Report Overview

Due to growth in the food processing and transportation sectors, dry ice suppliers are experiencing a lucrative market. India's dry ice market is primarily driven by the growing use of dry ice as a refrigerant in the transport, food, transportation, medical, and entertainment sectors.

India Dry Ice Market – Industry Trends & Forecast Report, 2029

India dry ice market size was estimated at USD 12.22 million in 2022. During the forecast period between 2023 and 2029, the India dry ice market size is projected to grow at a CAGR of 6.97% reaching a value of USD 18.31 million by 2029. Due to growth in the food processing and transportation sectors, dry ice suppliers are experiencing a lucrative market. India's dry ice market is primarily driven by the growing use of dry ice as a refrigerant in the transport, food, transportation, medical, and entertainment sectors.  Additionally, perishable food products are transported globally through advanced refrigeration facilities to ensure they stay at the right temperature, which in turn, is propelling the growth of the India dry ice market.

India Dry Ice Market – Overview

Dry ice, also known as solid carbon dioxide (CO2), is a substance that exists in the solid state at extremely low temperatures. It gets its name "dry ice" because it does not melt into a liquid like regular ice (frozen water) but instead undergoes a process called sublimation, where it changes directly from a solid to a gas. Dry ice is extremely cold, with a sublimation point of approximately -78.5°C (-109.3°F). This makes it a powerful cooling agent.

India Dry Ice Market

Growth Drivers

Growing Cold Chain Logistics in India

The pharmaceutical industry relies heavily on cold chain logistics to transport vaccines, medicines, and biopharmaceutical products. The distribution of COVID-19 vaccines has led to a substantial increase in the demand for dry ice to maintain the required low temperatures during transit. India's growing food industry, including the production and export of fruits, vegetables, seafood, and dairy products, necessitates the use of cold chain logistics to preserve freshness and extend shelf life. Dry ice is used for flash freezing and packaging these perishable goods. The processed food industry uses cold chain logistics to transport frozen and refrigerated foods. Dry ice helps maintain the low temperatures required to prevent spoilage and maintain product quality.

Restraints

Limited Production Capacity

The production of dry ice is energy-intensive, as it involves compressing and cooling CO2 gas to extremely low temperatures. High energy costs can make it economically challenging to expand production facilities. Dry ice production relies on the supply of CO2 gas, which is often a by-product of other industrial processes, such as ammonia or ethanol production. The availability of CO2 can fluctuate based on the demand for these primary products. CO2 gas needs to be transported to dry ice production facilities, and the logistics involved in the transportation of CO2 can present challenges, particularly in regions with limited infrastructure.

Impact of COVID-19 on India Dry Ice Market

The most notable impact of the COVID-19 pandemic on the dry ice market was the surge in demand for dry ice for the distribution of COVID-19 vaccines. Many of the vaccines developed for COVID-19, such as the Pfizer-BioNTech and Moderna vaccines, require ultra-low temperatures for storage and transportation. Dry ice was instrumental in maintaining the required temperatures during the vaccine supply chain. Apart from COVID-19 vaccines, the pharmaceutical and healthcare industries experienced increased demand for dry ice for the transportation of temperature-sensitive medications, diagnostic samples, and other medical supplies. The pandemic highlighted the critical role of dry ice in maintaining the cold chain for healthcare products.

India Dry Ice Market

Segmental Coverage

India Dry Ice Market – By Product

Based on product, the India dry ice market is divided into pellets, blocks, slice, slab, column, powder, and other segments. Among these, the pellets segment dominates the India dry ice market with the largest market share. The pellet form of dry ice is high in density. Cylindrical dry ice pellets are designed for application in the food and beverage industry and foodstuff processing as cylindrical dry ice pellets offer food-grade quality and safety, which is critical for food items. Furthermore, these small pellets are only the size of rice grains, making them ideal for smaller-scale applications or one-time storage or delivery, which further influences the India dry ice market. Many dry ice blasting companies reported the use of rice size pellets for blast cleaning procedures as they are effective.

India Dry Ice Market – By Application

Based on application, the India dry ice market is divided storage & transportation, food & beverages, healthcare, industrial cleaning, and others. The rising adoption of blast cleaning in various industrial applications is a significant determinant responsible for the growth of the industrial segment of the India dry ice market. As a result, the industrial sector held the largest market share in 2022. Dry ice is used in industrial cleaning to remove pathogenic microbes as it is a non-corrosive and non-hazardous, and cost-effective solution that can clean unreachable places.

India Dry Ice Market – By Region

Based on region the market is divided into North India, South India, East India, and West India. The Western Region of the country held the highest market share in 2022 followed by Northern India. Western India and Northern India are also likely to dominate the Indian dry ice market over the forecast period. The growth of the entertainment industry in both regions is fueling the market's expansion. Furthermore, the rise in demand for dry ice in the industrial sector, transportation, and health care is also likely to drive the growth of the dry ice market in these regions during the forecast period.

Competitive Landscape

Major players operating in India dry ice market include Sigcil India Limited, Tripti Dry Ice, Yara International, S.R Industrial Dry Ice, South India gases & Dry Ice, PR Traders, Dhillon Dairy & Ice Factory, Anand Ice Depot, Kavery Dry Ice, and Manav Gases Pvt Ltd To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In January 2021- Pluss Technology launched a special packaging box for the supply and logistics of vaccines. The technology of the box uses dry ice for keeping the temperature in control for maintaining the quality of vaccines.

Scope of the Report

By Product Type

• Pellets

• Blocks

• Slice

• Slab

• Column

• Powder

• Others

By Application

• Storage & Transportation

• Food & Beverages

• Healthcare

• Industrial Cleaning

• Others

By Region

• North India

• South India

• East India

• West India