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.

In Q1 2025, liquid carbon dioxide (CO2) prices in North America exhibited a steady downward trend, largely influenced by declining natural gas prices, a key feedstock in CO2 production. Warmer-than-expected weather forecasts across the U.S. and Europe weakened natural gas demand, reducing production costs and pushing CO2 prices lower through January and March. Despite stable production rates, market sentiment remained muted as inventory data and energy fluctuations limited price recovery.

During the first quarter of 2025, the liquid carbon dioxide prices in the USA reached 783 USD/MT in March. The demand for liquid carbon dioxide from carbonated drink producers and marketers remained high. Beyond beverages, liquid CO2 is utilized in food packaging, industrial operations, and as a firefighting agent. Increased demand in these industries added to overall pricing pressure.

Explore IMARC’s newly published report, titled “Liquid Carbon Dioxide Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2025 Edition,” offers an in-depth analysis of liquid carbon dioxide pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

EU Carbon Permits fell to 70.55 EUR on July 11, 2025, down 0.27% from the previous day. Over the past month, EU Carbon Permits's price has fallen 6.42%, but it is still 1.73% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for EU Carbon Permits.

United States Road: Carbon Pricing Score: Excluding Emissions from the Combustion of Biomass: EUR 120 per Tonne of CO2 data was reported at 36.430 % in 2018. United States Road: Carbon Pricing Score: Excluding Emissions from the Combustion of Biomass: EUR 120 per Tonne of CO2 data is updated yearly, averaging 36.430 % from Dec 2018 (Median) to 2018, with 1 observations. The data reached an all-time high of 36.430 % in 2018 and a record low of 36.430 % in 2018. United States Road: Carbon Pricing Score: Excluding Emissions from the Combustion of Biomass: EUR 120 per Tonne of CO2 data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s United States – Table US.OECD.ESG: Environmental: Effective Carbon Rates: by Sector: OECD Member: Annual. The carbon pricing score answers the question how close countries are to price carbon in line with carbon costs. EUR 60 is a midpoint estimate for carbon costs in 2020, and a low-end estimate for 2030. Pricing all emissions at least at EUR 60 in 2020 shows that a country is on a good track to reach the goals of the Paris Agreement to decarbonise by mid-century economically. EUR 30 is a historic low-end estimate for carbon costs, and EUR 120 is a midrange estimate for carbon costs in 2030.; The carbon pricing score answers the question how close countries price carbon emissions in line with carbon costs. EUR 120 per tonne CO2 is a central estimate for carbon costs in 2030.More generally, a carbon pricing score of 100% shows that a country prices all carbon emissions at the carbon cost estimate or more, and a carbon pricing score of 0% shows that a country does not price any carbon emissions.The carbon pricing score by country, by sector answers the question how close countries price carbon emissions in line with carbon costs within a given sector.For additional information, see Effective Carbon Rates 2021

The global direct carbon price averaged **** U.S. dollars per metric ton of carbon dioxide equivalent (USD/tCO₂e) in 2023. Around one quarter of global greenhouse gas emissions were covered by carbon pricing mechanisms as of April 2024, compared with ** percent in 2020.

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

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).

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

Cameroon CM: CO2 Emissions: Kg per USD of(GDP) Gross Domestic Product2010 Price data was reported at 0.228 kg in 2018. This records a decrease from the previous number of 0.229 kg for 2017. Cameroon CM: CO2 Emissions: Kg per USD of(GDP) Gross Domestic Product2010 Price data is updated yearly, averaging 0.243 kg from Dec 1960 (Median) to 2018, with 59 observations. The data reached an all-time high of 0.526 kg in 1994 and a record low of 0.055 kg in 1960. Cameroon CM: CO2 Emissions: Kg per USD of(GDP) Gross Domestic Product2010 Price data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Cameroon – Table CM.World Bank.WDI: Environmental: Gas Emissions and Air Pollution. Carbon dioxide emissions are those stemming from the burning of fossil fuels and the manufacture of cement. They include carbon dioxide produced during consumption of solid, liquid, and gas fuels and gas flaring.; ; Data for up to 1990 are sourced from Carbon Dioxide Information Analysis Center, Environmental Sciences Division, Oak Ridge National Laboratory, Tennessee, United States. Data from 1990 are CAIT data: Climate Watch. 2020. GHG Emissions. Washington, DC: World Resources Institute. Available at: https://www.climatewatchdata.org/ghg-emissions. See NY.GDP.MKTP.KD for the denominator's source.; Weighted Average;

As of April 2025, the European Union Emission Trading Scheme (EU ETS) carbon price was above ** U.S. dollars per metric tons of carbon dioxide equivalent (USD/tCO₂e). The EU ETS launched in 2005 as a cost-effective way of reducing greenhouse gas emissions, and was the world's first major international carbon market. The UK was formerly part of the EU ETS, but replaced this with its own system after withdrawing from the EU. As of April 2025, the price of carbon on the UK ETS was almost ** USD/tCO₂e.

In May 2025, the European Energy Exchange AG (EEX) settled an auction of carbon dioxide (CO2) allowances on behalf of Poland at ***** euros. Revenues from the auction amounted to *** million euros.

Senegal SN: CO2 Emissions: Kg per PPP of(GDP) Gross Domestic Product2011 Price data was reported at 0.274 kg in 2014. This records an increase from the previous number of 0.272 kg for 2013. Senegal SN: CO2 Emissions: Kg per PPP of(GDP) Gross Domestic Product2011 Price data is updated yearly, averaging 0.233 kg from Dec 1990 (Median) to 2014, with 25 observations. The data reached an all-time high of 0.292 kg in 2011 and a record low of 0.169 kg in 2009. Senegal SN: CO2 Emissions: Kg per PPP of(GDP) Gross Domestic Product2011 Price data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Senegal – Table SN.World Bank.WDI: Environment: Pollution. Carbon dioxide emissions are those stemming from the burning of fossil fuels and the manufacture of cement. They include carbon dioxide produced during consumption of solid, liquid, and gas fuels and gas flaring.; ; Carbon Dioxide Information Analysis Center, Environmental Sciences Division, Oak Ridge National Laboratory, Tennessee, United States.; Weighted average;

Azerbaijan CO2 Emissions: Kg per USD of(GDP) Gross Domestic Product2010 Price data was reported at 0.555 kg in 2018. This records a decrease from the previous number of 0.563 kg for 2017. Azerbaijan CO2 Emissions: Kg per USD of(GDP) Gross Domestic Product2010 Price data is updated yearly, averaging 1.763 kg from Dec 1990 (Median) to 2018, with 29 observations. The data reached an all-time high of 4.822 kg in 1995 and a record low of 0.456 kg in 2010. Azerbaijan CO2 Emissions: Kg per USD of(GDP) Gross Domestic Product2010 Price data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Azerbaijan – Table AZ.World Bank.WDI: Environmental: Gas Emissions and Air Pollution. Carbon dioxide emissions are those stemming from the burning of fossil fuels and the manufacture of cement. They include carbon dioxide produced during consumption of solid, liquid, and gas fuels and gas flaring.; ; Data for up to 1990 are sourced from Carbon Dioxide Information Analysis Center, Environmental Sciences Division, Oak Ridge National Laboratory, Tennessee, United States. Data from 1990 are CAIT data: Climate Watch. 2020. GHG Emissions. Washington, DC: World Resources Institute. Available at: https://www.climatewatchdata.org/ghg-emissions. See NY.GDP.MKTP.KD for the denominator's source.; Weighted Average;

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...

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 due to increasing demand in various industries, particularly in oil and gas for enhanced oil recovery and in the production of industrial gases such as urea and methanol. The trend towards reducing greenhouse gas emissions is driving research and development in carbon capture and storage (CCS) technologies, including carbon dioxide capture from natural gas and ethyl alcohol, as well as carbon dioxide utilization through gasification and hydrogen production. However, the high manufacturing cost of industrial CO2 remains a challenge. Advanced CO2 sensors, compressed natural gas, liquid nitrogen, and bottled air are also key components of the market.
Carbon dioxide is used in medical applications such as endoscopy, and the production of precipitated calcium carbonate. The market is expected to grow due to government initiatives and increasing awareness of the importance of reducing carbon emissions. Key applications include oil and gas, food and beverage, and chemical industries.

What will be the Size of the Carbon Dioxide Market During the Forecast Period?

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The market encompasses the production, sale, and application of CO2 gas in various industries. Key drivers for this market include the increasing demand for CO2 in industrial processes such as insufflation for medical procedures like laparoscopy, endoscopy, and arthroscopy, as well as its use in carbonation for beverages and in the production of ethyl alcohol through alcoholic fermentation. Additionally, CO2 is utilized in hydrogen production and cryogenic freezing. In the healthcare sector, CO2 is used for carboxytherapy to improve skin circulation, oxygenation, and wound healing. The oil & gas industry also remains a significant consumer of CO2, using it for enhanced oil recovery and as a byproduct of natural gas processing. The market, driven by the growing concern over global climate change, presents both opportunities and challenges for the CO2 market. 

How is this Carbon Dioxide Industry segmented and which is the largest segment?

The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' 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

  APAC

    China
    India
    Japan
    South Korea


  North America

    Canada
    US


  Europe

    Germany
    UK
    France


  Middle East and Africa



  South America

By Technology Insights

The combustion segment is estimated to witness significant growth during the forecast period. The market is driven by the combustion segment due to its extensive use as a byproduct in various industries. Carbon dioxide (CO2) is formed when a fuel, such as natural gas, oil, or biomass, undergoes combustion with oxygen. This process releases CO2 as an exhaust gas, contributing significantly to global carbon emissions and greenhouse gas emissions, which are major contributors to global climate change. In the medical field, CO2 is utilized in insufflation during diagnostic and therapeutic procedures like laparoscopy, endoscopy, and arthroscopy. It is also used in industrial processes such as hydrogen production, carboxytherapy, and cryogenic freezing.
CO2 is a colorless, odorless gas that is naturally present in Earth's atmosphere. It is also used as a cooling agent, preservative, and foaming agent in various industries. Carbon dioxide is used in the beverage industry for carbonation in soft drinks, beer, and sparkling wine. It is dissolved in water under pressure to form tiny bubbles, which contribute to the product's texture and taste. CO2 is also used as a refrigerant in ice-making machines and refrigerators. The oil and gas industry uses CO2 for enhanced oil recovery, where it is injected into underground oil reservoirs to increase oil production.

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The Combustion segment was valued at USD 4.65 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 51% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in Asia Pacific (APAC) is experiencing notable growth, driven by the increasing demand for food and beverages. China, India

In June 2022, the carbon dioxide price per tonstood at $373 per ton, picking up by 39% against the previous month.

United States - Producer Price Index by Commodity: Chemicals and Allied Products: Carbon Dioxide was 600.93400 Index 1982=100 in May 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 July of 2025.

Prices for EU Carbon Permits including live quotes, historical charts and news. EU Carbon Permits was last updated by Trading Economics this July 13 of 2025.

Canada CA: CO2 Emissions: Kg per PPP of(GDP) Gross Domestic Product2011 Price data was reported at 0.351 kg in 2014. This records an increase from the previous number of 0.348 kg for 2013. Canada CA: CO2 Emissions: Kg per PPP of(GDP) Gross Domestic Product2011 Price data is updated yearly, averaging 0.491 kg from Dec 1990 (Median) to 2014, with 25 observations. The data reached an all-time high of 0.558 kg in 1992 and a record low of 0.348 kg in 2013. Canada CA: CO2 Emissions: Kg per PPP of(GDP) Gross Domestic Product2011 Price data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Canada – Table CA.World Bank.WDI: Environmental: Gas Emissions and Air Pollution. Carbon dioxide emissions are those stemming from the burning of fossil fuels and the manufacture of cement. They include carbon dioxide produced during consumption of solid, liquid, and gas fuels and gas flaring.; ; Carbon Dioxide Information Analysis Center, Environmental Sciences Division, Oak Ridge National Laboratory, Tennessee, United States.; Weighted Average;