The brewing industry across the globe is growing as demand for alcoholic beverages such as wine, beer, and craft beer is continuously increasing. This is creating many opportunities for players in the beverage carrier rings market space.
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Also, the use of cans is highly preferred over bottles by both, beverage companies and consumers, as these cans can be recycled and reused. Therefore, the demand for canned beverages is rising rapidly, which is one of the most important factors that will help the beverage carrier rings market grow substantially during the years 2020 to 2030.
Considering all the above factors, the beverage carrier rings market is expected to expand at a CAGR of nearly 5% during the forecast period of 2020-2030.
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Key Takeaways from Global Beverage Carrier Rings Market Report
- Rise in demand for canned beverages will play an important role in the growth of the beverage carrier rings market over the coming years.
- Rules and regulations imposed by regulatory authorities of different countries have made market players manufacture carrier rings by using fiber and cardboard material. Cardboard beverage carrier rings are expected to gain maximum market share over the period in question.
- Progress in Asia Pacific countries such as India and China is proving to be important for the growth of the beverage carrier rings market in the region, which is expected to grow at the highest rate among all regions.
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- The COVID-19 pandemic has led disrupted the supply chain of the global beverage industry, as a result of lockdowns, restriction, and labor shortage. As a result, demand for beverage carrier rings will take a hit in the near term.
“Increasing consumption of beverages along with rise in the demand for canned products will drive the growth of the beverage carrier rings market over the coming period”, says a Fact.MR analyst.
Key Players Spending Heavily on Research & Development Activities
Key players in the beverage carrier rings market are PakTech, E6PR, Hi-Cone, West Rock, Grip Pak, Lawson Kegs, Pak-It-Products, American canning, BevSource, Lucky Clover packaging, Footprint, Roberts Poly, Graphic Packaging, and Miller Coors. These key players are performing different activities such as collaboration with other companies, improvement in productivity, and developing advanced products.
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For instance, one of the key players in the market, E6PR, has started to manufacture beverage carrier rings by using fiber. This fiber is made by using a mixture of wheat and barley. If these fiber rings are thrown away in the sea, they will not cause any harm to sea animals. As such, the demand for such rings is expected to rise in the near future.
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