At 4.0% CAGR, South & Central America Dry Ice Market is Projected to be Worth US$ 41.22 Million by 2030, says Business Market Insights

According to Business Market Insights’ research, the South & Central America dry ice market was valued at US$ 30.19 million in 2022 and is projected to reach US$ 41.22 million by 2030, registering a CAGR of 4.0% 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 South & Central America dry ice market growth.

Traditional dry ice production methods, which involve the direct capture of carbon dioxide from industrial processes, are energy-intensive and contribute to carbon emissions. However, the adoption of more sustainable practices is reshaping the industry landscape. Carbon dioxide from carbon-neutral sources is environmentally friendly, viable, and economically sustainable. Instead of using hydrocarbon by-products to capture carbon dioxide, a few dry ice producers are now using the anaerobic digestion process as an eco-friendly solution, and this trend is expected to gain traction during the forecast period. The biomethane produced by facilities integrating this new process is then captured and transmitted through gas upgraders, and eventually, membrane technology is utilized to separate carbon dioxide from methane.

Anaerobic digestion systems align with the circular economy concept by creating closed-loop systems. Organic waste inputs for anaerobic digestion can be sourced locally, reducing the need for transportation and supporting regional sustainability initiatives. This decentralized approach enhances the overall efficiency of the dry ice production process and minimizes the carbon footprint associated with the raw material acquisition.

Advancements in renewable energy sources are also influencing the sustainability of dry ice production. Incorporating renewable energy, such as solar and wind power, into the production process can significantly reduce the carbon footprints associated with dry ice manufacturing. Manufacturers adopting these sustainable energy practices are likely to gain a competitive edge in the market as environmentally conscious consumers and businesses seek eco-friendly alternatives. Thus, the increasing demand for anaerobic digestion systems and integration of renewable energy sources in dry ice production is a result of their ability to align with sustainability objectives, minimize environmental impact, and contribute to the circular economy. As industries prioritize greener practices, the integration of sustainable production processes into dry ice production processes is poised to become a key driver of growth in the sector.

On the contrary, inability of dry ice to be stored for an extended period hamper the growth of the South & Central America dry ice market.

Based on type, the South & Central America dry ice market is segmented into pellets, blocks, and others. The blocks segment held 50.3% market share in 2022, amassing US$ 15.18 million. It is projected to garner US$ 21.66 million by 2030 to register 6.1% CAGR during 2022–2030.

In terms of application, the South & Central America dry ice market is segmented into food and beverages, storage and transportation, healthcare, industrial applications, and others. The food and beverages segment held 31.0% share of South & Central America dry ice market in 2022, amassing US$ 9.36 million. It is anticipated to garner US$ 13.19 million by 2030 to expand at 4.4% CAGR during 2022–2030.

Based on country, the South & Central America dry ice market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 48.2% share of South & Central America dry ice market in 2022. It was assessed at US$ 14.54 million in 2022 and is likely to hit US$ 20.93 million by 2030, registering a CAGR of 4.7% during 2022–2030.

Key players operating in the South & Central America dry ice market are Continental Carbonic Products Inc, L’Air Liquide SA, Linde Plc, and SOL SpA, among others.

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