Dry Ice Market Size, Share and Industry Report by 2028

The dry ice market is expected to grow from US$ 269.01 million in 2022 to US$ 374.36 million by 2028; it is estimated to grow at a CAGR of 5.7% from 2022 to 2028.

Dry ice is the solid form of carbon dioxide and is being increasingly used for temporary refrigeration as CO₂ does not have a liquid state at normal atmospheric pressure and sublimates directly from the solid state to the gas state. Dry ice is an ideal and highly-effective cooling and freezing agent for food. It is particularly convenient for in-transit cooling, where power supply can be an issue.

In 2021, Asia Pacific dominated the global dry ice market. The growing food & beverages, storage & transportation, and healthcare industries are driving the growth of the dry ice market. Further, countries such as China have increased their dry ice production facilities, and the dry ice industry is working at full capacity to respond to the soaring demand for the cold chain. Thus, increased production of dry ice in China will boost the dry ice market growth in Asia Pacific. The development of cold chain storage facilities in country such as India and China has led to an increased demand for dry ice which is driving the dry ice market growth. Dry ice transport is used to maintain the cold chain as well as for the transport and refrigerated shipping of food, perishable goods, and pharmaceutical products.

Strategic Insights

Dry Ice Market Forecast, by Region, 2021–2028

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Market Insights

Rapidly Increasing Demand for Frozen Foods

In recent years, there has been a growing demand for frozen and convenient food across the world. According to the American Frozen Food Institute and FMI, frozen food sales grew by 21% in 2020, which was approximately double the growth of fresh food sales in that same period. Similarly, the growth of frozen food continues to outpace fresh food growth, as per IRIworldwide. The increasing demand for frozen food across the world has led to an increase in demand for dry ice, as dry ice is one of the best ways to store frozen and refrigerated foods and prevent the food from spoiling in the event of a power outage. Dry ice, which is the solid form of CO2, is also used as a cooling agent for food products such as ice cream and frozen desserts. Thus, the growing demand for frozen food across the world will lead to an increase in demand for dry ice.

Type-Based Insights

Based on type, the dry ice market is segmented into pellets, blocks, and slices. In 2021, the blocks segment held the largest market share, and it is also expected to register the highest CAGR during the forecast period. Dry ice blocks are being increasingly used for commercial, transportation, and industrial applications.

Dry Ice Market Share, by Type, 2021 & 2028

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Polar Ice; Continental Carbonic Products Inc.; Sicgil India Limited.; Linde PLC; Dry Ice UK Ltd.; Dry Ice Corp; Reliant Dry Ice; CryoCab; Praxair Technology, Inc.; and ACP are a few key players operating in the dry ice market. The major players adopt various strategies, such as mergers and acquisitions and product launches, to expand their geographic presence and consumer base.  

Report Spotlights

• Progressive trends in the dry ice industry to help players develop effective long-term strategies
• Business growth strategies adopted by companies to secure growth in developed and developing markets
• Quantitative analysis of the global dry ice market from 2020 to 2028
• Estimation of the demand for dry ice across various industries
• Porter’s analysis to illustrate the efficacy of buyers and suppliers in the dry ice industry
• Recent developments to understand the competitive market scenario and the demand for dry ice  
• Market trends and outlook, and factors governing the growth of the market, including drivers and restraints
• Understanding about the strategies that underpin commercial interest into the global dry ice market growth, aiding in the decision-making process
• Dry ice market size at various nodes of market
• Detailed overview and segmentation of the dry ice market and its industry dynamics
• The dry ice market size in various regions with promising growth opportunities

The "Dry Ice Market Analysis to 2028" is a specialized and in-depth study of the chemicals and materials industry with a special focus on the dry ice market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The dry ice market is segmented into type, application, and geography. Based on type, the market is segmented into pellets, blocks, and others. Based on application, the market is categorized into food and beverages, storage and transportation, healthcare, industrial applications, and others. Based on geography, the dry ice market is primarily segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.

Company Profiles

• Polar Ice
• Continental Carbonic Products Inc.
• Sicgil India Limited.
• Linde PLC
• Dry Ice UK Ltd.
• Dry Ice Corp
• Reliant Dry Ice
• CryoCab
• Praxair Technology, Inc.
• ACP