In the fourth quarter of 2023, the price of the carbon dioxide in the United States reached 666 USD/MT by December. Similarly, in Japan, the carbon dioxide prices hit 249 USD/MT in the same month. Moreover, Belgium also witnessed carbon dioxide prices reaching 214 USD/MT during Q4 2023.

Explore IMARC's latest publication, “Carbon Dioxide Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” presents a detailed examination of the carbon dioxide market, providing insights into both global and regional trends that are shaping prices. This report delves into the spot price of carbon dioxide at major ports and analyzes the composition of prices, including FOB and CIF terms. It also presents a detailed carbon dioxide price trend analysis by region, covering North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The factors affecting carbon dioxide pricing, such as the dynamics of supply and demand, geopolitical influences, and sector-specific developments, are thoroughly explored. This comprehensive report helps stakeholders stay informed with the latest market news, regulatory updates, and technological progress, facilitating informed strategic decision-making and forecasting.

Why did the Liquid Carbon Dioxide Price Change in July 2025? The Liquid Carbon Dioxide Price Index in the U.S. showed moderate upward pressure during Q2 2025, with prices reaching USD 590/MT, DEL Illinois.

Get the latest insights on price movement and trend analysis of Carbon Dioxide in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

As per Cognitive Market Research's latest published report, the Global Liquid Carbon Dioxide market size will be $2,071.22 Million by 2028.Liquid Carbon Dioxide Industry's Compound Annual Growth Rate will be 4.82% from 2023 to 2030.

The North America Liquid Carbon Dioxide market size will be USD 780.64 Million by 2028.

Factors Affecting Liquid Carbon Dioxide Market Growth

Rising demand for food & beverages industry

The food and beverage industry has a unique role in expanding economic opportunity because it is universal to human life and health. This industry operates various segments where billions of people grow, transform, and sell food, particularly in developing countries where agriculture dominates all other economic sectors. The global food & beverage industry has seen rapid growth over the last ten years and this is expected to continue. The global food and beverage industry is growing at around 5% a year and global expenditure on food products by consumers is expected to reach US$20 trillion by 2030.

Following graph shows the global revenue in the food & beverages industry which is projected to reach US $258,741 million in 2021.

Asia Pacific is the fastest growing region for the food & beverage industry due to rapid increasing population. India is forecast to have the strongest annual growth of food & beverage sales between 2017 and 2020, with 13.1%. Average annual growth in China reached to 11.2% over the last four years. Indonesia and the Philippines both countries expected to see a strong acceleration in growth, with forecasts of 10.1% and 9.6% respectively. After Asia Pacific region second most growing region for the food & beverage industry is Middle East & Africa, which is followed by the America.

Moreover, healthy food development has become a relentless pattern, due to enormous part to a more prominent social attention to sustenance. The move towards more advantageous foods has been driven by shopper request, and when all is said in done the business has rushed to react, with numerous brands reformulating or re promoting their merchandise. Liquid carbon dioxide is widely used in the preservation of food, in fire extinguishers, and in commercial food processes. For food preservation, liquid carbon dioxide is used to refrigerate, preserve, store and soften.

Hence, rising demand for food & beverages industry boost the demand of liquid Co2 market.

The Restraining Factor of Liquid Carbon Dioxide

High Costs of Production and Transportation:

The production of liquid carbon dioxide is energy-intensive, requiring low-temperature liquefaction processes and high-purity feedstocks, which raise operational costs. Additionally, because liquid CO? must be stored at very low temperatures and under pressure, its transportation demands specialized cryogenic tanks and insulated pipelines. These storage and logistical requirements not only elevate capital and maintenance costs but also limit distribution over long distances, especially in underdeveloped regions lacking proper infrastructure. This cost barrier can deter small- and medium-scale end-users from adopting liquid CO?, limiting market growth.

Environmental and Regulatory Pressures:

Although liquid CO? is often a byproduct of industrial processes (such as ammonia or ethanol production), it is still classified as a greenhouse gas. Increasing global efforts to reduce carbon emissions have prompted tighter environmental regulations, which could restrict the availability of CO? from certain sources or impose additional compliance costs. Furthermore, evolving climate change policies and the push for carbon-neutral or carbon-negative technologies may shift focus away from conventional CO? utilization and toward carbon capture and storage (CCS) or alternative green technologies. This regulatory uncertainty could hinder long-term investment and slow market expansion.

Opportunities for Liquid Carbon Dioxide Market

Growing Demand in the Food and Beverage Industry:

Liquid carbon dioxide is widely used in the food and beverage sector for applications such as carbonation of soft drinks, preservation, chilling, freezing, and packaging under modified atmospheres. With the global increase in consumption of ready-to-eat and frozen foods, particularly in emerging markets like Asia-Pacific and Latin America, the demand for liquid CO? is expected to surge. Additionally...

The global carbon dioxide market is projected to be worth US$ 4.3 billion by the end of 2034, ascending from US$ 1.9 billion in 2024. This is because worldwide demand for carbon dioxide is forecasted to increase at a noteworthy CAGR of 8.3% through 2034.

Report Attributes	Details
Carbon Dioxide Market Size (2024E)	US$ 1.9 Billion
Projected Market Value (2034F)	US$ 4.3 Billion
Global Market Growth Rate (2024 to 2034)	8.3% CAGR
China Market Value (2034F)	US$ 900 Million
Canada Market Growth Rate (2024 to 2034)	9.7% CAGR
North America Market Share (2024E)	30.5%
East Asia Market Value (2034F)	US$ 1.7 Billion
Key Companies Profiled	Linde Group Air Liquide Praxair Inc. Air Products and Chemicals Inc. Gulf Cryo Dubai Industrial Gases Mohsin Haider Darwish LLC Yateem Oxygen ERCO Worldwide

Country-wise Insights

Attribute	United States
Market Value (2024E)	US$ 400 Million
Growth Rate (2024 to 2034)	9.6% CAGR
Projected Value (2034F)	US$ 1.1 Billion

Attribute	China
Market Value (2024E)	US$ 400 Million
Growth Rate (2024 to 2034)	8.7% CAGR
Projected Value (2034F)	US$ 900 Million

Category-wise Insights

Attribute	Pipelines
Segment Value (2024E)	US$ 600 Million
Growth Rate (2024 to 2034)	8.3% CAGR
Projected Value (2034F)	US$ 1.3 Billion

Attribute	Biological
Segment Value (2024E)	US$ 1 Billion
Growth Rate (2024 to 2034)	7.7% CAGR
Projected Value (2034F)	US$ 2.1 Billion

Graph and download economic data for Producer Price Index by Commodity: Chemicals and Allied Products: Carbon Dioxide (WPU06790302) from Jun 1981 to Jun 2025 about chemicals, commodities, PPI, inflation, price index, indexes, price, and USA.

Snapshot img

Carbon Dioxide Market Size 2025-2029

The carbon dioxide market size is forecast to increase by USD 2.36 billion, at a CAGR of 4.7% between 2024 and 2029. The market is experiencing significant growth, driven primarily by the increasing demand in the oil and gas industry for enhanced oil recovery processes.

Major Market Trends & Insights

APAC dominated the market and accounted for a 51% share in 2023. The market is expected to grow significantly in North America region as well over the forecast period. Based on the Technology, the combustion segment led the market and was valued at USD 5.17 billion of the global revenue in 2023. Based on the Application, the enhanced oil recovery segment accounted for the largest market revenue share in 2023.

Market Size & Forecast

Market Opportunities: USD 9.04 Billion Future Opportunities: USD 2.36 Billion CAGR (2024-2029): 4.7% APAC: Largest market in 2023

The market continues to evolve as businesses and governments seek innovative solutions to mitigate greenhouse gas emissions and address climate change. The landscape is shaped by various factors, including technological advancements, regulatory policies, and market trends. Carbon capture technologies, such as direct air capture and carbon sequestration, are gaining traction as industries strive for emissions reduction. Industrial processes, including those in power generation and manufacturing, are undergoing optimization to minimize carbon footprints. Renewable energy sources, including solar, wind, and biomass, are increasingly integrated into energy portfolios. Carbon pricing, through mechanisms like carbon taxes and emissions trading, is a critical component of climate policy.

What will be the Size of the Carbon Dioxide Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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Industrial automation and building automation systems are streamlining energy management, while nuclear energy provides a low-carbon alternative to fossil fuels. Circular economy principles are guiding waste management strategies, and smart grids are optimizing energy storage and distribution. Climate change mitigation efforts extend to various sectors, with renewable energy and energy efficiency at the forefront. Environmental regulations continue to evolve, driving the adoption of cleaner technologies. CO2 sensors and monitoring systems are essential tools for tracking and managing emissions. Carbon utilization, through processes like CO2 storage in depleted oil and gas reservoirs and the production of carbon credits, offers potential for carbon markets to expand beyond emissions reduction. The biological segment is the second largest segment of the technology and was valued at USD 3.49 billion in 2023.

The ongoing dynamism of the carbon market reflects the continuous unfolding of market activities and evolving patterns in response to climate policy, technological advancements, and market trends. This sector's reliance on CO2 for extracting hard-to-reach reserves is a key market catalyst. Furthermore, the surge in research and development activities to discover new applications for CO2, such as in food processing and beverage industries, adds to the market's momentum.

However, high manufacturing costs, particularly for industrial CO2 production, pose a considerable challenge. Companies must navigate this cost obstacle to remain competitive and capitalize on the market's expanding opportunities. Effective cost management strategies, technological innovations, and strategic partnerships are essential for market players to thrive in this dynamic landscape.

How is this Carbon Dioxide Industry segmented?

The carbon dioxide industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Technology

Combustion Biological

Application

Enhanced oil recovery Food and beverages Precipitated calcium carbonate Others

Source

Ethyl alcohol Hydrogen Substitute natural gas Ethylene oxide Others

Geography

North America

US Canada

Europe

France Germany UK

APAC

Australia China India Japan South Korea

Rest of World (ROW)

By Technology Insights

The combustion segment is estimated to witness significant growth during the forecast period. The segment was valued at USD 5.17 billion in 2023. It continued to the largest segment at a CAGR of 4.21%.

The market is experiencing dynamic shifts as various sectors adopt measures to mitigate climate change and reduce their carbon footprint. Climate policy and carbon pricing, such as carbon taxes, are driving the demand for carbon capture, utilization, and storage (CCUS) technologies. Solar energy, wind energy, and biomass en

Graph and download economic data for Producer Price Index by Industry: Industrial Gas Manufacturing: Carbon Dioxide (PCU3251203251204) from Jun 1981 to Jun 2025 about gas, manufacturing, PPI, industry, inflation, price index, indexes, price, and USA.

Carbon Dioxide Market expected to hit USD 17.77 billion by 2034, showing growth at 5.2% CAGR.

The Carbon Dioxide Market Witness a 4.87% CAGR growth (2025-30) driven by urea's vital role in the agriculture industry worldwide says MarkNtel Advisors

United States - Producer Price Index by Commodity: Chemicals and Allied Products: Carbon Dioxide was 595.84600 Index 1982=100 in June of 2025, according to the United States Federal Reserve. Historically, United States - Producer Price Index by Commodity: Chemicals and Allied Products: Carbon Dioxide reached a record high of 602.03600 in April of 2025 and a record low of 80.80000 in July of 1981. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Producer Price Index by Commodity: Chemicals and Allied Products: Carbon Dioxide - last updated from the United States Federal Reserve on August of 2025.

After two years of decline, the U.S. carbon dioxide market increased by 8.7% to $1.2B in 2024. In general, consumption, however, saw a buoyant expansion. Over the period under review, the market hit record highs at $1.5B in 2021; however, from 2022 to 2024, consumption failed to regain momentum.

The global Liquid Carbon Dioxide (CO2) market stood at approximately 16.2 million tonnes in 2024 and is expected to grow at a CAGR of 4.95 % during the forecast period until 2035.

Carbon Dioxide Market & Trends Analysis Report by Source (Hydrogen, Ethyl Alcohol, Ethylene Oxide, Substitute Natural Gas, and Others), By Application (Food & Beverages, Oil & Gas, Medical, Rubber, Metal Manufacturing, Fertilizer/Agrochemicals, and Others) and By Region - Global Opportunities & Forecast, 2020-2027

Global Carbon Dioxide market size is expected to reach $15.1 billion by 2029 at 9.5%, segmented as by product type, liquid carbon dioxide, solid carbon dioxide, gaseous carbon dioxide

Carbon Monoxide is a strong alkali possessing the chemical. Carbon Monoxide is one of the most popularly used chemicals

United States - Producer Price Index by Industry: Industrial Gas Manufacturing: Carbon Dioxide was 755.10300 Index Jun 1981=100 in June of 2025, according to the United States Federal Reserve. Historically, United States - Producer Price Index by Industry: Industrial Gas Manufacturing: Carbon Dioxide reached a record high of 762.96200 in April of 2025 and a record low of 100.00000 in July of 1981. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Producer Price Index by Industry: Industrial Gas Manufacturing: Carbon Dioxide - last updated from the United States Federal Reserve on July of 2025.

The market value of carbon dioxide amounted to approximately ***** billion U.S. dollars in 2022. In 2030, the global market value of carbon dioxide is forecast to reach ***** billion U.S. dollars. Carbon dioxide is used for a variety of applications, including as an inert gas in fire-fighting, for carbonating beverages, as well as for cooling and freezing food, among other uses.

For the eighth year in a row, the Indian carbon dioxide market recorded growth in sales value, which increased by 1.9% to $884M in 2024. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2024; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2023 with an increase of 7.5%.

Beverage Grade Carbon Dioxide Market Outlook

The global beverage grade carbon dioxide market size was valued at approximately USD 3.2 billion in 2023 and is projected to reach USD 4.9 billion by 2032, growing at a CAGR of 5.0% during the forecast period. This market is poised for significant growth, driven by increasing demand for carbonated drinks, expanding beverage industry, and technological advancements in carbon dioxide extraction and purification processes.

One of the major factors driving the growth of the beverage grade carbon dioxide market is the rising global consumption of carbonated beverages. With urbanization and changing lifestyles, there has been a significant increase in the consumption of sparkling water, soft drinks, and other carbonated beverages. This trend is especially prominent in emerging economies where rising disposable incomes and westernization of food and beverage habits are fueling demand for carbonated drinks. Additionally, the growing popularity of craft beers and cocktails that utilize beverage grade carbon dioxide for carbonation and preservation is propelling the market forward.

The expansion of the beverage industry is another crucial driver for the beverage grade carbon dioxide market. The increasing number of breweries, wineries, and beverage manufacturers across the globe is creating substantial demand for CO2. Many companies are investing in expanding their production capacities to meet the surging demand for a variety of beverages, including both alcoholic and non-alcoholic options. This expansion is also supported by advancements in CO2 technology, which ensure that the gas is of high purity and safe for use in beverages, meeting stringent quality standards set by regulatory bodies.

Technological advancements in the extraction and purification of carbon dioxide are further driving the market growth. Innovations in CO2 recovery and purification processes have made it possible to produce high-quality beverage grade CO2 more efficiently and economically. These advancements help in reducing the overall production costs, making it feasible for manufacturers to supply high-purity CO2 at competitive prices. Improved technologies also ensure that beverage grade CO2 meets the specific requirements of different beverages, enhancing the taste and shelf life of the products.

From a regional perspective, North America and Europe hold significant shares in the beverage grade carbon dioxide market due to the high consumption of carbonated drinks and advanced beverage industries. However, the Asia Pacific region is expected to witness the fastest growth during the forecast period. This is attributed to the increasing urbanization, rising disposable incomes, and changing consumer preferences towards carbonated beverages in countries like China, India, and Japan. The region's growing brewery and beverage manufacturing sectors are also contributing to the market's expansion.

In the realm of healthcare, Medical Grade Soda Lime plays a pivotal role in ensuring patient safety during anesthesia procedures. This specialized compound is used in anesthesia machines to absorb carbon dioxide from exhaled gases, allowing for the recycling of anesthetic gases and maintaining a stable breathing environment for patients. The high efficiency and reliability of medical grade soda lime make it indispensable in operating rooms, where precise control over respiratory gases is critical. As healthcare standards continue to rise, the demand for high-quality soda lime that meets stringent medical regulations is expected to grow, underscoring its importance in modern medical practices.

Source Analysis

In the beverage grade carbon dioxide market, sources can be broadly categorized into natural and industrial. Natural sources of CO2 include volcanic activity, natural springs, and fermentation processes, while industrial sources are byproducts of processes like ammonia production, ethanol fermentation, and natural gas processing. Each of these sources has its own set of advantages and challenges, impacting the overall market dynamics.

Natural sources of CO2 have gained significant traction due to their perceived purity and minimal environmental impact. CO2 sourced from natural springs and volcanic activities is often preferred by beverage manufacturers who emphasize natural and organic ingredients. However, the availability of CO2 from these sources can be limited and subject to region