Report : Europe Dry Ice Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Pellets, Blocks, and Others) and Application (Food and Beverages, Storage and Transportation, Healthcare, Industrial Applications, and Others)Europe Dry Ice
At 5.2% CAGR, the Europe Dry Ice Market is speculated to be worth US$ 86.55 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the Europe dry ice market was valued at US$ 63.92 million in 2022 and is expected to reach US$ 86.55 million by 2028, registering an annual growth rate of 5.2% from 2022 to 2028.The rapidly increasing demand for frozen foods and use of dry ice for creating special effects are the critical factors attributed to the market expansion.
Increase in demand for frozen foods and rise in usage of dry ice as refrigerant in food and shipping industries are anticipated to provide growth opportunities to the global dry ice market. Dry ice is carbon dioxide in its solid form, a dense, snowlike substance that sublimes at −78.5 °C (−109.3 °F), used as a refrigerant, especially during 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. The increasing consumer preference toward convenience foods favors the increasing demand for frozen products as they require less time and effort as compared to cooking from scratch. The frozen food products consume less time and are easy to cook, consumers are preferring these products due to the busy lifestyles and dual working households. Moreover, increasing disposable income is also one such factor that has a huge influence on the demand of the frozen food products which ultimately affects the market growth of the dry ice market. Furthermore, the high demand for frozen meat & poultry and seafood is also contributing to the market growth. The increasing awareness among consumers regarding the health benefits offered by meat and seafood is surging its demand. These products are low-fat and high-protein food that can helps to build muscle, improve eyesight, boost brainpower, support heart health, relieve joint discomfort, and improve skin and hair. Consumers are shifting toward a healthy lifestyle, which has led to high demand for heathy food with nutrition value. Hence, the surge in demand of frozen food products is ultimately bolstering the market growth of the dry ice market.
On the contrary, the inability of dry ice to be stored for an extended period hurdles the growth of Europe dry ice market.
- Based on type, the Europe dry ice marketis segmented into pellets, blocks, and others. The blocks segment held 50.4%market share in 2022, amassing US$ 32.20 million. It is projected to garner US$ 45.27 million by 2028 to expand at 5.8% CAGR during 2022–2028.
- Based on application, the Europe dry ice marketis segmented into food and beverages, storage and transportation, healthcare, industrial applications, and others. The storage and transportation segment held 33.0% market share in 2022, amassing US$ 21.10 million. It is projected to garner US$ 29.17 million by 2028 to expand at 5.5% CAGR during 2022–2028.
- Based on country, the Europe dry ice markethas been categorized into Germany, France, Italy, UK, Russia,and rest of Europe. Our regional analysis states that Germany captured 21.2% market share in 2022. It was assessed at US$ 13.54 million in 2022 and is likely to hit US$ 19.85 million by 2028, exhibiting a CAGR of 6.6% during the forecast period.
Key players dominating the Europe dry ice market are Praxair Technology, Inc; DRY ICE UK, Ltd; Polar Ice,Lts; ACP; and LINDE among others.
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