The Asia Pacific dry ice market was valued at US$ 126.51 million in 2022 and is expected to reach US$ 221.01 million by 2030; it is estimated to register a CAGR of 7.2% from 2022 to 2030.
Over the past few years, the lifestyle of people globally evolved dramatically. Due to hectic work schedules, people are looking for products that save time and effort. Consumers prefer ready-to-eat, microwavable, and ready-to-prepare food products as they are highly recommended for on-the-go consumption and require minimal preparation time. Moreover, the increasing working women population, high per capita income, and a rising middle-class population are key factors driving the growth of convenience food consumption globally.
Due to the increasing number of nuclear families, the demand for prepared-to-eat, portion-controlled food increased. The market for frozen food products is also growing as they have extended shelf-life, are suitable for single-person consumption, and can be prepared in less time. Dry ice plays a crucial role in preserving the quality and safety of these frozen food products throughout their storage, transportation, and distribution.
The high demand for frozen meat & poultry, and seafood owing to the increasing awareness among consumers regarding the health benefits offered by meat and seafood favors the market. These products are low-fat and high-protein foods that can help to build muscle, boost brainpower, improve eyesight, support heart health, relieve joint discomfort, and improve skin and hair. Consumers are shifting toward a healthy lifestyle, which has led to a high demand for healthy food with nutritional value.
Unlike traditional water-based ice, dry ice sublimates, transitioning directly from solid to gas, eliminating the risk of moisture accumulation and freezer burn. This makes it an ideal cooling agent for frozen food, ensuring that products remain frozen and maintain their texture, taste, and nutritional value. Hence, the surge in demand for frozen food products is ultimately bolstering the dry ice market.
This development has enabled pharmaceutical companies to collaborate with healthcare service providers and expand their market presence, including clinical research and development. Asia Pacific is one of the significant markets for pharmaceutical products and is majorly driven by the rise in demand for generic medicines, an increase in healthcare expenditure, a surge in the geriatric population, a change in demographics, and greater accessibility to advanced treatments.
China, Japan, and India are the major producers of pharmaceuticals in Asia Pacific. The governments of these countries are developing new policies to promote the development of the pharmaceutical industry. For instance, to address the needs of the growing population in Japan, the government is responding by easing various life science regulations and surging approval of innovative new drugs to promote pharmaceutical companies, both in domestic and foreign markets, and dry ice is used in their shipment and storage as dry ice helps in maintaining the temperature. Favorable government policies for the development of the pharmaceuticals industry, coupled with the strong growth of the healthcare sector in the region, are favoring the growth of the dry ice market.
Rapidly Increasing Demand for Frozen Foods Boosts Asia Pacific Dry Ice Market
An increase in demand for frozen foods and a rise in the usage of dry ice as refrigerant in food and shipping industries are key factors anticipated to provide growth opportunities to the Asia Pacific dry ice market. Dry ice is carbon dioxide in its solid form. This dense, snowlike substance sublimes at -78.5 °C (-109.3 °F), used as a refrigerant, especially during the 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.Over the past few years, the lifestyle of people globally evolved dramatically. Due to hectic work schedules, people are looking for products that save time and effort. Consumers prefer ready-to-eat, microwavable, and ready-to-prepare food products as they are highly recommended for on-the-go consumption and require minimal preparation time. Moreover, the increasing working women population, high per capita income, and a rising middle-class population are key factors driving the growth of convenience food consumption globally.
Due to the increasing number of nuclear families, the demand for prepared-to-eat, portion-controlled food increased. The market for frozen food products is also growing as they have extended shelf-life, are suitable for single-person consumption, and can be prepared in less time. Dry ice plays a crucial role in preserving the quality and safety of these frozen food products throughout their storage, transportation, and distribution.
The high demand for frozen meat & poultry, and seafood owing to the increasing awareness among consumers regarding the health benefits offered by meat and seafood favors the market. These products are low-fat and high-protein foods that can help to build muscle, boost brainpower, improve eyesight, support heart health, relieve joint discomfort, and improve skin and hair. Consumers are shifting toward a healthy lifestyle, which has led to a high demand for healthy food with nutritional value.
Unlike traditional water-based ice, dry ice sublimates, transitioning directly from solid to gas, eliminating the risk of moisture accumulation and freezer burn. This makes it an ideal cooling agent for frozen food, ensuring that products remain frozen and maintain their texture, taste, and nutritional value. Hence, the surge in demand for frozen food products is ultimately bolstering the dry ice market.
Asia Pacific Dry Ice Market Overview
The Asia Pacific dry ice market has increased demand for temperature-controlled logistics and distribution services for life science products and pharmaceuticals. This demand is fueled by factors such as population growth, increasing healthcare spending, and the expansion of the pharmaceutical industry in the region. The growth of the pharmaceutical industry in the region is directly influencing the growth of the dry ice market. As part of initiatives like Healthy China 2030.nd similar initiatives in other Asian countries, healthcare infrastructure investments have been made, including clinics, hospitals, and research facilities.This development has enabled pharmaceutical companies to collaborate with healthcare service providers and expand their market presence, including clinical research and development. Asia Pacific is one of the significant markets for pharmaceutical products and is majorly driven by the rise in demand for generic medicines, an increase in healthcare expenditure, a surge in the geriatric population, a change in demographics, and greater accessibility to advanced treatments.
China, Japan, and India are the major producers of pharmaceuticals in Asia Pacific. The governments of these countries are developing new policies to promote the development of the pharmaceutical industry. For instance, to address the needs of the growing population in Japan, the government is responding by easing various life science regulations and surging approval of innovative new drugs to promote pharmaceutical companies, both in domestic and foreign markets, and dry ice is used in their shipment and storage as dry ice helps in maintaining the temperature. Favorable government policies for the development of the pharmaceuticals industry, coupled with the strong growth of the healthcare sector in the region, are favoring the growth of the dry ice market.
Asia Pacific Dry Ice Market Segmentation
The Asia Pacific dry ice market is categorized into type, application, and country.- Based on type, the Asia Pacific dry ice market is segmented into pellets, blocks, and others. The blocks segment held the largest market share in 2022.
- In terms of application, the Asia Pacific dry ice market is segmented into food and beverages, storage and transportation, healthcare, industrial applications, and others. The storage and transportation held the largest market share in 2022.
- By country, the Asia Pacific dry ice market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific dry ice market share in 2022.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Asia Pacific Dry Ice Market Landscape
5. Asia Pacific Dry Ice Market - Key Market Dynamics
6. Dry Ice Market - Asia Pacific Market Analysis
7. Asia Pacific Dry Ice Market Volume and Revenue Analysis - by Type
8. Asia Pacific Dry Ice Market Revenue Analysis - by Application
9. Asia Pacific Dry Ice Market - Country Analysis
10. Competitive Landscape
11. Industry Landscape
12. Company Profiles
13. Appendix
Companies Mentioned
- Linde Plc
- Nippon Sanso Holdings Corp
- Sicgil India Ltd
- SOL SpA
