Report : GCC Dry Ice Market Forecast to 2028 - COVID-19 Impact and Analysis by Type (Pellets, Blocks, and Others) and Application (Food and Beverages, Storage and Transportation, Healthcare, Industrial Applications, and Others)
High Demand for Dry Ice in Storage and Transportation is Driving the GCC Dry Ice Market Growth
According to our latest market study on "GCC Dry Ice Market Forecast to 2028 – COVID-19 Impact and Analysis – by Type and Application,” the market is expected to grow from US$ 19.01 million in 2022 to US$ 24.78 million by 2028. It is expected to grow at a CAGR of 4.5% from 2022 to 2028. The report highlights key factors governing the growth and discusses prominent players along with their progress in the market.
The development of an increasing number of cold chain storage and distribution facilities in the UAE, Saudi Arabia, and other countries is driving the demand for dry ice across the GCC. Moreover, the growing number of refrigerated warehouses; the proliferation of the pharmaceutical industry; and high demand for perishable products such as dairy, meat, and seafood drive the growth of the market for cold chain logistics in this region, which, in turn, is resulting in an elevated demand for dry ice. Rafed, an Abu Dhabi-based healthcare procurement company, has partnered with Abu Dhabi Ports to establish the UAE's largest cold storage facility for COVID-19 vaccines. The state-of-the-art facility can store vaccines at temperatures ranging from 8°C to -80°C.
The cold chain market in Saudi Arabia is witnessing significant growth with the increasing expansion activities by new players and existing players. With the gates opening for the private sector, including major players such as Al-Faisaliah, Abu Dawood, Tamer, Sunbulah, Al-Baik, Flow Progressive, among others, it is expected that these companies will upgrade and enhance the country’s logistical infrastructure to capitalize on the growth opportunities to the dry ice market.
Rawabi Holding; Gulf Cyro; United Parcel Service of America, Inc.; Esnadee; Linde Plc’ Albarrak Group Company; Asco Carbon Dioxide Ltd.; Eco Green Dry Ice; Saboo International; and Freezpak International are the key players in the GCC dry ice market.
Impact of COVID-19 Pandemic on GCC Dry Ice Market Growth
Before the onset of the COVID-19 pandemic, the expansion of the construction industry in the GCC and the increased awareness about the superior properties of dry ices drove the market. The COVID-19 pandemic negatively impacted the market in terms of shutdown of manufacturing facilities, challenges in procuring raw materials and components, and restrictions on logistics operations. Disruptions in the raw material supply chains and containment measures further hampered dry ice production. Nevertheless, the increase in demand of COVID-19 vaccines led to the rise in their imports in the GCC countries, which triggered the demand for dry ice in the storage and transportation facilities.
The "GCC Dry Ice Market Analysis to 2028" report aims to provide an overview of the market with detailed market segmentation based on type and application. Based on type, the market is segmented into pellets, blocks, and others. Based on application, the GCC dry ice market is segmented into food and beverages, storage and transportation, healthcare, industrial applications, and others. The blocks segment held the largest share of the GCC dry ice market in 2022.
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