perishable goods during transportation, thus playing a significant role in cold chain logistics. Blocks, on the other hand, offer longer duration cooling effects, making them vital for shipping larger items or for storage in various industrial applications.
The "others" category includes customized dry ice products that cater to specific needs across industries. The rising trend of e-commerce and home delivery services in India has also contributed to the growth of this segment, as businesses seek effective solutions for maintaining temperature-sensitive products. Moreover, India's growing focus on sustainability and eco-friendly practices in the food and beverage industry is prompting many companies to adopt dry ice as a refrigerant due to its efficiency and lower environmental impact compared to traditional methods.
However, challenges such as transportation costs and the handling of dry ice in warmer climates remain, influencing how these various types are utilized across the country. Insights from regulatory bodies and industry statistics show that the demand for such refrigerated solutions is expected to persist as India continues to modernize its supply chain infrastructure. This growing utilization emphasizes the significance of the Dry Ice Type segment in the overall landscape of the India Dry Ice Market, ensuring it remains a focal point for businesses amid changing consumer preferences and market dynamics.
Dry Ice Market Dry Ice Application Insights
The India Dry Ice Market, particularly focusing on the Dry Ice Application segment, showcases considerable potential and growth due to its diverse range of applications across various industries. The Food and Beverages sector is increasingly relying on dry ice for effective preservation and cooling, optimizing supply chain processes. Similarly, Storage and Transportation are pivotal in maintaining product quality, especially during transit, to prevent spoilage and ensure freshness. The Healthcare industry utilizes dry ice for medical supply storage, vaccine transportation, and laboratory applications, which has become crucial amidst growing healthcare demands.
Industrial Cleaning also leverages dry ice for environmentally friendly cleaning solutions, making it a significant area in the market. Additionally, other applications encompass sectors such as entertainment and blasting, underscoring the versatile utility of dry ice in India's economy. With significant advancements and preferences shifting towards sustainable options, the India Dry Ice Market segmentation reflects not only current consumer needs but also future opportunities, driving overall market growth.
India Dry Ice Market Key Players and Competitive Insights
The India Dry Ice Market is experiencing significant growth driven by various factors such as the increasing demand for temperature-sensitive goods in sectors like food and beverage, pharmaceuticals, and logistics. The competitive landscape is characterized by several key players vying for market share, each leveraging unique strengths and capabilities to differentiate themselves. Companies in this market are focusing on product innovation, enhanced distribution networks, and sustainability practices to gain a competitive edge. The presence of established firms is marked by their ability to rapidly adapt to changing customer needs and regulatory environments, particularly in the wake of heightened demand due to the COVID-19 pandemic. As a result, competitive insights reveal a landscape where strategic collaborations, mergers, and investment in technology play a vital role in driving growth and ensuring a resilient supply chain for dry ice products.
Universal Industrial Gases has established a noteworthy presence in the India Dry Ice Market, being recognized for its robust manufacturing capabilities and commitment to high-quality standards. The company has enhanced its market reach through a strategic distribution network, ensuring timely availability of dry ice across various regions in India. Its strengths lie in its strong customer relationships, skilled workforce, and an emphasis on technological advancements in production processes. By focusing on operational efficiency, Universal Industrial Gases effectively meets the diverse and evolving demands of industries relying on dry ice for critical applications. The company's proactive approach to sustainability also sets it apart, as it aligns with market trends favoring environmentally friendly practices while providing high-quality products to meet customer expectations.
National Gas Company is another prominent player in the India Dry Ice Market, known for its extensive portfolio of products and services tailored to various industrial needs. The company specializes in providing high-grade dry ice suitable for diverse applications, including food preservation, medical storage, and transportation. National Gas Company's strengths are enhanced by a well-established distribution network that ensures efficient logistics and product availability across the country. The company has actively pursued strategic mergers and acquisitions to bolster its market presence and diversify its offerings. By enhancing technological capabilities and expanding its service range, National Gas Company demonstrates a commitment to innovation while effectively addressing the challenges posed by competition in the market. This strategic focus on growth and customer satisfaction cements its position as a leader in the dry ice sector within India, catering to an ever-expanding customer base across various industries.
Key Companies in the India Dry Ice Market Include:
India Dry Ice Market Industry Developments
The India Dry Ice Market has recently witnessed significant developments, especially influenced by the increasing demand for dry ice in sectors like healthcare and food preservation. Companies such as Universal Industrial Gases and Linde plc are expanding their production capacities to meet the rising needs. In January 2023, Gujarat Gas announced plans to enhance its portfolio by increasing investments in liquefied gases, including dry ice, reflecting a trend towards market growth.
Notably, Inox Air Products has also been focusing on sustainability and efficient production methods, aligning with government initiatives for clean energy. In terms of mergers and acquisitions, while there have been no prominent announcements involving the listed companies, the market remains dynamic with potential partnerships on the horizon. Over the past two years, the industry's valuation has grown substantially, influenced by the surge in demand during the COVID-19 pandemic, especially from vaccine transportation needs.
As a result, major players like Indian Oil Corporation and Reliance Industries are strategizing to strengthen their positions within the market, paving the way for robust growth opportunities. This evolving landscape marks a critical juncture for the India Dry Ice Market in the broader industrial gas sector.
Dry Ice Market Segmentation Insights
Dry Ice Market Dry Ice Type Outlook
Dry Ice Market Dry Ice Application Outlook
Food Beverages
Storage Transportation
Healthcare
Industrial Cleaning
Others
| Report Attribute/Metric | Details |
| Market Size 2023 | 27.39(USD Million) |
| Market Size 2024 | 29.79(USD Million) |
| Market Size 2035 | 65.0(USD Million) |
| Compound Annual Growth Rate (CAGR) | 7.35% (2025 - 2035) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2024 |
| Market Forecast Period | 2025 - 2035 |
| Historical Data | 2019 - 2024 |
| Market Forecast Units | USD Million |
| Key Companies Profiled | Universal Industrial Gases, National Gas Company, Linde plc, Gujarat Gas, Bharat Coking Coal, Sanghi Industries, Reliance Industries, Asian Gases, Air Products and Chemicals, Aegis Logistics, Mohan Gases, Chemtron Science Laboratories, Indian Oil Corporation, Praxair Technology, Inox Air Products |
| Segments Covered | Dry Ice Type, Dry Ice Application |
| Key Market Opportunities | Increasing demand in pharmaceuticals, Rising applications in food preservation, Growth in cold chain logistics, Expanding use in events and entertainment, Emerging sectors like 3D printing |
| Key Market Dynamics | rising demand in food preservation , growth in logistics sector , increase in healthcare applications , environmental regulations favoring alternatives , technological advancements in production |
| Countries Covered | India |
Frequently Asked Questions (FAQ) :
The India Dry Ice Market was valued at 29.79 million USD in 2024.
By 2035, the India Dry Ice Market is projected to reach a value of 65.0 million USD.
The expected CAGR for the India Dry Ice Market from 2025 to 2035 is 7.35%.
By 2035, the pellets segment of the dry ice type market is anticipated to dominate with a value of 28.0 million USD.
The blocks segment of the India Dry Ice Market is expected to be valued at 22.0 million USD in 2035.
Major players in the India Dry Ice Market include Linde plc, Reliance Industries, and Indian Oil Corporation.
The 'Others' segment of the dry ice market was valued at 7.29 million USD in 2024.
Key growth drivers include increasing demand from the food and pharmaceutical sectors for effective refrigeration solutions.
The growth of applications in food preservation, transportation, and industrial uses is significantly influencing the market expansion.
In 2024, the pellets segment is projected to be valued at 12.5 million USD.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Research Analyst Harshita post graduate mba in business administration from welingkar institute, mumbai and 5 years of experience in the field of product market research. as a research analyst, i have cross-domain experience in packaging, and industrial automation & equipment. i am currently looking after the research process of packaging, logistics & transportation, and industrial automation & equipment at market research future reports. my responsibilities at the organization involve handling syndicate and custom reports as well as responding to client inquiries, and organize, co-ordinate with a group of 5 to 6 persons to manage all workflows.
Get in Touch
© 2025 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
