The scope of our recent study on the "Dry Ice Market Forecast to 2030 -Global Analysis - by Type, and Application, and Geography" includes the factors fueling the market growth, revenue estimation and forecast, market share analysis, and the identification of significant market players and their key developments.

The dry ice market size was valued at US$ 587.68 million in 2022 and is expected to reach US$ 936.90 million by 2030; it is estimated to register a CAGR of 6.0% from 2022 to 2030. In recent years, consumers have increasingly preferred dry ice over water-based ice. The benefits provided by dry ice in the pharmaceutical, machine blasting cleaning, food preservation, and entertainment industries have led to an increased demand for dry ice over water-based ice which is driving the dry ice market growth. Dry ice has lower temperatures than water-based ice, which has led to an increased demand for dry ice for storage and transportation application. The lowest temperature offered by dry ice is -78°C, while the lowest offered by regular water ice is -18°C. Dry ice lasts longer than water-based ice, whereas water-based ice melts much faster and is needed to be replaced to keep items cool frequently. Dry ice is being increasingly considered a far better option than water-based ice. When heated, the dry ice does not leave any residue and is also used in the production of soda and drinks. Further, dry ice is being increasingly used for transportation in the medical industry, including the transportation of body parts, organs, and blood. Thus, the increasing preference for dry ice over water-based ice is driving the growth of the dry ice market.

Dry ice has a lower temperature than water-based ice. Unlike traditional water-based ice, which melts and creates a mess as it transitions to liquid form, dry ice undergoes sublimation-transforming directly from a solid to a gas. This property eliminates the need for drainage and significantly reduces the risk of product damage or contamination during transportation and storage, making dry ice a preferred choice for various industries. In industries such as healthcare and pharmaceuticals, where precise temperature control is crucial, dry ice's ability to maintain ultra-cold temperatures is a key factor driving demand. The global distribution of vaccines, medicines, and biological samples heavily relies on dry ice for its capability to provide a consistent and extremely cold environment, ensuring the preservation of sensitive materials during transit. Additionally, the dry ice market size is likely to surge by 2030 owing to rapidly increasing demand for frozen foods.

Major factors contributing to the growing dry ice market growth, is the high demand for dry ice in storage and transportation and increasing preference for dry ice over water-based ice. 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. Further, dry ice has a lower temperature than water-based ice. Unlike traditional water-based ice, which melts and creates a mess as it transitions to liquid form, dry ice undergoes sublimation-transforming directly from a solid to a gas. This property eliminates the need for drainage and significantly reduces the risk of product damage or contamination during transportation and storage, making dry ice a preferred choice for various industries. In industries such as healthcare and pharmaceuticals, where precise temperature control is crucial, dry ice's ability to maintain ultra-cold temperatures is a key factor driving demand.

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 includes company positioning and concentration to evaluate the performance of competitors/players operating in the market.

The global dry ice market is segmented into five main regions-North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia Pacific held the largest revenue share of the global dry ice market in 2022. The major factor driving the dry ice market in North America is the rise of recreational fishing.

Global Dry Ice Market Breakdown - by Region

The report includes the segmentation of the global dry ice market as follows:

The global dry ice market is segmented based on type, and application. 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. By geography, the global dry ice market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North American dry ice market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific dry ice market is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The Middle East & Africa market is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of the Middle East & Africa. The South & Central America dry ice market is further segmented into Brazil, Argentina, and the Rest of South & Central America.

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