In 2021, Asia Pacific dominated the dry ice market, and it is expected to continue to lead the market during the forecast period. The Asia Pacific dry ice market has increased demand for temperature-controlled logistics and distribution services for life science products and pharmaceuticals. This demand is fueled by factors such as population growth, increasing healthcare spending, and the expansion of the pharmaceutical industry in the region. The growth of the pharmaceutical industry in the region is directly influencing the growth of the dry ice market. As part of initiatives like Healthy China 2030 and similar initiatives in other Asian countries, healthcare infrastructure investments have been made, including clinics, hospitals, and research facilities. This development has enabled pharmaceutical companies to collaborate with healthcare service providers and expand their market presence, including clinical research and development. Asia Pacific is one of the significant markets for pharmaceutical products and is majorly driven by the rise in demand for generic medicines, an increase in healthcare expenditure, a surge in the geriatric population, a change in demographics, and greater accessibility to advanced treatments.
Growing Demand for Dry Ice in Storage & Transportation Industry Drives Dry Ice Market
The increased use of dry ice for storage and transportation purposes has driven the dry ice market growth. Dry ice is widely used for storing goods that require cold and frozen temperatures. The goods which require dry ice for storage and transportation include medical supplies, gases, frozen food, vaccines, etc. Due to the COVID-19 pandemic, the demand for pharmaceutical supplies, perishable foods, and other temperature-controlled goods has increased. This has led to difficulty in shipping temperature-sensitive goods. Dry ice is being increasingly used to ship temperature-sensitive goods. Logistics and tracking companies are using an increased amount of dry ice to store and save perishable goods during the pandemic. According to the Food and Agriculture Organization (FAO), food loss and waste cause ~US$ 940 billion per year in economic losses. While 17% of the world’s food is wasted at the consumption stage, 14% is lost during the distribution, handling, and storage stages. The FAO estimates that US$ 400 billion of perishable food is wasted annually, of which half is lost due to temperature changes. Dry ice, solid carbon dioxide (CO2) at extremely low temperatures, is used extensively as a refrigerant and cooling agent in the storage and transportation sector. Its unique properties make it an indispensable tool for preserving the quality and integrity of perishable items during storage and transportation. Dry ice in the storage and transportation sector is used in the preservation of frozen and chilled products. The sublimation process of dry ice releases extremely cold CO2 gas, creating a consistently low-temperature environment. This makes dry ice an ideal choice for maintaining the required temperature levels during the shipping and storage of goods such as pharmaceuticals, medical samples, and certain types of food. The storage and transportation of vaccines, biologics, and other temperature-sensitive medical supplies often rely on dry ice. The demand for dry ice has surged owing to the rising distribution of vaccines and pharmaceuticals globally, especially in the context of health emergencies. Its ability to provide stable and ultra-cold temperatures ensures that these crucial medical supplies reach their destination in optimal condition. According to the IATA CargoIS, perishables represent an essential commodity within the air freight industry, accounting for 15% of total global air cargo in 2022. Their short shelf life makes perishables prime candidates for air freight, which ensures the fastest transportation option while preserving the commodities’ time and temperature-sensitive state.
The dry ice market size is likely to surge by 2030 owing to rapidly increasing demand for frozen foods. An increase in demand for frozen foods and a rise in the usage of dry ice as refrigerant in food and shipping industries are key factors anticipated to provide growth opportunities to the global dry ice market. Dry ice is carbon dioxide in its solid form. This dense, snowlike substance sublimes at −78.5 °C (−109.3 °F), used as a refrigerant, especially during the shipping of perishable products such as meats or ice cream. As the dry ice sublimes, it leaves no residue to contaminate or compromise the quality of food. Over the past few years, the lifestyle of people globally evolved dramatically. Due to hectic work schedules, people are looking for products that save time and effort. Consumers prefer ready-to-eat, microwavable, and ready-to-prepare food products as they are highly recommended for on-the-go consumption and require minimal preparation time. Moreover, the increasing working women population, high per capita income, and a rising middle-class population are key factors driving the growth of convenience food consumption globally. Additionally, the dry ice market trends include growing adoption of sustainable dry ice production methods.
Dry Ice Market: Segmental Overview
Based on type, the dry ice market is segmented into pellets, blocks, and others. In 2022, the blocks segment held the largest dry ice market share. The solid blocks of dry ice are commonly used for temporary refrigeration as carbon dioxide does not have a liquid state at normal atmospheric pressure and sublimates directly from the solid state to the gas state. Blocks of dry ice produced in block press. Blocks of dry ice are used in cleaning industrial equipment. Based on application, the dry ice market is segmented into food and beverages, storage and transportation, healthcare, industrial applications, and others. In 2022, the storage and transportation segment held the largest dry ice market share. Dry ice is widely used for shipping goods. It has enhanced international trade allowing countries to export and import perishables. Products that rely on dry ice include fish, flowers, herbs etc. Storage of perishable foods such as meat, fish is dependent on cold storage to maintain their good conservation over time. The most efficient cold storages are to maintain the color, flavor, texture and smell of the food products. Dry ice is also used in dry storage of stock cereals, rice, fruits, vegetables, and flour that don not require a temperature control system.
Dry Ice Market: Competitive Landscape
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 prominent players profiled in the dry ice market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. The dry ice market report also consists company positioning and concentration to evaluate the performance of competitors/players in the market.