Dry Ice Market Size To Worth USD 2.79 Billion By 2032: Amid Expanding Cold Chain Logistics

(MENAFN- GlobeNewsWire - Nasdaq) Growing Adoption in Food and Pharmaceutical Industries to Propel Market at a 7.6% CAGR, Totaling USD 2.79 Billion by 2032 – Coherent Market Insights

Burlingame, CA, May 22, 2025 (GLOBE NEWSWIRE) -- The global dry ice market is projected to grow from an estimated value of USD 1.67 billion in 2025 to USD 2.79 billion by 2032, reflecting a compound annual growth rate (CAGR) of 7.6% from 2025 to 2032. Dry ice, which is the solid form of carbon dioxide (CO2), is a residue-free, odorless, colorless, slightly acidic, and non-flammable substance. It is created by compressing and cooling gaseous carbon dioxide (CO2) under extremely high pressures, leading to the formation of liquid CO2 in the initial stage of production.

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Global Dry Ice Market Key Takeaways

According to Coherent Market Insights (CMI), the global dry ice market size is forecast to expand at a CAGR of 7.6%, growing from USD 1.67 Bn in 2025 to USD 2.79 Bn by 2032.

Based on type, sliced segment is anticipated to account for more than two-fifths of the global dry ice market share in 2025.

By production method, the liquid CO2 method will likely hold a prominent market share of 50.3% in 2025.

Food & beverage remains the most remunerative application for dry ice manufacturers. The target segment is projected to account for nearly 2/5 share of the dry ice market in 2025.

As per Coherent Market Insights' latest dry ice market analysis, Asia Pacific is set to retain its dominance, owing to expanding food & beverage and healthcare industries. The region will account for more than one-third of the global dry ice market revenue share in 2025.

North American dry ice market is estimated to be valued at USD 0.50 Bn in 2025.

Also Read: Food Preservatives Market Size, Share & Trends Analysis Report (2025-2032)

Expansion of Cold Chain Logistics Fueling Dry Ice Market Growth

Coherent Market Insights' latest dry ice market research report outlines prominent factors driving industry growth. One such factor is the expanding cold chain logistics globally.

Cold chain logistics infrastructure is growing rapidly due to increasing international trade of perishable goods, including food products, pharmaceuticals, and biological samples. This, in turn, is expected to create a high demand for effective cold chain solutions like dry ice.

Dry ice, known for its ability to maintain ultra-low temperatures without leaving moisture residue, is widely used in cold chain logistics. This is due to its tendency to preserve temperature-sensitive goods like biologics and food items during storage and transportation.

Limited Shelf Life and Availability of Alternative Restraining Market Growth

The future dry ice market outlook looks bright. However, factors like limited shelf life of dry ice and availability of alternatives are expected to limit market growth to some extent in the coming years.

Dry ice sublimates directly into carbon dioxide gas without melting. As a result, it cannot be stored for long periods, particularly in non-insulated environments.

Many industries are adopting alternatives like gel packs, liquid nitrogen, and mechanical refrigeration to preserve perishable products during storage and transportation. Increasing usage of these alternatives is expected to slow the overall dry ice market demand during the projection period.

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Rising Adoption in Food and Pharmaceutical Industries Creating Growth Prospects

Demand for dry ice is expected to rise significantly, owing to increasing adoption across food and pharmaceutical industries. It is being widely used in the packaging, transportation, and presentation of food and beverage products.

Similarly, the pharmaceutical industry relies on dry ice for precise temperature control during storage and distribution of temperature-sensitive biologics, vaccines, and other medical products. Rising demand for these products will therefore boost dry ice sales growth in the coming years.

Growing need for environmentally friendly and efficient cleaning methods is also expected to create growth opportunities for dry ice companies. Industries like electronics, manufacturing, and automotive often use dry ice blasting as an ideal cleaning method.

Emerging Dry Ice Market Trends

On-site dry ice makers are gaining traction in the industry. This is because these dry ice production systems offer benefits like cost-efficiency, environmental advantages, and reduced supply chain dependence.

Booming e-commerce sector and growing popularity of meal kit delivery services are also positively impacting the dry ice market growth. This is because they often require effective temperature control solutions like dry ice.

Expanding scope of dry ice in entertainment industry will also provide impetus for market expansion. Dry ice is extensively used to create fog and special effects in films, theatrical productions, and live events.

Automation is gradually making its way into the dry ice industry. Many companies are employing automated systems to improve efficiency, lower costs, and reduce manual intervention. Adoption of these advanced technologies will further boost dry ice market value.

Industry leaders are also placing sustainability at the core of their processes. They are looking to use recycled CO2 for producing dry ice to reduce waste and carbon footprint. Some companies also use waste CO2 from industrial processes to produce dry ice, turning a harmful emission into a valuable resource.

Also Read: Commercial Refrigeration Equipment Market Size, Share & Trend Analysis Report (2025-2032)

Analyst's View

“The global dry ice industry is expected to register strong growth, owing to increasing demand from food & beverage, pharmaceutical, and manufacturing industries,” said senior analyst Yash Doshi.

Current Events and Their Impact on the Dry Ice Market

Event	Description and Impact
Rising Demand for Cold Chain Logistics	Description : Flourishing e-commerce and online food delivery sectors are creating need for robust cold chain logistics to ensure safe transport of perishable goods. Impact: Expanding cold chain infrastructure will likely increase demand for dry ice.
Advancements in Dry Ice Production Technology	Description: Industry players are focusing on employing more efficient and environmentally friendly production methods. Impact: These innovations could increase product accessibility, reduce environmental footprint, and lower dry ice market price.
Frozen Food Boom	Description : Popularity of frozen foods is increasing rapidly throughout the world Impact : Perishable nature of frozen food items necessitates use of solutions like dry ice.

Competitor Insights

Key companies in dry ice market report:

• Air Products and Chemicals, Inc.
• Linde plc
• Praxair Technology, Inc.
• Continental Carbonic Products, Inc.
• The Ice Company
• American Dry Ice
• Messer Group GmbH
• Ice-Box
• Dry Ice Corp.
• Polar Ice
• Cryo-Cell International, Inc.
• INEOS Group Holdings S.A.
• A.G. Halls
• Yara International ASA
• Kauffman's
  

Key Developments

In February 2025, ASCO Carbon Dioxide Ltd announced the launch of new EVO-Series for Dry Ice Pelletizers. With EVO-Series, ASCO looks to set new standards in the field of dry ice production.

In August 2024, Montech deployed advanced conveyor systems, including the TB40 and TB30 models. These systems automate dry ice production, improving efficiency and reducing manual intervention.

In May 2025, Welding & Gas Inc. (AWG) expanded its regional footprint with the acquisition of Grant Haberg, a prominent dry ice supplier.

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Market Segmentation

By Type Insights (Revenue, USD Bn, 2020 - 2032)

• Sliced
• Pellets
• Blocks
• Others

By Production Method Insights (Revenue, USD Bn, 2020 - 2032)

• Liquid CO2 Method
• Dry Ice Pellets from CO2 Gas
• Others
  

By Application Insights (Revenue, USD Bn, 2020 - 2032)

• Food & Beverage
• Healthcare
• Manufacturing
• Others

Regional Insights (Revenue, USD Bn, 2020 - 2032)

• North America
  • U.S.
  • Canada
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of Latin America
• Europe
  • Germany
  • U.K.
  • Spain
  • France
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • ASEAN
  • Rest of Asia Pacific
• Middle East
  • GCC Countries
  • Israel
  • Rest of Middle East
• Africa
  • South Africa
  • North Africa
  • Central Africa

Also Read: Ultra Low Temperature Freezer Market Size and Share Analysis (2025-2032)

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