Beverage Carrier Rings Market Overview
The global beverage carrier rings market size is expected to witness tremendous expansion due to the high demand for beverages across the globe. As compared to bottled beverages, demand for canned beverages is witnessing considerable growth. Beverage carrier rings is an easy way for the transportation of canned beverages in more quantity.
Beverage carrier rings are available in different shapes and sizes according to the requirement of the customer. Key players in the market also offer customized products to customers. Different types of materials such as plastic, fiber, and cardboard are used for the manufacturing of beverage carrier rings. High density plastic (HDP) material is the most commonly used material for the manufacturing of beverage carrier rings.
Considering the adverse effects of plastic on the environment, regulatory authorities of many countries across the globe are looking to impose bans on single-use plastic so that more environmentally-friendly materials can be used to manufacture products.
Owing to this, key players in the beverage carrier rings market prefer the use of fiber or cardboard over plastic. These carrier rings are reusable, and hence, demand for beverage carrier rings made of fiber and cardboard is expected to rise at a high rate. Also, companies are investing a lot in R&D so as to develop more effective products.
Beverage Carrier Rings Market Product Analysis
Owing to restrictions imposed on single-use plastic by regulatory authorities across many countries, key players in the beverage carrier rings market are using fiber and cardboard for manufacturing carrier rings. These rings are reusable, and cardboard carrier rings allow beverage and brewery company branding on the surface of the rings.
Because of this, there is high demand for carrier rings made of cardboard material from beverage and brewery companies. Therefore, the cardboard beverage carrier rings segment is expected to grow at a healthy CAGR of 6.6 % during the forecast period of 2020 to 2030.
Beverage Carrier Rings Market Application Analysis
Consumption of alcoholic drinks such as wine, beer, and craft beer has increased in many countries across the world. Many brewery companies prefer the use of cans over bottles for the packaging of beer, as demand for canned beverages is increasing across the world. Therefore, rise in the demand for canned alcoholic drinks is an important factor for the growth of the beverage carrier rings market.
Regional Outlook of Beverage Carrier Rings Market
Europe is considered as one of the most important regions for the growth of the beverage carrier rings market, owing to a rise in the consumption of canned beverages. Countries such as Russia, the U.K., Germany, and Czech Republic in Europe are important for the growth of the market, considering the increasing number of brewery companies in the region.
Furthermore, East Asia is expected to gain the second-largest beverage carrier rings market share, owing to development in countries such as India and China. Also, the number of brewery companies is increasing in this region, which is creating more opportunities for players in the beverage carrier rings market.
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COVID-19 Impact on Beverage Carrier Rings Market
Many industries have been impacted due to the COVID-19 pandemic. Governments of most countries have imposed lockdowns during this period. The brewery industry has also been affected because of the halt in production and closing of supermarkets. Disrupted supply chains is another factor that has impacted the industry. As companies in the beverage carrier rings market largely depend upon the brewery industry, growth of the beverage carrier rings market has also been affected because of the COVID-19 outbreak.
Beverage Carrier Rings Market Company Analysis: Key Players to Focus on Collaboration
Key players in the beverage carrier rings market are focusing more on collaboration with other companies, so as to work more effectively and efficiently. Also, these companies are spending huge amounts of money on research and development activities so that better products can be made available to customers.
Some players in the beverage carrier rings market are collaborating with recycling companies. For instance, Hi-Cone, a leading manufacturer of beverage carrier rings has collaborated with a recycling company named Teracycle. With this collaboration, Hi-cone can focus only on increasing productivity, as all recycling activities will be performed by Teracycle. It will help both companies establish themselves across different regions in the beverage carrier rings market.
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Beverage Carrier Rings Market: Scope of the Report
Fact.MR published an exclusive forecast report for the beverage carrier rings market for 2020 and 2030. The foremost objective of this report on the beverage carrier rings market is to pitch spearhead insights on the market scenario, demand generators, and technological advancements in the beverage carrier rings market. Also, the study on the beverage carrier rings market addresses key dynamics that are expected to diversify the sales and future prominence of beverage carrier rings.
The report on the beverage carrier rings market begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the beverage carrier rings market, elaborating on key segments.
Also, the report outlines visionary insights on the dynamics of the beverage carrier rings market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with key buying factors for beverage carrier rings. Supply chain analysis and pricing analysis of beverage carrier rings, along with the difference between beverage carrier rings used as per application have also been included in the report, to help readers clearly understand the product framework map in the beverage carrier rings market place.
Beverage Carrier Rings Market: Segmentation
Fact.MR has studied the beverage carrier rings market with detailed segmentation on the basis of type, material, application usage and regions.
- 4 Pack Rings
- 6 Pack Rings
- 8 Pack Rings
- Soft Drinks
- North America
- Latin America
- East Asia
- South Asia and Oceania
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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