Dry Ice Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Pellets, Blocks, and Others) and Application (Food and Beverages, Storage and Transportation, Healthcare, Industrial Applications, and Others)

List of Tables

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 made by liquefying carbon dioxide and injecting it into a holding tank, where it's frozen at a temperature of -109° F and compressed into solid ice. Dry ice can be created in a pelletizer or a block press, which makes them into pellets or large blocks.

Based on application, the dry ice market is segmented into food & beverage, storage & transportation, healthcare, industrial applications, and others. The food and beverage segment held the largest dry ice market share. Dry ice is being increasingly used in the food & beverage industry. Dry ice is being increasingly used in the maceration stage of winemaking (i.e., the time the juice from the grapes is left in contact with the skins and stems) to inhibit the beginning of fermentation by rapidly reducing the temperature below 10° C. It is also being used in the meat processing industry and commercial bakeries to maintain critical temperatures to reduce product spoilage, such as inhibiting bacteria growth, slowing yeast growth, and delaying fermentation during production. it leaves no residue to contaminate or compromise the quality of food. Dry ice is being increasingly used in the food and beverage industry as it leaves no residue to contaminate or compromise the quality of food. Dry ice is also added in small amounts to serving trays to produce a fog effect around the food dishes.

Based on geography, the dry ice market is primarily segmented into North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA). In 2021, Asia Pacific dominated the market. The growing healthcare spending and food & beverage industry are increasing the demand for dry ice in the region. Further, the development of the storage & transportation industry in the region is driving the dry ice market growth. For instance, the "Integrated Cold Chain and Value Addition Infrastructure" scheme in India is to provide integrated cold chain and preservation infrastructure facilities, without any break, from the farm gate to the consumer.

Several industries, including the chemicals & materials industry, faced unprecedented challenges due to the COVID-19 pandemic. The shortage of raw materials and labor, shutdown of factories, and other operational difficulties induced by safety protocols adversely affected the dry ice market. However, vaccination drives have led to a rise in business activities worldwide. The economies are reviving their operations. Thus, the demand for dry ice is expected to rise globally in the coming years. Dry ice is also being increasingly used for transporting COVID-19 vaccines across the world, which is having a positive impact on the growth of the dry ice market.

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 among the leading players operating in the dry ice market. These companies are adopting strategies, such as mergers and acquisitions and product launches, to expand their geographic presence and consumer bases.

The overall dry ice market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. Participants of this process include VPs, business development managers, market intelligence managers, and national sales managers, and external consultants-such as valuation experts, research analysts, and key opinion leaders-specializing in the dry ice market.

Reasons to Buy:

Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global dry ice market, thereby allowing players to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to application.

Product Code: TIPRE00019661

1. Introduction

1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
- 1.3.1 Global Dry Ice Market, by Type
- 1.3.2 Global Dry Ice Market, by Application

2. Key Takeaways

3. Research Methodology

3.1 Scope of the Study
3.2 Research Methodology
- 3.2.1 Data Collection:
- 3.2.2 Primary Interviews:
- 3.2.3 Hypothesis formulation:
- 3.2.4 Macro-economic factor analysis:
- 3.2.5 Developing base number:
- 3.2.6 Data Triangulation:
- 3.2.7 Country level data:

4. Global Dry Ice Market Landscape

4.1 Market Overview
4.2 Porter's Five Forces Analysis
- 4.2.1 Threat of New Entrants
- 4.2.2 Bargaining Power of Suppliers
- 4.2.3 Bargaining Power of Buyers
- 4.2.4 Competitive Rivalry
4.3 Ecosystem Analysis
- 4.3.1 Raw Material Suppliers
- 4.3.2 Manufacturers
- 4.3.3 End-use Industries
4.4 Expert Opinion

5. Global Dry Ice Market - Key Market Dynamics

5.1 Market Drivers
- 5.1.1 High Demand for Dry Ice in Storage and Transportation
- 5.1.2 Dry Ice Increasing Preference for Dry Ice over Water-based Ice
5.2 Market Restraints
- 5.2.1 The Inability of Dry Ice to be Stored for an Extended Period
5.3 Market Opportunities
- 5.3.1 The Rapidly Increasing Demand for Frozen Foods
5.4 Future Trends
- 5.4.1 Use of Dry Ice for Creating Special Effects
5.5 Impact Analysis Of Drivers And Restraints

6. Global Dry Ice - Market Analysis

6.1 Global Dry Ice Market Overview
6.2 Global Dry Ice Market -Revenue and Forecast to 2028 (USD Million)
6.3 Market Positioning - Global Dry Ice Market Players

7. Dry Ice Market Analysis - By Type

7.1 Overview
7.2 Dry Ice Market, By Type (2021 and 2028)
7.3 Pellets
- 7.3.1 Overview
- 7.3.2 Pellets: Dry Ice Market - Revenue and Forecast to 2028 (US$ Mn)
7.4 Blocks
- 7.4.1 Overview
- 7.4.2 Blocks: Dry Ice Market - Revenue and Forecast to 2028 (US$ Mn)
7.5 Others
- 7.5.1 Overview
- 7.5.2 Others: Dry Ice Market - Revenue and Forecast to 2028 (US$ Mn)

8. Dry Ice Market Analysis - By Application

8.1 Overview
8.2 Dry Ice Market, By Application (2021 and 2028)
8.3 Food and Beverages
- 8.3.1 Overview
- 8.3.2 Food and Beverages: Dry Ice Market - Revenue and Forecast to 2028 (US$ Mn)
8.4 Storage and Transportation
- 8.4.1 Overview
- 8.4.2 Storage and Transportation: Dry Ice Market - Revenue and Forecast to 2028 (US$ Mn)
8.5 Healthcare
- 8.5.1 Overview
- 8.5.2 Healthcare: Dry Ice Market - Revenue and Forecast to 2028 (US$ Mn)
8.6 Industrial Applications
- 8.6.1 Overview
- 8.6.2 Industrial Applications: Dry Ice Market - Revenue and Forecast to 2028 (US$ Mn)
8.7 Others
- 8.7.1 Overview
- 8.7.2 Others: Dry Ice Market - Revenue and Forecast to 2028 (US$ Mn)

9. Dry Ice Market - Geographic Analysis

9.1 North America: Dry Ice Market
- 9.1.1 North America: Dry Ice Market -Revenue and Forecast to 2028 (US$ Million)
- 9.1.2 North America: Dry Ice Market, By Type
- 9.1.3 North America: Dry Ice Market, by Application
- 9.1.4 North America: Dry Ice Market, by Key Country
  - 9.1.4.1 US: Dry Ice Market - Revenue and Forecast to 2028 (US$ Million)
    - 9.1.4.1.1 US: Dry Ice Market, By Type
    - 9.1.4.1.2 US: Dry Ice Market, by Application
  - 9.1.4.2 Canada: Dry Ice Market - Revenue and Forecast to 2028 (US$ Million)
    - 9.1.4.2.1 Canada: Dry Ice Market, By Type
    - 9.1.4.2.2 Canada: Dry Ice Market, by Application
  - 9.1.4.3 Mexico: Dry Ice Market - Revenue and Forecast to 2028 (US$ Million)
    - 9.1.4.3.1 Mexico: Dry Ice Market, By Type
    - 9.1.4.3.2 Mexico: Dry Ice Market, by Application
9.2 Middle East and Africa: Dry Ice Market
- 9.2.1 Middle East and Africa: Dry Ice Market -Revenue and Forecast to 2028 (US$ Million)
- 9.2.2 Middle East and Africa: Dry Ice Market, By Type
- 9.2.3 Middle East and Africa: Dry Ice Market, by Application
- 9.2.4 Middle East and Africa: Dry Ice Market, by Key Country
  - 9.2.4.1 South Africa: Dry Ice Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.2.4.1.1 South Africa: Dry Ice Market, By Type
    - 9.2.4.1.2 South Africa: Dry Ice Market, by Application
  - 9.2.4.2 Saudi Arabia: Dry Ice Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.2.4.2.1 Saudi Arabia: Dry Ice Market, By Type
    - 9.2.4.2.2 Saudi Arabia: Dry Ice Market, by Application
  - 9.2.4.3 UAE: Dry Ice Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.2.4.3.1 UAE: Dry Ice Market, by Type
    - 9.2.4.3.2 UAE: Dry Ice Market, by Application
  - 9.2.4.4 Qatar: Dry Ice Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.2.4.4.1 Qatar: Dry Ice Market, By Type
    - 9.2.4.4.2 Qatar: Dry Ice Market, by Application
  - 9.2.4.5 Kuwait: Dry Ice Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.2.4.5.1 Kuwait: Dry Ice Market, by Type
    - 9.2.4.5.2 Kuwait: Dry Ice Market, by Application
  - 9.2.4.6 Rest of Middle East and Africa: Dry Ice Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.2.4.6.1 Rest of Middle East and Africa: Dry Ice Market, By Type
    - 9.2.4.6.2 Rest of Middle East and Africa: Dry Ice Market, by Application
9.3 South and Central America: Dry Ice Market
- 9.3.1 South and Central America: Dry Ice Market -Revenue and Forecast to 2028 (US$ Million)
- 9.3.2 South and Central America: Dry Ice Market, By Type
- 9.3.3 South and Central America: Dry Ice Market, by Application
- 9.3.4 South and Central America: Dry Ice Market, by Key Country
  - 9.3.4.1 Brazil: Dry Ice Market - Revenue and Forecast to 2028 (US$ Million)
    - 9.3.4.1.1 Brazil: Dry Ice Market, By Type
    - 9.3.4.1.2 Brazil: Dry Ice Market, by Application
  - 9.3.4.2 Argentina: Dry Ice Market - Revenue and Forecast to 2028 (US$ Million)
    - 9.3.4.2.1 Argentina: Dry Ice Market, By Type
    - 9.3.4.2.2 Argentina: Dry Ice Market, by Application
  - 9.3.4.3 Rest of South and Central America: Dry Ice Market - Revenue and Forecast to 2028 (US$ Million)
    - 9.3.4.3.1 Rest of South and Central America: Dry Ice Market, By Type
    - 9.3.4.3.2 Rest of South and Central America: Dry Ice Market, by Application
9.4 Asia Pacific: Dry Ice Market
- 9.4.1 Asia Pacific: Dry Ice Market -Revenue and Forecast to 2028 (US$ Million)
- 9.4.2 Asia Pacific: Dry Ice Market, By Type
- 9.4.3 Asia Pacific: Dry Ice Market, by Application
- 9.4.4 Asia Pacific: Dry Ice Market, by Key Country
  - 9.4.4.1 Australia: Dry Ice Market - Revenue and Forecast to 2028 (US$ Million)
    - 9.4.4.1.1 Australia: Dry Ice Market, By Type
    - 9.4.4.1.2 Australia: Dry Ice Market, by Application
  - 9.4.4.2 China: Dry Ice Market - Revenue and Forecast to 2028 (US$ Million)
    - 9.4.4.2.1 China: Dry Ice Market, By Type
    - 9.4.4.2.2 China: Dry Ice Market, by Application
  - 9.4.4.3 India: Dry Ice Market - Revenue and Forecast to 2028 (US$ Million)
    - 9.4.4.3.1 India: Dry Ice Market, By Type
    - 9.4.4.3.2 India: Dry Ice Market, by Application
  - 9.4.4.4 Japan: Dry Ice Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.4.4.4.1 Japan: Dry Ice Market, By Type
    - 9.4.4.4.2 Japan: Dry Ice Market, by Application
  - 9.4.4.5 South Korea: Dry Ice Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.4.4.5.1 South Korea: Dry Ice Market, by Type
    - 9.4.4.5.2 South Korea: Dry Ice Market, by Application
  - 9.4.4.6 Rest of Asia Pacific: Dry Ice Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.4.4.6.1 Rest of Asia Pacific: Dry Ice Market, By Type
    - 9.4.4.6.2 Rest of Asia Pacific: Dry Ice Market, by Application
9.5 Europe: Dry Ice Market
- 9.5.1 Europe: Dry Ice Market -Revenue and Forecast to 2028 (US$ Million)
- 9.5.2 Europe: Dry Ice Market, By Type
- 9.5.3 Europe: Dry Ice Market, by Application
- 9.5.4 Europe: Dry Ice Market, by Key Country
  - 9.5.4.1 Germany: Dry Ice Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.5.4.1.1 Germany: Dry Ice Market, By Type
    - 9.5.4.1.2 Germany: Dry Ice Market, by Application
  - 9.5.4.2 France: Dry Ice Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.5.4.2.1 France: Dry Ice Market, By Type
    - 9.5.4.2.2 France: Dry Ice Market, by Application
  - 9.5.4.3 Italy: Dry Ice Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.5.4.3.1 Italy: Dry Ice Market, By Type
    - 9.5.4.3.2 Italy: Dry Ice Market, by Application
  - 9.5.4.4 UK: Dry Ice Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.5.4.4.1 UK: Dry Ice Market, by Type
    - 9.5.4.4.2 UK: Dry Ice Market, by Application
  - 9.5.4.5 Russia: Dry Ice Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.5.4.5.1 Russia: Dry Ice Market, By Type
    - 9.5.4.5.2 Russia: Dry Ice Market, by Application
  - 9.5.4.6 Rest of Europe: Dry Ice Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.5.4.6.1 Rest of Europe: Dry Ice Market, by Type
    - 9.5.4.6.2 Rest of Europe: Dry Ice Market, by Application

10. Impact of COVID-19

10.1 Overview - Impact of COVID-19
10.2 North America: Impact Assessment of COVID-19 Pandemic
10.3 Europe: Impact Assessment of COVID-19 Pandemic
10.4 Asia Pacific: Impact Assessment of COVID-19 Pandemic
10.5 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
10.6 South America: Impact Assessment of COVID-19 Pandemic

11. Company Profiles

11.1 Praxair Technology, Inc.
- 11.1.1 Key Facts
- 11.1.2 Business Description
- 11.1.3 Products and Services
- 11.1.4 Financial Overview
- 11.1.5 SWOT Analysis
- 11.1.6 Key Developments
11.2 Dry Ice UK Ltd.
- 11.2.1 Key Facts
- 11.2.2 Business Description
- 11.2.3 Products and Services
- 11.2.4 Financial Overview
- 11.2.5 SWOT Analysis
- 11.2.6 Key Developments
11.3 Dry Ice Corp.
- 11.3.1 Key Facts
- 11.3.2 Business Description
- 11.3.3 Products and Services
- 11.3.4 Financial Overview
- 11.3.5 SWOT Analysis
- 11.3.6 Key Developments
11.4 Reliant Dry Ice
- 11.4.1 Key Facts
- 11.4.2 Business Description
- 11.4.3 Products and Services
- 11.4.4 Financial Overview
- 11.4.5 SWOT Analysis
- 11.4.6 Key Developments
11.5 CryoCarb
- 11.5.1 Key Facts
- 11.5.2 Business Description
- 11.5.3 Products and Services
- 11.5.4 Financial Overview
- 11.5.5 SWOT Analysis
- 11.5.6 Key Developments
11.6 Polar Ice Ltd.
- 11.6.1 Key Facts
- 11.6.2 Business Description
- 11.6.3 Products and Services
- 11.6.4 Financial Overview
- 11.6.5 SWOT Analysis
- 11.6.6 Key Developments
11.7 Continental Carbonic Products, Inc.
- 11.7.1 Key Facts
- 11.7.2 Business Description
- 11.7.3 Products and Services
- 11.7.4 Financial Overview
- 11.7.5 SWOT Analysis
- 11.7.6 Key Developments
11.8 LINDE
- 11.8.1 Key Facts
- 11.8.2 Business Description
- 11.8.3 Products and Services
- 11.8.4 Financial Overview
- 11.8.5 SWOT Analysis
- 11.8.6 Key Developments
11.9 Sicgil India Ltd.
- 11.9.1 Key Facts
- 11.9.2 Business Description
- 11.9.3 Products and Services
- 11.9.4 Financial Overview
- 11.9.5 SWOT Analysis
- 11.9.6 Key Developments
11.10 ACP
- 11.10.1 Key Facts
- 11.10.2 Business Description
- 11.10.3 Products and Services
- 11.10.4 Financial Overview
- 11.10.5 SWOT Analysis
- 11.10.6 Key Developments