Global Dry Ice Market Forecast to 2028 - Players Include Continental Carbonic Products, Sicgil India, Linde and Dry Ice UK Among Others - ResearchAndMarkets.com

The "Dry Ice Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and Application" report has been added to ResearchAndMarkets.com's offering.

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.

Market Dynamics

Drivers

• High Demand for Dry Ice in Storage and Transportation
• Dry Ice Increasing Preference for Dry Ice over Water-based Ice

Restraints

• The Inability of Dry Ice to be Stored for an Extended Period

Opportunities

• The Rapidly Increasing Demand for Frozen Foods

Future Trends

• Use of Dry Ice for Creating Special Effects

Companies Mentioned

• 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

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View source version on businesswire.com: https://www.businesswire.com/news/home/20221025005621/en/