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Base Year
Historical Period
Forecast Period
Carbon Dioxide prices in the United States, the highest-cost reporting region, rose 7.8% in Q2 2026 to USD 910.00/MT from USD 844.00/MT in Q1, supported by strong demand from food processing, beverage carbonation, and industrial applications. German prices, by contrast, fell sharply, down 40.8% to USD 219.00/MT from USD 370.00/MT in Q1, as the fertilizer plant maintenance that had constrained supply and driven a January price spike came to an end. Globally, the average fell from USD 462.76/MT in Q1 to USD 444.50/MT in Q2, a 3.9% decline, the first quarterly retreat after five consecutive quarters of gains. For H2 2026, a global average of USD 220.00-950.00/MT is expected, with regional demand and supply dynamics likely to remain highly divergent.
Carbon Dioxide is a naturally occurring gas widely recovered as a byproduct of ammonia and fertilizer production, ethanol fermentation, and certain industrial combustion processes, then purified and compressed for commercial and industrial use. It serves diverse applications including beverage carbonation for soft drinks and sparkling water, food freezing and preservation, greenhouse enrichment for agriculture, welding shielding gas, and enhanced oil recovery. Because a substantial share of merchant carbon dioxide supply is recovered as a fertilizer and ammonia production byproduct, this market's regional pricing can swing sharply around planned maintenance outages at major fertilizer facilities, distinct from the feedstock-cost-driven patterns common to many other industrial gases. Fertilizer and ammonia plant byproduct supply, food and beverage sector demand, and regional production capacity utilization are what drive prices in this market.
The outlook for Carbon Dioxide through H2 2026 points to continued regional divergence. US prices should stay firm, supported by strong demand from food processing, beverage carbonation, and industrial applications, while European pricing is expected to remain more moderate following the resolution of the fertilizer plant maintenance outages that drove the sharp early-year spike. Indian and Japanese demand should continue firming gradually, tracking steady industrial and food sector consumption.
The main upside risk is a renewed round of fertilizer or ammonia plant maintenance outages in Europe or elsewhere, which could trigger another sharp regional supply-driven spike similar to the one seen in early 2026. The main downside risk is a broader softening of food processing and beverage carbonation demand across major consuming regions, which would ease price pressure even in the currently firm US market.
| Region | 2026 Price Range (USD/MT) | Outlook |
| Global Average | 220.00 - 950.00 | Regional demand and supply dynamics remain highly divergent |
| United States | 850.00 - 970.00 | Strong food and beverage demand sustains the highest price |
| India | 320.00 - 360.00 | Steady industrial demand supports continued gains |
| Japan | 225.00 - 250.00 | Gradual firming tracks steady food sector consumption |
| Germany | 200.00 - 260.00 | Easing sharply after fertilizer maintenance outages concluded |
US Carbon Dioxide prices averaged USD 910.00/MT in Q2 2026, the highest of any region tracked here, up 7.8% from USD 844.00/MT in Q1, supported by strong demand from food processing, beverage carbonation, and industrial applications.
Why did the price of Carbon Dioxide change in Q2 2026 in the United States?
Seasonal consumption patterns and strong demand from food processing, beverage carbonation, and industrial applications continued driving heightened procurement activity, keeping this market at the top of the range tracked in this report.
German prices, the lowest of the four regions, fell sharply to USD 219.00/MT in Q2 2026, down 40.8% from USD 370.00/MT in Q1, as the fertilizer plant maintenance that had constrained supply came to an end.
Why did the price of Carbon Dioxide change in Q2 2026 in Germany?
The constrained supply from fertilizer plant maintenance that had driven the sharp January price spike came to an end, allowing production to normalize and prices to fall sharply back toward more typical levels.
Indian prices averaged USD 335.00/MT in Q2 2026, up 1.5% from USD 330.00/MT in Q1, as steady industrial demand continued supporting gradual gains.
Why did the price of Carbon Dioxide change in Q2 2026 in India?
Steady demand from industrial and food processing applications kept Indian buyers active, supporting this market's gradual, consistent firming trajectory.
Japanese prices averaged USD 238.00/MT in Q2 2026, up 2.6% from USD 232.00/MT in Q1, tracking steady food sector consumption.
Why did the price of Carbon Dioxide change in Q2 2026 in Japan?
Consistent demand from food sector and industrial applications kept this market on a steady, gradually firming path through the quarter.
US prices rose 4.2% in Q1 2026 to USD 844.00/MT from USD 810.00/MT in Q4 2025, supported by strong demand from food processing, beverage carbonation, and industrial applications.
Why did the price of Carbon Dioxide change in Q1 2026 in the United States?
Strong demand from food processing, beverage carbonation, and industrial applications continued supporting this market, with seasonal consumption patterns adding further support through the quarter.
German prices surged 15.6% in Q1 2026 to USD 370.00/MT from USD 320.00/MT in Q4 2025, driven by constrained supply from fertilizer plant maintenance and higher energy costs.
Why did the price of Carbon Dioxide change in Q1 2026 in Germany?
European prices climbed sharply, reflecting a 15.6 percent increase, with the rise driven by constrained supply from fertilizer plant maintenance and higher energy costs, a distinctive mechanism tied to this market's substantial reliance on fertilizer and ammonia production byproduct supply.
Indian prices rose 3.1% in Q1 2026 to USD 330.00/MT from USD 320.00/MT in Q4 2025, tracking steady industrial demand.
Why did the price of Carbon Dioxide change in Q1 2026 in India?
Steady demand from industrial applications, combined with growing food and beverage sector consumption, kept Indian pricing on its established gradual upward trajectory.
Japanese prices rose 3.1% in Q1 2026 to USD 232.00/MT from USD 225.00/MT in Q4 2025, tracking steady food sector consumption.
Why did the price of Carbon Dioxide change in Q1 2026 in Japan?
Steady food sector and industrial demand kept this market firming gradually, consistent with the broader calm trajectory that has characterized Japanese pricing throughout the period.
Global Carbon Dioxide prices climbed steadily through 2025 and into early 2026, led by a sharp European spike in Q4 2025 and Q1 2026 tied to fertilizer plant maintenance outages constraining byproduct supply, before Q2 2026 marked the first quarterly retreat as those outages concluded and European production normalized even as US prices continued climbing on strong food and beverage demand.
| Quarter | Price (USD/MT) | QoQ Change | Direction |
| Q2 2026 | 444.50 | -3.9% | ↓ Falling |
| Q1 2026 | 462.76 | +6.1% | ↑ Rising |
| Q4 2025 | 436.30 | +6.3% | ↑ Rising |
| Q3 2025 | 410.50 | +1.9% | ↑ Rising |
| Q2 2025 | 402.90 | - | — Stable |
| Q3 2026 | In Progress | - | — In Progress |
Carbon Dioxide moved in genuinely different directions across the markets covered in this report through 2025. Germany posted the strongest annual gain of any region as fertilizer plant maintenance began constraining byproduct supply late in the year, while the United States, India, and Japan all posted more modest, steady gains tracking food, beverage, and industrial demand growth.
US prices firmed from about USD 750.00/MT in Q1 2025 to USD 810.00/MT by Q4, a gain of roughly 8.0%, tracking steady food and beverage sector demand through the year.
German prices surged from about USD 280.00/MT in Q1 2025 to USD 320.00/MT by Q4, up roughly 14.3%, the strongest annual increase of the four regions, as fertilizer plant maintenance began constraining byproduct supply late in the year, ahead of the sharper Q1 2026 spike that followed.
Indian prices firmed from about USD 290.00/MT in Q1 2025 to USD 320.00/MT by Q4, a gain of roughly 10.3%, tracking steady industrial demand growth.
Japanese prices firmed from about USD 200.00/MT in Q1 2025 to USD 225.00/MT by Q4, up roughly 12.5%, tracking steady food sector consumption growth.
Expert Market Research: Your Source for Real-Time Carbon Dioxide Price Intelligence
Expert Market Research tracks Carbon Dioxide prices continuously across every major producing and consuming region, combining fertilizer and ammonia plant byproduct supply data, food and beverage sector demand signals, and regional production capacity utilization trends into a single, regularly updated view of the market. Our team can help your procurement function benchmark current offers, plan purchases around the divergent regional trends covered in this report, and build a defensible view of where this essential industrial and food-grade gas is headed next. Reach out to our team for a tailored briefing or a deeper look at any of the regional markets covered here.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
It serves diverse applications including beverage carbonation for soft drinks and sparkling water, food freezing and preservation, greenhouse enrichment for agriculture, welding shielding gas, and enhanced oil recovery.
The Q2 2026 global average was USD 444.50/MT, ranging from USD 219.00/MT in Germany to USD 910.00/MT in the United States.
The global average rose from USD 436.30/MT in Q4 2025 to USD 462.76/MT in Q1 2026 before falling to USD 444.50/MT in Q2, the first quarterly retreat after five consecutive quarters of gains.
A substantial share of merchant carbon dioxide supply is recovered as a fertilizer and ammonia production byproduct, meaning planned maintenance outages at major German fertilizer facilities constrained supply and drove a sharp January 2026 price spike, before production normalized once the maintenance concluded, pulling prices back down sharply.
The global average is expected in the USD 220.00-950.00/MT range, with regional demand and supply dynamics likely to remain highly divergent.
Germany holds the lowest cost among the regions tracked here following the resolution of its fertilizer maintenance outages, while the United States carries by far the highest cost given strong food and beverage sector demand.
This report is updated monthly. For real-time pricing intelligence, connect with the Expert Market Research team.
Fertilizer and ammonia plant byproduct supply, food and beverage sector demand, and regional production capacity utilization.
The United States, Germany, India, and Japan all maintain substantial merchant carbon dioxide recovery and production capacity, with fertilizer and ammonia production serving as a major byproduct source in several regions.
Buyers can monitor fertilizer and ammonia plant maintenance schedules given their outsized and sometimes sudden influence on this market, time forward purchases around the quarterly breakdowns in this report, and benchmark supplier quotes against the tracked price ranges appropriate to their specific region.
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