India Dry Ice Market Grows at Significant CAGR of 7%
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India dry ice market size at USD 12.22 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India dry ice market size to grow at a CAGR of 6.97% reaching a value of USD 18.31 million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India dry ice market size at USD 12.22 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India dry ice market size to grow at a CAGR of 6.97% reaching a value of USD 18.31 million by 2029. Dry ice suppliers are benefiting from a booming industry because of the expansion of the food processing and transportation industries. The increased usage of dry ice as a refrigerant in the transportation, food, medical, and entertainment industries is the main factor driving the dry ice market in India.
Opportunity: Growth in entertainment and special effects
Theatrical performances often use dry ice to create captivating fog and mist effects that enhance the atmosphere and add drama to scenes. Dry ice fog can simulate various weather conditions and set the mood for the audience. Dry ice is frequently used in concerts, music festivals, and live events to create visually stunning fog and smoke effects that complement the lighting and stage design. These effects can add excitement and ambiance to performances. Theme parks and amusement parks in India incorporate dry ice into their attractions and shows to create spooky atmospheres in haunted houses, thrill rides, and other themed experiences.
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Pallets segment holds the largest market share by product
Based on product, the market is divided into pellets, blocks, slice, slab, column, powder, and others. With the biggest market share of these, the pellets segment rules the dry ice industry in India. Dry ice comes in pellet form, which has a high density. Since cylindrical dry ice pellets provide food-grade quality and safety, which is essential for food items, they are developed for use in the food and beverage sector and in the preparation of food.
Impact of COVID-19 on the India Dry Ice Market
The increase in demand for dry ice for the delivery of COVID-19 vaccines was the pandemic's most noticeable effect on the dry ice market. Many of the COVID-19 vaccines, including the Pfizer-BioNTech and Moderna vaccines, need to be transported and stored at extremely low temperatures. Keeping the proper temperatures throughout the vaccine supply chain necessitated the use of dry ice. In addition to COVID-19 vaccinations, the pharmaceutical and healthcare sectors saw an increase in demand for dry ice due to the need to carry pharmaceuticals, diagnostic tests, and other medical supplies that require refrigeration.
Competitive Landscape
The India dry ice market is fragmented, with numerous players serving the market. Key players dominating the India Dry Ice market include Sigcil India Limited, Tripti Dry Ice, Yara International, S.R Industrial Dry Ice, South India gases & Dry Ice, PR Traders, Dhillon Dairy & Ice Factory, Anand Ice Depot, Kavery Dry Ice, and Manav Gases Pvt Ltd are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.
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