The Asia Pacific food grade carbon dioxide market size is expected to reach USD 673.07 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.8% from 2022 to 2030. Increasing usage of food-grade carbon dioxide for carbonation in carbonated beverage plants is anticipated to result in the growth of the market in the Asia Pacific. Moreover, the usage of food-grade carbon dioxide in meat processing and modified atmosphere packaging applications is anticipated to surge in the Asia Pacific region during the forecast period.
The demand for food-grade carbon dioxide is expected to increase in the meat industry owing to the increasing production and export of meat in the region. Carbon dioxide is used to preserve meat and prolong its shelf life. As carbon dioxide is an inert gas, it protects the meat from bacteria and preserves it for longer. Increasing disposable income in emerging countries of the region is expected to boost market growth during the forecast period.
In terms of revenue, the carbonation segment accounted for a share of 33.3% of the overall market in 2021. The growth of this segment can be attributed to the presence of leading carbonated beverage companies in the world opening bottling plants to cater to the growing demand in the region. The freezing and chilling application segment is expected to grow at a significant CAGR of 5.3% over the forecast period owing to the increasing import and export of frozen foods, thus stimulating the demand for cold storage.
In terms of revenue, the meat source segment is projected to grow at a CAGR of 6.6% during the forecasted period. Rising disposable incomes of consumers in the Asia Pacific region have increased the demand for meat and other frozen dairy items. The demand for food-grade carbon dioxide is expected to increase in Asia pacific as market players are opening new facilities to cater to the growing demand for meat.
China is one of the largest markets for carbon dioxide consumption globally owing to the large number of food exports in the country, which require carbon dioxide for preservation. According to the World Bank, food exports in China increased from 7.6% of the total exported merchandise to 9.1% from 2010 to 2021, thereby, boosting the demand for food-grade carbon dioxide.
The Asia Pacific food grade carbon dioxide market is moderately consolidated with the presence of various multinational players. The market is highly competitive as it requires significant initial investments for new research and development for new players to enter the market. Some of the significant players in the Asia Pacific food grade carbon dioxide market include Linde plc, Air Products Inc., and Air Liquide. Companies operating in this market have adopted merger and acquisition strategies to enhance their market share and expand their networks in the Asia Pacific region.
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The freezing & chilling segment held the largest revenue share of 39.85% in 2021, owing to an increase in the Asia Pacific food processing industry with many companies opening production facilities in the region
In terms of revenue, the dairy and frozen products segment held the largest share of 31.90% in 2021. Increasing demand for prepackaged dairy and frozen products stimulated by increasing disposable income is expected to boost growth during the forecast period
In terms of revenue, China accounted for a dominant revenue share of 38.51% in 2021. Increasing demand from the food export industry, coupled with increasing domestic consumption, is expected to augment the growth during the forecast period
Grand View Research has segmented the Asia Pacific food grade carbon dioxide market based on sources, application, and country:
Asia Pacific Food Grade Carbon Dioxide Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
Freezing & Chilling
Asia Pacific Food Grade Carbon Dioxide Sources Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
Dairy and Frozen Products
Asia Pacific Food Grade Carbon Dioxide Country Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
List of Key Players in the Asia Pacific Food Grade Carbon Dioxide Market
Air Products and Chemicals, Inc.
Ellenbarrie Industrial Gases
IFB Agro Industries Limited
Sicgil India Limited
Southern Gas Limited
TAIYO NIPPON SANSO CORPORATION
WKS Industrial Gas Pte Ltd
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