“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.
Dublin, Ireland -- (SBWIRE) -- 11/17/2020 -- The beverage carrier rings market is projected to exhibit a very promising 6.6% CAGR during the forecast years from 2020 to 2030. The covid-19 pandemic has had an adverse impact on the industry.
Food and beverage companies are witnessing reduced consumption in out-of-home settings, with foodservice businesses having to temporarily halt operations. Also, environmental concerns associated with conventional beverage carrier rings will restrain prospects in the years ahead.
"New variants of beverage carrier rings are designed to enable automatic positioning of containers to ensure that brand prints are presented optimally. Also, the industry is witnessing the introduction of photodegradable, non-toxic, and sustainable material which will drive demand in the long term," says the Fact.MR report.
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Beverage Carrier Rings Market - Takeaways
4-pack variants of beverage carrier rings are witnessing increased adoption over cost benefits to producers and beverage consumers, particularly in the case of alcoholic drinks.
Plastic remains the predominant material for the production of beverage carrier rings. However, these products are witnessing a gradual decline in market share to cardboard and fiber alternatives.
Beverage ring packaging is largely used for alcohol drinks, particularly the vast range of beers in cans and bottle packaging options.
North America is a key market for beverage carrier rings boosted by demand in a massive, matured food and beverage processing sector in the United States.
Beverage Carrier Rings Market - Drivers
Mass production of alcoholic beverages including beer and wine is a major factor contributing to the adoption of beverage carrier rings.
Popularity of canned beverages in comparison to bottled variants bolsters overall application.
The development of board and biodegradable plastics are opening growth opportunities in the industry.
Beverage Carrier Rings Market - Constraints
Strict regulations against single use plastics has been a major challenge for manufacturers to operate at a large scale.
Inadequate infrastructure for recycling in many parts of the world is detrimental to the industry.
Anticipated Market Impact by Coronavirus Outbreak
The coronavirus outbreak has had a detrimental impact on the beverage carrier rings market. The widespread shut downs of food service businesses such as restaurants and bars has reduced the demand for varied beverages, which has limited the demand for carrier rings.
On the other hand, there has been an increase in sales for e-commerce and liquor retail, which has helped to partially offset losses during the pandemic. The use of beverage carrier rings for RTD and non-alcoholic drink producers is expected to rise strongly on the back of health awareness, and increasing popularity of local products.
Also, the growing consumer bias for sustainability will generate opportunities to use alternatively materials in production. Demand is likely to recover towards 2021, as consumers continue to seek premium beverages and higher convenience.
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Major manufacturers in the beverage carrier rings market include but are not limited to Miller Coors, PakTech, Graphic Packaging, E6PR, Roberts Poly, Hi-Cone, Footprint, West Rock, Lucky Clover Packaging, Grip Pak, BevSource, Lawson Kegs, American Canning, and Pak-It-Products.
Major manufacturers in the beverage carrier rings market are displaying high interest in industry collaborations towards product development endeavors. Also, efforts towards sustainability and recycling are expected to gain ground for the duration of the forecast period.
For example, Hi-Cone has launched the new RingCycle - multi-packaging solution, which has been developed with more than 50% of post-consumer recycled content. The company has also partnered with Terracycle to launch the very first recycling scheme for plastic beverage ring carriers through direct collection or through freepost. Also, Corona, the beer brand has initiated a pilot project for six pack rings, developed from biodegradable fiber material, for Mexico, and a plan for the UK in the works.
More on the Report
Fact.MR's market research report provides comprehensive insights on beverage carrier rings market. The market is divided by type (4-pack rings, 6-pack rings, and 8-pack rings), material (plastic, fiber, and cardboard), and application (alcohol, soft drinks, juice, and others) across six key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East and Africa).
Media Release: https://www.factmr.com/media-release/1654/global-beverage-carrier-rings-market