At 5.5% CAGR, Middle East & Africa Dry Ice Market is Projected to be Worth US$ 202.00 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa dry ice market was valued at US$ 131.38 million in 2022 and is projected to reach US$ 202.00 million by 2030, registering a CAGR of 5.5% from 2022 to 2030. High demand for dry ice in storage and transportation and growing adoption of sustainable dry ice production methods are among the critical factors attributed to drive the Middle East & Africa dry ice market growth.

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. The sublimation process of dry ice releases extremely cold CO2 gas, creating a consistently low-temperature environment. This makes dry ice an ideal choice for maintaining the required temperature levels during the shipping and storage of goods such as pharmaceuticals, medical samples, and certain types of food.

The storage and transportation of vaccines, biologics, and other temperature-sensitive medical supplies often rely on dry ice. The demand for dry ice has surged owing to the rising distribution of vaccines and pharmaceuticals globally, especially in the context of health emergencies. Its ability to provide stable and ultra-cold temperatures ensures that these crucial medical supplies reach their destination in optimal condition. According to the IATA CargoIS, perishables represent an essential commodity within the air freight industry, accounting for 15% of total global air cargo in 2022. Their short shelf life makes perishables prime candidates for air freight, which ensures the fastest transportation option while preserving the commodities' time and temperature-sensitive state.

The rising e-commerce and online food delivery services have further fueled the demand for dry ice. Companies delivering perishable goods, such as frozen foods and meal kits, depend on dry ice to maintain the required temperature throughout the transit process, guaranteeing that products arrive at the consumer's doorstep in a safe and consumable state. As the need for efficient preservation of temperature-sensitive goods continues to grow, dry ice remains a key solution for maintaining the quality and safety of various products during their journey from production to final destination. Thus, due to its exceptional cooling properties, dry ice is being highly used in the storage and transportation industry.

On the contrary, inability of dry ice to be stored for an extended period hamper the growth of the Middle East & Africa dry ice market.

Based on type, the Middle East & Africa dry ice market is segmented into pellets, blocks, and others. The blocks segment held 48.0% market share in 2022, amassing US$ 63.02 million. It is projected to garner US$ 101.80 million by 2030 to register 6.2% CAGR during 2022–2030.

In terms of application, the Middle East & Africa dry ice market is segmented into food and beverages, storage and transportation, healthcare, industrial applications, and others. The food and beverages segment held 30.9% share of Middle East & Africa dry ice market in 2022, amassing US$ 40.54 million. It is anticipated to garner US$ 64.54 million by 2030 to expand at 6.0% CAGR during 2022–2030.

Based on country, the Middle East & Africa dry ice market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 52.3% share of Middle East & Africa dry ice market in 2022. It was assessed at US$ 68.75 million in 2022 and is likely to hit US$ 101.59 million by 2030, registering a CAGR of 5.0% during 2022–2030.

Key players operating in the Middle East & Africa dry ice market are Gulf Cryo LLC, L’Air Liquide SA, Linde Plc, and SOL SpA, among others.

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