InnoDB: Encryption can't find master key, please check the keyring plugin is loaded.

I have Mysql 5.7 in my production environment. Some of the tables under my database schema are encrypted with keyring plugin. Yesterday i have taken the backup using xtrabackup CLI. The command i tried to execute is

xtrabackup --user=root --password= --backup --target-dir= \ --keyring-file-data=/var/lib/keyring/keyring --> Backup is successful.

Now i am trying to restore the backup on my new slave server. With the below command

xtrabackup --prepare --target-dir=/root/backup --keyring-file-data=/var/lib/keyring/keyring

But i am getting the below error

“InnoDB: Encryption can’t find master key, please check the keyring plugin is loaded.”

I have copied the keyring value from master to the new server. Set the permissions.

Any help is appreciated.