For the Quarter Ending December 2025
APAC
- In Japan, the Liquid Carbon Dioxide Price Index fell by 4.1% quarter-over-quarter, easing supply tightness.
- The average Liquid Carbon Dioxide price for the quarter was approximately USD 201.67/MT, per assessment.
- Inventory builds and steady operations pressured the Liquid Carbon Dioxide Spot Price, limiting immediate upside.
- Liquid Carbon Dioxide Price Forecast indicates modest rebounds early next year amid seasonal restocking activity.
- Lower natural gas costs moderated Liquid Carbon Dioxide Production Cost Trend, enabling narrower supplier margins.
- Convenience and food processors' steady procurement supports Liquid Carbon Dioxide Demand Outlook, though volumes constrained.
- Mid-quarter loosened purchasing and balanced inventories caused the Liquid Carbon Dioxide Price Index to weaken.
- Subdued export demand and improved logistics efficiencies, combined with adequate domestic feedstock, constrained near-term recoveries.
- Major producers' reliable output and low procurement likely limited volatility in Liquid Carbon Dioxide markets.
Why did the price of Liquid Carbon Dioxide change in December 2025 in APAC?
- Improved supply and sufficient inventories eased previous tightness, notably reducing upward price pressure in December.
- Downstream procurement caution and channel shifts toward discount retailers suppressed volume growth and pricing support.
- Feedstock cost movements and absorbed operational cost increases prevented full pass-through to Liquid Carbon Dioxide prices.
Europe
- In France, the Liquid Carbon Dioxide Price Index fell by 1.74% quarter-over-quarter, reflecting easing natural gas costs.
- The average Liquid Carbon Dioxide price for the quarter was approximately USD 263.00/MT, as reported.
- Regional Liquid Carbon Dioxide Spot Price softened amid ample availability and easing natural gas costs.
- Moderate Liquid Carbon Dioxide Price Forecast indicates recovery expectations as seasonal beverage demand supports pricing.
- Liquid Carbon Dioxide Production Cost Trend improved due to significant declines in natural gas prices.
- The Liquid Carbon Dioxide Demand Outlook remains stable, supported by FMCG and beverage sector procurement.
- Inventory and smoother logistics kept the Liquid Carbon Dioxide Price Index subdued despite holiday demand.
- Operational stability at major producers maintained supply continuity, constraining Liquid Carbon Dioxide Price Index pressure.
Why did the price of Liquid Carbon Dioxide change in December 2025 in Europe?
- Declining natural gas prices reduced production costs, weakening price support despite steady downstream offtake.
- Ample product availability and steady plant operations limited suppliers' ability to sustain higher prices.
- Moderate downstream demand from FMCG and beverages, plus cautious consumer spending, restrained price gains.
North America
- In USA, the Carbon Dioxide Price Index rose by 0.33% quarter-over-quarter, driven by feedstock pressure.
- The average Carbon Dioxide price for the quarter was approximately USD 607.33/MT, including contracted volumes.
- Carbon Dioxide Spot Price movements remained muted, balanced supply and cautious procurement constrained upside near-term.
- Carbon Dioxide Price Forecast shows volatility as feedstock fluctuations and seasonal demand shifts influence dynamics.
- Carbon Dioxide Production Cost Trend rose with feedstock volatility, increasing production expenses and reducing margins.
- Carbon Dioxide Demand Outlook remains steady as FMCG and beverage seasonal demand offsets discretionary weakness.
- Carbon Dioxide Price Index variability reflected supplier pass-throughs while inventories and availability limited upward pressure.
- Inventory and export demand dynamics constrained upside, with ample regional availability preventing acute price spikes.
Why did the price of Carbon Dioxide change in December 2025 in North America?
- Seasonal holiday demand increased food and beverage consumption, supporting modest December price strength across cold-chain.
- Rising feedstock-related production costs pressured supplier margins, thereby enabling partial cost pass-through to downstream customers.
- Balanced supply and steady operating rates, combined with cautious procurement, limited pronounced December price movements.
For the Quarter Ending September 2025
North America
- In the USA, the Liquid Carbon Dioxide Price Index rose by 4.97% quarter-over-quarter, driven by feedstock inflation.
- The average Liquid Carbon Dioxide price for the quarter was approximately USD 605.33/MT reflecting tighter supply.
- Liquid Carbon Dioxide Spot Price firmed as ethanol plant maintenance and natural gas increased upward pressure.
- Liquid Carbon Dioxide Price Forecast indicates upside into autumn driven by beverage seasonality and constrained logistics.
- Liquid Carbon Dioxide Production Cost Trend rose with natural gas and diesel inflation raising production expenses.
- Liquid Carbon Dioxide Demand Outlook remains solid from beverage carbonation, dry ice and logistics despite shifts.
- Inventories tightened regionally, distributors applied allocations, increasing spot volatility and supporting firmer Price Index levels.
- Midwest ethanol maintenance, logistics delays reduced availability, constraining supply and elevating Liquid Carbon Dioxide Price Index.
Why did the price of Liquid Carbon Dioxide change in September 2025 in North America?
- Natural gas feedstock cost inflation raised production expenses, transmitting upward pressure to Liquid Carbon Dioxide prices.
- Seasonal beverage and dry ice demand peaked in late summer, tightening distribution inventories across Midwest.
- Logistics constraints and ethanol plant maintenance caused localized shortages, increasing spot volatility and allocation measures.
APAC
- In Japan, the Liquid Carbon Dioxide Price Index fell by 6.93% quarter-over-quarter, citing weak offtake.
- The average Liquid Carbon Dioxide price for the quarter was approximately USD 210.33/MT, reported FOB.
- Liquid Carbon Dioxide Spot Price softened as beverage procurement remained conservative, pressuring domestic Price Index.
- Liquid Carbon Dioxide Production Cost Trend eased as lower import costs reduced domestic production expenses.
- Liquid Carbon Dioxide Demand Outlook is weak with beverage and industrial firms reducing restocking urgency.
- Liquid Carbon Dioxide Price Forecast signals limited near-term upside given elevated inventories and subdued interest.
- Liquid Carbon Dioxide Price Index weakness reflected seasonal destocking alongside elevated domestic logistics and costs.
- Liquid Carbon Dioxide Spot Price volatility rose as trucking shortages and freight inflation disrupted deliveries.
Why did the price of Liquid Carbon Dioxide change in September 2025 in APAC?
- Monsoon season reduced beverage offtake, creating temporary supply surplus and downward pressure on domestic prices.
- Lower import costs and stronger yen eased production expenses, allowing sellers to reduce offers voluntarily.
- Logistics cost increases and trucking labor shortages compressed margins while buyers deferred procurement until recovery.
Europe
- In France, the Liquid Carbon Dioxide Price Index rose by 1.39% quarter-over-quarter, driven by energy costs.
- The average Liquid Carbon Dioxide price for the quarter was approximately USD 267.67/MT, per regional reporting.
- Liquid Carbon Dioxide Spot Price volatility was limited by balanced inventories and cautious beverage sector procurement.
- Liquid Carbon Dioxide Price Forecast indicates modest seasonal swings as cooling demand and maintenance affect flows.
- Liquid Carbon Dioxide Production Cost Trend rose with higher natural gas prices and stronger LNG competition.
- Liquid Carbon Dioxide Demand Outlook remains firm supported by FMCG and beverage consumption despite cost pressures.
- Outages and regulatory constraints tightened supply, sustaining upward pressure on the Liquid Carbon Dioxide Price Index.
- High pre-holiday inventories and logistical adjustments moderated spot trading, tempering Liquid Carbon Dioxide Price Index volatility.
Why did the price of Liquid Carbon Dioxide change in September 2025 in Europe?
- Supply constraints from maintenance outages, regulatory compliance reduced French production, tightening domestic Liquid Carbon Dioxide availability.
- Rising natural gas prices and LNG competition elevated costs, transmitting higher expenses into Liquid Carbon Dioxide.
- Steady beverage and FMCG demand supported consumption while seasonality and inventory management limited price increases.
For the Quarter Ending June 2025
North America
- 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. This change was driven by feedstock cost inflation, particularly rising natural gas prices, and consistent downstream consumption.
- The price increase in June was primarily caused by higher natural gas costs, ethanol plant maintenance outages, and logistic inefficiencies (including driver shortages and elevated diesel prices). These factors had raised the Liquid Carbon Dioxide Production Cost Trend across key U.S. regions.
- LCO2 supply in the U.S. had remained stable but was affected by natural gas price volatility and infrastructure constraints. Feedstock sources such as ammonia, ethanol, and hydrogen experienced cost increases. Spot price variability had intensified due to LNG exports and regional bottlenecks, making the Liquid Carbon Dioxide Spot Price more susceptible to supply-side fluctuations.
- The Liquid Carbon Dioxide Demand Outlook in the U.S. remained firm due to seasonal beverage consumption and demand from dry ice and food processing industries. However, inflation and shifting consumer preferences—particularly toward non-carbonated and functional beverages—had begun reshaping product portfolios. Some producers were exploring alternative carbonation technologies to manage rising CO2 costs.
Asia-Pacific
- The Liquid Carbon Dioxide Price Index in China declined by 2.3% in June 2025, breaking the sustained upward trend seen during Q1 2025. This downward shift reflected a sharp contraction in demand, despite earlier surges in feedstock costs due to LNG tariffs.
- The price softness in June was driven by oversupply and weak demand. Despite high summer temperatures, beverage sales reportedly dropped by nearly 90% compared to usual volumes, which significantly impacted the Liquid Carbon Dioxide Spot Price and contributed to a downward shift in the Price Index.
- While overall production levels remained steady, the Liquid Carbon Dioxide Production Cost Trend in China continued to reflect natural gas market volatility. China had increased pipeline imports from Russia and reduced spot LNG purchases to stabilize feedstock costs. Trade tensions and tariffs on U.S. equipment had added to sourcing complications, prompting a shift toward domestic gas and greater self-reliance in industrial gases.
- The Liquid Carbon Dioxide Demand Outlook in China turned bearish in June, as sharp declines in carbonated and dairy beverage consumption—amid geopolitical and economic stress—led to significant oversupply. Market participants anticipated only a mild recovery by Q4 2025, tied to winter restocking and cold-chain stabilization.
Europe
- The Liquid Carbon Dioxide Price Index in Europe continued to climb throughout Q2 2025, with June seeing an additional 1.7% price increase. From April through June, cumulative CO2 price growth exceeded 5.6%, fueled by tight supply and surged energy input costs.
- The price surged in June resulted from elevated natural gas prices, intensified by Asian LNG demand, and a rise in regional electricity usage. Rising upstream ammonia and ethanol disruptions further increased the Liquid Carbon Dioxide Production Cost Trend, putting pressure on the Spot Price and the overall Price Index.
- European CO2 producers faced growing operational pressures in Q2 due to tightening environmental regulations, energy cost inflation, and reduced production capacity at ammonia plants. Natural gas scarcity—exacerbated by LNG competition from Asia—limited CO2 production flexibility and increased regional Liquid Carbon Dioxide Spot Price volatility.
- The Liquid Carbon Dioxide Demand in Europe remained strong, particularly within the beverage and food sectors. As consumer interest shifted toward functional, health-driven drinks, the demand for LCO2 remained elevated. Nevertheless, producers were increasingly challenged to manage rising production costs while protecting profit margins, especially during the summer peak.
For the Quarter Ending March 2025
North America
- 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. Tariff-related uncertainties—particularly the 25% U.S. tariff on Canadian imports—posed challenges for cross-border trade, straining the supply chain and injecting caution into procurement strategies. While domestic availability remained sufficient, logistical delays and geopolitical tensions complicated supply dynamics. Demand was relatively stable, supported by consistent consumption in the food and beverage sector, particularly for carbonated drinks.
- However, broader industrial demand remained cautious amid economic uncertainties. Investment in CO2 plant upgrades by companies like Messer Americas reflects long-term growth expectations, though short-term pricing remained under pressure. Overall, Q1 was marked by price softness, with a cautious outlook shaped by volatile energy markets and evolving trade policies.
APAC
In Q1 2025, the Asia-Pacific (APAC) liquid carbon dioxide (CO2) market witnessed significant price volatility, shaped primarily by fluctuating natural gas prices and regional supply constraints. January began with price hikes, as rising global LNG costs elevated CO2 production expenses. Beverage producers, especially in emerging markets, faced mounting pressure due to the crucial role of CO2 in carbonation. In February, while natural gas prices temporarily eased, weak downstream heating demand and tariff-related trade tensions—particularly between China and the U.S.—contributed to muted cost support and sluggish export growth. Despite firm supply availability, CO2 prices held steady as demand from the food, beverage, and chemical sectors remained moderate. However, March saw renewed turbulence with natural gas prices spiking due to energy shortages and seasonal demand peaks. Infrastructure limitations, including inadequate gas storage and logistics bottlenecks, further tightened supply, particularly in China. Robust demand from the beverage, healthcare, and manufacturing industries exacerbated the supply-demand imbalance. As a result, CO2 prices in APAC ended the quarter on a higher note, driven by supply chain pressures, strong industrial consumption, and persistent feedstock cost fluctuations.
Europe
In Q1 2025, the European liquid carbon dioxide (CO2) market witnessed a consistent upward price trend, primarily driven by elevated natural gas prices, which serve as a key feedstock in CO2 production. January marked the onset of this bullish momentum as natural gas costs surged, increasing production expenses across the board. Despite these pressures, demand from essential sectors—particularly food and beverage, pharmaceuticals, and welding—remained steady, supporting market stability. February brought further complications, with severe weather events and labor strikes disrupting port operations and tightening supply. Concurrently, rising energy costs and limited storage capacity added to cost support, keeping CO2 prices firm. By March, while the European Commission allowed the natural gas price cap to expire amid improved supply conditions, high gas prices persisted, sustaining upward pressure on CO2 costs. The beverage sector saw robust demand, influenced by urban consumption trends and warmer weather, which boosted electricity use and constrained CO2 feedstock. Overall, Q1 reflected a complex mix of rising production costs, geopolitical tensions, and resilient demand, suggesting a cautiously optimistic but volatile outlook for the European CO2 market moving forward.
