South & Central America Dry Ice Market Forecast to 2030 - Regional Analysis by Type and Application

The South & Central America dry ice market was valued at US$ 30.19 million in 2022 and is expected to reach US$ 41.22 million by 2030; it is estimated to register a CAGR of 4.0% from 2022 to 2030 .

Rapidly Increasing Demand for Frozen Foods Fuels South & Central America 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 South & Central America 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.

South & Central America Dry Ice Market Overview

According to the Brazilian Foreign Trade Secretariat statistics, from 2021 to 2022, Brazil has seen significant growth in its meat export. This fast rise is attributable to rising consumer demand due to changing lifestyles and modern technology. With rising consumer demand for frozen food products and a highly competitive market, most food processors, distributors, and retailers are transitioning from manually operated warehouse facilities to automatic deep-freeze warehouses with the widespread use of dry ice.

In addition, according to the Organization for Economic Co-operation and Development-Food and Agriculture Organization agricultural outlook, agricultural and fish production in South & Central America is projected to grow by 14% by 2032. Additionally, according to the Wisconsin Economic Development Corporation, in 2020, Chile exported agricultural products and agricultural, construction, healthcare, safety and security, mining, and telecommunication machinery and equipment worth US$ 229 million. Dry ice is used to extend and ensure the shelf life of fresh agricultural products, seafood, frozen food, and pharmaceuticals will grow substantially. These factors are expected to drive the South & Central American dry ice market.

South & Central America Dry Ice Market Segmentation

• The South & Central America dry ice market is categorized into type, application, and country.
• Based on type, the South & Central America 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 South & Central America 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 South & Central America dry ice market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America dry ice market share in 2022.
• Continental Carbonic Products Inc, L’Air Liquide SA, Linde Plc, and SOL SpA are some of the leading companies operating in the South & Central America dry ice market.

Market Highlights

• 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.
• This 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.

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