India Dry Ice Market Exhibiting Marvelous Growth: Anticipated to Record a CAGR of 4.7% by 2027

Published | 13 July 2021

A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India dry ice market is expected to clock a notable 4.7% CAGR during the forecast period (2021-2027). The India dry ice market is primarily supported by the rising demand for dry ice as a refrigerant in the transport, food industry, transportation, medical, and entertainment sectors. Furthermore, the growing global business of high-quality perishable food products transportation requires advanced refrigeration facilities to keep food products at the proper temperature. This is yet another factor that is powering the growth of India dry ice market.

The growing import & export activities related to drugs & vaccines and the thriving organized retail & foodservice industry are playing a key role in expanding the India dry ice market demand. Serum Institute of India is a major manufacturer of Covishield vaccines, delivering them all over the world. According to the Ministry of External Affairs, till May 2021, India has shipped 663.698 lakhs vaccines to more than 90 countries across the globe. With the abundance of vaccines available in India, there was a spike in demand for dry ice, which boosted the market growth of the India dry ice market.

Rising Demand for Dry Ice in New and Diverse Industrial Applications Driving the Market Forward

The growing popularity of dry ice blast cleaning in a range of manufacturing applications is a major factor driving the growth of the India dry ice market. It is increasingly used in medical and biotechnology, as well as the automotive industry, industrial manufacturing, and the food and beverage industries. In the medical field, it is widely used to ship food and specimens, organs, blood, and pharmacy items. It can even be deployed in food production. As the most recent innovation in the product, dry ice in the form of rice has undoubtedly proven to be a game-changer. The Indian dry ice market is being boosted by an increase in the number of uses of dry ice.

The emergence of the processed food market in India has also propelled the growth of the India dry ice market. The food processing industry, according to the India Brand Brief Foundation, is one of India's largest industries, ranking fifth in terms of output, consumption, and exports. Additionally, India's food processing industry is anticipated to be worth more than half a trillion dollars by 2025.

Dry Ice Used for Storing Drugs and Vaccine Proving Favorable for Market Growth

Dry ice has three times the cooling power of water ice; it sublimates without leaving any residue and is non-toxic and non-flammable. These are the key properties of dry ice for which it is increasingly used for storing drugs and vaccines. As the world fights COVID-19, prominent pharmaceutical companies have begun distributing vaccines to other countries. As the distribution of COVID-19 vaccines starts rolling out across the globe, dry ice has become a hot commodity. These ultra-cold blocks of carbon dioxide, measuring minus 109 degrees Fahrenheit, are required for storing temperamental vaccinations at the proper temperature, fueling the India dry ice market's growth.

Dry ice is considered the absolute star of the COVID-19 pandemic as it facilitates the smooth transportation of vaccines around the globe. As India is the largest manufacturer of vaccines in the world, India is helping out different countries by supplying vaccines. Pzifer and BioNTech SE vaccines require a temperature range of -112 to -76 degrees Celsius to maintain their quality. This optimal temperature is only achievable using dry ice. Thus, the increasing use of dry ice in vaccine storage has been propelling the growth of the India dry ice market.

Cleaning Type Segment in India Dry Ice Market caters to The Largest Share

The cleaning type segment held the largest market share in 2020 and is likely to maintain its dominance during the forecast period as well as it reduces the usage of dangerous chemicals, eliminates waste, and is environmentally beneficial. The printing industry widely recognizes cleaning type as the most efficient and fastest way for cleaning presses and associated equipment like drums, grippers, rollers, ink trays, gears, print decks, and so on. It also helps remove grease, paper dust, hot melt adhesive, oil, and glue, which in turn is propelling the growth of the India dry ice market.

India Dry Ice Market: Regional Insights

The India dry ice market is segmented into Eastern India, Northern India, Southern India, Western India region. Western India dominates the India dry ice market and is likely to maintain its dominance even during the forecast period. Because the entertainment industry conducts the majority of stage shows in the Western part of India in order to create snow clouds and low-lying fog effects, the western region is leading the market across the country. Besides this, an upsurge in demand for dry ice in the industrial sector, transportation, and health care is also fueling the growth of the dry ice market in the region. Furthermore, there are 62 prospective food processing facilities in India, with Maharashtra accounting for the greatest number of projects under construction, presenting a profitable opportunity for the dry ice market in India.

Impact of COVID-19

The COVID-19 pandemic has caused havoc across industries. Several countries, including India went under lockdown to curb the spread of the deadly coronavirus. Moreover, the manufacturing units went under temporary suspension of operations due to lockdown restrictions and social distancing norms. Besides this, the suspension of operation created an imbalance over demand and supply. Moreover, there was a disruption in the supply chain as well due to nationwide lockdown. Nevertheless, the dry ice market was positively impacted due to lockdown and work-from-home scenarios. As the demand for ready-to-eat and packaged foods such as meat, frozen desserts, and snacks grew in India during the lockdown phase, the demand for dry ice demand also grew exponentially.

The Leading Players in The India Dry Ice Market are Sigcil India, 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, Manav Gases Pvt Ltd, Polarice Dry Ice, Linde Industrial Gases, Air Water Carbonic, Praxair, Messer Group, Polar Ice, Continental Carbonic, and other prominent players. Competition in the market is driven by the quality of the products on offer and the cost-effective manufacturing processes that can increase productivity and reduce costs.

Recent Developments

In June 2021, The Indian Council of Medical Research proposed delivering vaccines through drones in various parts of the country. The main areas of the target were the remote areas and difficult to reach geographies of India. This collaboration has been done with IIT-Kanpur. Vaccines are sent via drone in an icebox with ample dry ice to maintain a safe temperature for COVID-19 vaccines. These boxes will have 4G network connectivity to support the tracker through a mobile application.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India dry ice market size & forecast. The report promises to provide recent technology trends of India dry ice market and industry insights which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges and competitive dynamics of the market.

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