Dry Ice Market Size was valued at USD 365.2 million in 2021. The Dry Ice market industry is projected to grow from USD 397.2 million in 2024 to USD 763.50 million by 2032, exhibiting a compound annual growth rate (CAGR) of 6.75% during the forecast period (2024 - 2032). The demand for Dry Ice is driven by several factors, including the desire for exclusivity, superior quality, and craftsmanship. These bags are often associated with high-end fashion brands and exclusive boutiques, which further fuels their appeal and status.
Figure 1: Dry Ice Market (USD Million)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Dry Ice Market Trends
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.
Dry Ice Market Segment Insights
Dry Ice Type Insights
Based on Type, the Dry Ice Market segmentation Pellets, Blocks, and other types. The pellets segment held the majority share in 2021 contributing to around a market value of USD 216.34 million of Dry Ice Market revenue. The pellet segment of the dry ice market is poised for substantial growth due to several key factors. The increasing demand from various industries, such as healthcare, pharmaceuticals, and food processing, where dry ice pellets are used for transportation and preservation purposes. With the global distribution of COVID-19 vaccines, there has been a surge in the need for reliable cold chain logistics, wherein dry ice pellets play a vital role in maintaining the required low temperatures during transit. Additionally, the growing awareness regarding environmental sustainability has led many industries to opt for dry ice pellets over traditional cooling methods, as they do not release harmful greenhouse gases and can be produced from recycled carbon dioxide. Furthermore, the advancements in manufacturing technologies have enhanced the production efficiency and quality of dry ice pellets, making them more accessible and cost-effective for businesses. As more companies recognize the benefits of using dry ice pellets in various applications, the demand for this segment is expected to grow significantly in the coming years, making it a lucrative market for producers and suppliers alike.
January 2018: ASCO CARBON DIOXIDE LTD has introduced ASCOJET 1208, a dry ice blasting machine. This new machine is lightweight, easy to hand and mainly preferred for cleaning work. This new launch will help the company to meet the rising demand of the customers.
October 2018: Central McGowan introduced ColdZERO, a block of professional-grade dry ice. This new product is for superior cooling, cleaning, and dry ice blasting. This will help the company to expand its product portfolio.
Figure 2: Dry Ice Market, By Type, 2021 & 2032 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Dry Ice Application Insights
Based on source, the Dry Ice Market segmentation includes Food and Beverages, Storage and Transportation, Healthcare, Industrial Cleaning, and Other App. The food & beverages segment held the majority share in 2021 contributing to more than 40% of the Dry Ice Market revenue. The Food & Beverages segment of the dry ice market is on a trajectory of substantial growth owing to multiple compelling reasons. The segment is witnessing increased adoption due to its pivotal role in the preservation and transportation of perishable goods. With the global supply chains becoming more interconnected, the demand for reliable and efficient cold chain solutions in the food and beverage industry is higher than ever. Dry ice, especially in pellet form, offers a highly effective method for maintaining low temperatures during transit, ensuring the freshness and quality of products like seafood, meats, and delicate fruits and vegetables. As consumer preferences continue to shift towards convenience and online grocery shopping, there is a growing need for efficient packaging and shipping solutions. Dry ice provides a reliable means to transport frozen or chilled foods over long distances without compromising their integrity. Moreover, the increasing focus on food safety regulations and the need to reduce food wastage have made dry ice an attractive choice for many food and beverage companies.
Dry Ice Regional Insights
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, MRFR 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.
Dry Ice Key Market Players & Competitive Insights
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.
Key Companies in the Dry Ice market include.
Dry Ice Market Segmentation
Dry Ice Type Outlook
Dry Ice Application Outlook
Dry Ice Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 365.2 Million |
| Market Size 2024 | USD 397.2 Million |
| Market Size 2032 | USD 763.50 Million |
| Compound Annual Growth Rate (CAGR) | 6.75% (2024-2032) |
| Base Year | 2022 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020, 2021 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, End User, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. |
| Countries Covered | The U.S, Canada, UK, Germany, France, Italy, China, Japan, India, Middle East, Latin America, and Africa |
| Key Companies Profiled | U.S. Ice Corporation (U.S.), Polar Ice Ltd. (UK), Continental Carbonic Products, Inc. (U.S.), SICGIL India Limited (India), Linde plc (UK), Air Liquide (South Africa), Tripti Dry Ice Co. (India), and Dry Ice UK Limited (UK) |
| Key Market Opportunities | ·      Growing Demand for New Applications |
| Key Market Dynamics | ·      Product Launch and Expansion |
Dry Ice Market Highlights:
Frequently Asked Questions (FAQ) :
The Dry Ice market is valued at USD 365.2 million in 2021
The US Dry Ice market is valued at 96.05 million in 2021.
The Dry Ice market is expected to grow at a CAGR of 6.75% during the forecast period.
North America held the largest share market in the Dry Ice market.
The key players include U.S. Ice Corporation, Polar Ice Ltd, and Continental Carbonic Products.
Pellets is the leading segment in the Dry Ice market in 2021.
The Food & Beverages segment accounted for the largest market share in the Dry Ice market in 2021.
Assistant Manager - Research High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
