Dry ice is the solid formation of carbon dioxide used primarily as a cooling agent. Its benefits include lower temperatures than water ice and not leaving any residue. It helps store and transports various sensitive materials, mostly in the healthcare and food and beverage sectors. According to BlueQuark Research & Consulting, the global Dry ice market is expected to witness a significant growth rate during the forecasted period. The need for dry ice is being driven by the rising demand in blast cleaning due to the ever-surging industrial sector and increasing use as a refrigerant for frozen food items, replacing water-based ice. However, the difficulty in handling the freezing dry ice that can cause burns and the government norms of removing it from food items are expected to soon hinder the market's growth.

According to an ice cream storage test supervised by Cook's Illustrated magazine, 5 pounds of dry ice takes up only about half the space and keeps a specific volume of the product frozen for three times more extended periods when compared to 5 pounds of water-based ice. As mentioned earlier, dry ice's no clean-up requirement advantage and its ability to keep oxygen away aids in restoring ice with dry ice as a refrigerant for a frozen food product. In June 2019, the National Frozens and Refrigerated Food Association of the United States reported a USD 918 million over the earlier 52 weeks, with sales standing at a staggering USD 54.6 billion back then. Ice cream (USD 6.7 billion), seafood (USD 4.8 billion), novelties (USD 4.6 billion), pizza (USD 4.8 billion), and complete meals (USD 4.5 billion) were the top five frozen department categories during the 52 weeks in the United States. With developed regions like Europe and North America leading the global fixed food market, emerging countries such as India and China also show significant growth potential, affecting the global dry ice market. Dry ice is not only a magnificent refrigerant in supermarkets and convenience stores for keeping perishable items like seafood, gourmet foods, baked goods, meat and poultry, and dairy (ice cream, milk, cheese) frozen but also a cheap and environmentally friendly option, making it critical in the efficient transportation of such goods during long and distance shipping. GWP (global warming potential), an indicator of a gas' greenhouse effect, measures the amount of energy absorbed by 1 tons of an emitted gas relative to that absorbed by 1 ton of a released carbon dioxide (CO2). The lower the GWP worth and the higher the cooling capacity, the better are the refrigerants. R744 (dry ice), with a GWP worth of 1 and an ODP (Ozone Depletion Potential) estimate of 0, is among the minimal threatening refrigerants environmentally. Apart from that, it has higher cooling capacities than other refrigerants, making it cost-effective. The non-toxic and non-flammable nature add to the advantages, playing a significant role in the growth of dry ice's application as a refrigerant. Dry ice, which had been entirely out of the refrigerant race for over 50 years, is currently employed as an environmentally benign, low-temperature refrigerant in supermarkets and as the low-temperature stage of extensive industrial freezing and cold storage systems. With the slow down of the COVID-19 pandemic, the constant growth of dry ice as a refrigerant is impending, as the much safer frozen food industry is predicted to grow in the predicted.

In October 2020, with the initiate the ASCO Dry Ice Pelletizer P15(i), ASCO CARBON DIOXIDE Ltd introduced an optimized follow-up model of the ASCO Dry Ice Pelletizer A120P. The compact and powerful new machine transforms liquid CO2 into dry ice pellets quickly and economically with a 120 kg/h (264.6 lb/h) production capacity. In August 2020, Swiss dry ice and Carbon dioxide recovery plant specialist, Comtecswissns announced its new oil-free dry ice machine, reported as a 'world innovation' in this ever-growing market. Furthermore, in October 2019, researchers from the University of Sheffield, in collaboration with Icetech Technologies, used dry ice to evolve a new solution for the problem of leaves on the line, which cause terminations, delays, and timetable changes for rail passengers. In July 2019, Air Liquide reported that its Airgas division had recently opened its new dry ice facility and liquid carbon dioxide (CO2) in Stockton, California.

The Dry Ice Market is segmented based on Commercial Form, Grade, and Application. The application segment is further fragmented into Commercial (Food and Beverage Processing, Fire Fighting, Transport and Distribution, Entertainment Industry), Industrial (Blast Cleaning, De-gassing, Cutting Fluid), Medical and Scientific Research, Others. Food and Beverage processing was the primary application of Dry Ice.

Modern-day food manufacturing and processing involve highly complex automated machines, innovative technologies, and a safe environment.​ Further, Sanitation is an essential element in food and beverage production. FDA, EPA-approved dry ice blasting is the safest process to clean containers, conveyors, mixers, and ovens, leaving no harmful secondary waste behind. Microbial growth, lipid oxidation, physical (flavor, color, textural changes), biochemical and enzymatic reactions, and USDA significantly limit a food product's shelf life. Aside from sanitizing the processing equipment, dry ice plays an essential role as a refrigerant and preservative in the food and beverage processing industries. Preserving food through non-cyclic refrigeration is, actually, one of the most general applications of dry ice. Besides helping with the storehouse and shelf-life extension, dry ice is also commonly worn in the packaging and transportation of the food industry. Food-grade dry ice is a critical ingredient in all the soft drink we see, and a small loose cube of dry ice can also be utilized to chill bar beverages safely. The market for dry ice is probably to witness important growth in the food and beverage processing sector during the forecasted period.

The global Dry ice Market is consolidated into Asia Pacific, North America, South America, Europe, and Middle East & Africa based on geography. North America is awaited to be the dominant region, with several market players accounting for a significant share of the market, majorly due to the high demand for dry ice in the healthcare industry as it is utilized by hospitals and laboratories in storage and transportation when they need to ship temperature-sensitive items. Dry ice can also clean medical and industrial equipment with the much-known dry ice blasting method. Furthermore, its significant usage in Food and Beverage sectors for preserving frozen food when freezers are not present or in an emergency is expected to drive the market further.

The US is the world's largest economy. The country's GDP has reduced at a yearly rate of 5% in the first quarter and 9.5% in the 2nd quarter of 2020, owing to the ongoing coronavirus pandemic. But it grew about 7.4 percent in the 3rd quarter due to ease in the lockdown. The US is one of the leading regions in the global healthcare industry, experiencing a development of 4.6 percent (USD 3.6 trillion) in 2018 in the country health spending. This led to USD 11,172 spending on health care per person, which was reported for 17.7% of the Gross Domestic Product, making the United States a country that expenses most on health care per person. Some of the prime healthcare companies in the area are CVS Health Corp., McKesson Corp., AmerisourceBergen Corp., Cardinal Health Inc., UnitedHealth Group Inc., and Anthem Inc., among others. The government's efforts by expenditure on research and technologies and launching healthcare programs like Medicaid and Medicare (federal health insurance program) accounts for driving the dry ice market. Medicare spending grew about 6.4% to USD 750.2 billion in 2018, or 21 percent of total National Health Expenditures (NHE), whereas Medicaid spending grew around 3.0% to USD 597.4 billion in 2018 or 16% of total NHE. The federal govt. spent approx USD 1.2 trillion on health care in 2019. Aside from the health care sector, dry ice also plays an important role in the United States' food and beverage sectors. Food & beverages and related industries provided USD 1.109 trillion to the US GDP in 2019, accounting for a 5.2% share. The need for frozen food in the United States due to an increase in the working population, the introduction of longer-shelf-life products, and rising demand from various end-users, ranging from restaurants and hotels to fast-food chains, is anticipated to drive the dry ice market further. On the food front, approx USD 1.71 trillion was spent on food and beverages in 2018 at the grocery market and other retailers and away-from-home meals and snacks in the US alone. With a 13.0% share, food ranked third behind housing (32.8%) and transportation (17.1 %) among the average American household's expenditures in 2019. Some of the region's primary food and beverage companies are PepsiCo, Nestle, JBS USA, Kraft Heinz Co., Mars Inc., Tyson Foods, and Smithfield Foods Inc. Hence, increasing applications of dry ice in the healthcare and food and beverage sectors are likely to enhance the market in the region.

In 2019, The global market for dry ice was partially fragmented with major market key players, including Linde Plc, Yara International, Air Liquide, Dry Ice Corp., Continental Carbonic Products, Inc., and Cold Jet, among others.

Dry ice sales reportedly surged dramatically after Pfizer released positive results for its COVID-19 vaccine person, which must be stored at minus 112 degree Fahrenheit to be safe. Utilizing the dry ice, the companies have grown specifically designed temperature-controlled thermal shippers that can be worn as temporary storage units for 15 days by refilling with dry ice. The companies have grown specially designed, temperature-controlled thermal shippers, utilizing dry ice to maintain temperature conditions of -70°C±10°C. They can be worn as temporary storage units for 15 days by refilling with dry ice.

Our Global Dry ice Market report provides deep insight into the current and future state of the Dry ice Market across various regions. The study comprehensively analyzes the Dry ice Market by segments based on Commercial Form (dry ice pellet, dry ice Block, Slices, and Others), By Grade (Food Grade and Industrial Grade), By Application (Commercial (Food and Beverage Processing, Transport and Distribution, Fire Fighting, Entertainment Industry), Industrial (dry ice blast cleaning, De-gassing, Cutting Fluid), Medical and Scientific Research, Others), and by Geography (Asia Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints, along with the impact of Covid-19 on market growth, in detail. The study covers & includes emerging market trends, market developments, market growth opportunities, market swot analysis, market dynamics, dry ice market size, and challenges in the industry. This report also covers extensively researched competitive landscape sections with profiles of prominent companies, including their market share and projects.