In this article, we will be taking a look at the 15 biggest packaging companies in the world. To skip our detailed analysis, you can go directly to see the 5 biggest packaging companies in the world.
With hundreds and thousands of products popping up in the market every year, the need for good packaging has also become a priority in most of the manufacturers' minds. The packaging industry is growing extremely fast, with competitors showing up left, right and center. With sustainability becoming a core part of the developing world, along with taking care of the environmental issues, the packaging industry is also consistently evolving to meet the demands. Companies that are catering to these needs are working on innovating to replace plastic packaging and bringing in biodegradable products that will help protect our planet. This is happening because people are now aware of the impact non biodegradable waste like plastic and metal are having on our environment. The global packaging market is divided into North America, Europe, APAC, South America, the Middle East and Africa.
Top 15 Packaging Companies in the world
It is also important to note that the package of any product is the first interaction that brand is having with their customers. This can either be turned into something completely in the brand's favor, or leave a negative impact on the client. By giving them a packaging experience they will remember, the brand's identity can be strengthened. This generation is one that puts everything on social media, and one favorable experience can turn into a large number of sales for a brand. Now brands are focusing equally on the product, and the way they package their products, knowing that their customers are equally excited by both. Especially since COVID-19 hit the world, and in person shopping became extremely limited, it was online shopping that brought these brands back. All online shopping was shipped to customers in some sort of packaging to maintain the quality of the product inside. Meanwhile, home deliveries became more popular, especially in the food sector, since restaurants and big offices were closed. When people were working from home, they wanted to get their food delivered to them. because of which the demand for packaged containers and cartons increased massively. Online grocery shopping also became a huge part of daily lives globally. When the pandemic hit, consumer behaviors were intensely affected and so was the packaging industry. It was one of the industries that wasn't shut down during the lockdown situation globally.
When companies decided to turn eco-friendly, some big brands also decided that it was time. Coca Cola (NYSE: KO) wanted to shift to a more sustainable lifestyle and thus decided to test paper bottles from an extra-strong paper shell consisting of a thin plastic liner. They experimented with approximately 2000 bottles to see if their theory worked, in February 2021. Other examples include Nestlé, who aim to turn all their packaging into such that is either paper based or recyclable/reusable by the year 2025. "The global packaging market value is approximately $1,015 billion, calculated on the value of finished products. "The estimated annual growth rate during 2021-2026 is on average +4%.", as reported by Metsa.
According to Technavio, the global packaging market may increase by around $223.96 billion between 2022 to 2027 at a CAGR of 3.92%. Further data suggests that there will be global expansion in the packaging market, and developing markets like Asia will see more packaged consumer goods due to an increase in real income. Based on this report, Asia is the largest market for packaged goods followed by North America. The packaging trends for the future include majority companies switching from the biggest packaging material used, plastic, to more biodegradable products such as plant-based packaging, made from hemp, coconut and even sugarcane. This is why many of the biggest packaging companies in the world make sure that the focus is one their sustainable packaging efforts, as demonstrated by Amcor (NYSE: AMCR), whose CEO mentioned in the company's Q4 2022 earnings call "And finally, sustainability is fundamental to everything we do from an innovation perspective and remains at the forefront of discussions with global brand owners. As the sustainability leader in the packaging industry, we continue to be the supplier of choice to help our customers achieve their goals in a meaningful way and at scale."
Apart from being environmentally friendly, sustainable packaging practices are also considered to be an affordable option for companies. Another trend that already exists is customized packaging. As mentioned above, brands are making a lot of efforts to make sure their potential customers are aware of the brand, and also remember them. So making sure that the packaging is attractive and provides a good user experience is very important for them now. With the need for packaging growing globally, the packaging industry is slowly becoming one of the biggest industries in the world and is fundamentally important to many other industries.
Methodology
To find out the 15 biggest packaging companies in the world, we have used the official statistics published by Yahoo! Finance, considering their market cap and TTM revenue. We then ranked them according to both these criteria, and used those numbers to calculate the average ranking. We then listed them based on average ranking in "lowest to highest" order. Hence, we now take a look at the biggest packaging companies in the world, starting with number 15:
Market Cap as at 2 March 2023: $7.57 Billion
TTM as at 2 March 2023: $9.63 Billion
Graphic Packaging Holding company (NYSE:GPK) is one of the largest providers of paperboard and integrated paperboard packaging solutions to some of the world's most popular brands. They manufacture paperboard, foodservice packaging, folding cartons, microwave cooking solutions and packaging machinery. They are head quartered in Atlanta and have been operational since 1991.
Market Cap as at 2 March 2023: $7.56 Billion
TTM as at 2 March 2023: $13.98 Billion
Berry Global (NYSE:BERY) is an American company based in Evansville, Indiana, United States. They are one of the industry leaders of the packaging market, and create innovative consumer packaging products. They are extremely committed to being sustainable and environmentally friendly. They are located in 265+ locations around the world and are part of the biggest packaging companies in the world.
Market Cap as at 2 March 2023: $11.25 Billion
TTM as at 2 March 2023: $9.761 Billion
Beginning their journey in the 1935, Owens Corning (NYSE:OC) is a Fortune 500 company that deals with roofing, insulation and fiber glass composites. They are located in 31 countries around the world and ae constantly evolving to meet the needs of an ever changing market. Sustainability is a core strategy of Owens Corning (NYSE:OC).
Market Cap as at 2 March 2023: $11.91 Billion
TTM as at 2 March 2023:$8.478 Billion
One of the largest companies for containerboard and corrugated packaging in the U.S., Packaging Corporation of America (NYSE:PKG)has been in business for over 150 years. They have made it to Newsweek magazine’s 2023 list of “America’s Most Responsible Companies” — for the 4th consecutive year. Apart from their main production, they also cater to technical, e-commerce, design, display and graphic sales solutions.
Market Cap as at 2 March 2023: $3.90 Billion
TTM as at 2 March 2023: $1.681 Billion
With their head quarters in Tokyo, Japan, Oji Holdings Corporation manufactures pulp paper and products made from this raw material. Some of their products include containerboard, corrugated container, folding cartons, packaging papers, boxboard, paper bags, as well as household products. They have been operational since 1873 and is one of the biggest packaging companies in the world.
Market Cap as at 2 March 2023: $10.57 Billion
TTM as at 2 March 2023: $12.943 Billion
Based in Pennsylvania, USA, Crown Holdings (NYSE:CCK) is reputable globally for being a leading supplier in packaging products. They design, manufacture and supply products like beverage cans, transit packaging, aerosol cans, glass bottles, amongst a whole array of products. Founded in 1892, they have plants in 40 countries around the world.
Market Cap as at 2 March 2023: $9.35 Billion
TTM as at 2 March 2023: $11.68 Billion
Based out of Helsinki, Finland, Stora Enso is one of the biggest providers of reneweable materials like formed fiber, bio composites, paperboard materials, corrugated packaging solutions, wood foam, market pulp and pellets, along with multiple other products. They came into existence in 1998 and have become a dominant player in the packaging world.
Market Cap as at 2 March 2023: $13.72 Billion
TTM as at 2 March 2023: $9.039 Million
Founded in 1935, Avery Dennison Corp (NYSE:AVY) is a multinational company that deals with the manufacture and distribution of pressure sensitive materials. Fasteners, tickets and RFID are important products of the company. They are currently based in Ohio, and are also a Fortune 500 company, based in more than 50 countries worldwide. Their global scale and huge experience gives them quite an edge over a majority of other companies, and hence makes them one of the biggest packaging companies in the world.
Market Cap as at 2 March 2023: $9.21 Billion
TTM as at 2 March 2023: $14.06 Billion
With production across 46 countries, Smurfit Kappa is one of the largest packaging companies in the world, especially in Europe. Their focus on being sustainable and eco friendly has led them to collaborate with universities and do their own R&D as well to make sure they are delivering environmentally friendly and innovative products. Not only are their products eco friendly, but so are their processes of production. They are number 1 in Europe for making corrugated packaging.
Market Cap as at 2 March 2023: $7.28 Billion
TTM as at 2 March 2023: $21.227 Million
With their head quarters in Atlanta, United States of America, WestRock (NYSE:WRK) deals with paper and packaging solutions. Their vision is to "Innovate boldly, package sustainably." Founded in 2015, WestRock (NYSE:WRK) is a fairly new company. However, they have managed to build more than 320 manufacturing facilities, research labs, sales offices and design centers globally. Their products include folding cartons, kraft paper, pulp, corrugated containers amongst many other things.
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Disclosure: None. 15 biggest packaging companies in the world originally published at Insider Monkey.
In this article, we take a look at the 20 biggest packaging companies in the US. You can skip our detailed analysis of the packaging industry and go directly to the 5 Biggest Packaging Companies in the US.
The biggest packaging companies in the US are mostly publicly traded firms with an average market capitalization of $12.6 billion.
Packaging is a rapidly evolving industry that caters to multiple sectors of the manufacturing industry, such as food and beverages, pharmaceuticals, and mobile phones. The latest challenge for packaging companies is improving sustainability by minimizing their non-recyclable waste. In this context, Nestlé has taken the initiative of replacing plastic with paper-based packaging and has aimed to reduce its usage of virgin plastics by one-third by 2025, thus garnering a lot of support from activist groups and eco-conscious consumers.
Product packaging, if done rights, also plays a pertinent role in establishing a positive brand image, which influences customers’ purchase decisions and generates sale revenue for companies. Because of this, major product manufacturing companies are using personalized packaging solutions to establish unique brand recognition and drive brand loyalty. For example, the Coca Cola Company (NYSE:KO) is now using QR codes on its bottles to help customers stay connected with the brand.
Various other firms at the Paris Packaging Week 2023 have also announced their plans to switch to smart packaging by inculcating temperature and humidity sensors for better storage, and personalized QR codes to help customers gauge the authenticity and specifications of each product.
In 2023, the total market capitalization of packaging companies in the United States is calculated to be $142.6 billion. The US packaging industry is expected to grow at a rate of 3.5% each year upto 2025. Globally, it is expected to grow at a compound annual rate of 3.94% between 2022 and 2027, resulting in an increase of $223.9 billion in its market size. The largest market for packaging products is in the Asia-Pacific region.
By 2030, it is expected to grow up to $1.13 trillion, which will be supported primarily by the increasing global rise of e-commerce. The e-commerce industry is expected to grow at a compound annual rate of 4.3% until 2030, which will increase the demand for packaging supplies and facilities worldwide.
One of the fastest-growing subsets of the packaging industry is the flexible packaging sector, which deals with plastic and paper products. Driven by increasing demand for packaged food and beverages, the flexible packaging market is expected to grow to $373 billion in 2030.
20 Biggest Packaging Companies in the US
Copyright: kurga / 123RF Stock Photo
For our list of the 20 biggest packaging companies in the US, we picked the top names from Packaging Gateway and Insider Monkey’s lists of the leading firms in the US packaging industry. To rank these companies in increasing order of their 2022 revenue.
Here are the 20 biggest packaging companies in the US:
2022 Revenue: $3.82 billion
Reynolds Consumer Products Inc. (NASDAQ:REYN) is a renowned brand for packaging products that has a presence in 95% of homes across the US. Its products include plastic wraps, aluminum foil, and oven bags. Originally incorporated as a privately traded company in 2011, Reynolds Consumer Products Inc. (NASDAQ:REYN) became a publicly listed company in 2020 at $26 per share.
2022 Revenue: $5.64 billion
Sealed Air produces packaging materials and equipment for customers and also provides packaging services for businesses. Its founders created the first Bubble Wrap that, along with Cryovac food packaging, is among the signature products of the company. The paper products sold by Sealed Air have renewable fiber and are manufactured entirely out of recycled material.
2022 Revenue: $6.05 billion
Greif, Inc. manufactures products and provides services pertaining to industrial packaging. Its popular products are steel drums, jerrycans, and plastic containers. The brand has set its sustainability targets to be achieved by 2030. These include reducing its greenhouse gas emissions by 28% and making all of its products recyclable. Grief, Inc. has expanded its operations to North America by acquiring Centurion, an intermediate bulk container company, for $145 million.
2022 Revenue: $6.22 billion
Pactiv Evergreen manufactures and supplies food packaging products to supermarkets, restaurants, and food service companies across the US and Canada. The company aims to improve its sustainability by manufacturing its products entirely out of recycled, recyclable, or renewable raw materials by 2030.
2022 Revenue: $6.41 billion
Silgan Holdings mainly manufactures rigid packaging products such as metal cans, closures, and metal food containers for famous food and consumer goods companies across the world. Within the industry, Silgan Holdings is known for being one of the lowest-cost producers of rigid packaging, which also makes its products the most affordable among its competitors.
2022 Revenue: $6.85 billion
O-I Glass, Inc. (NYSE:OI) is among the leading firms that produce glass bottles and containers across the world. By 2024, O-I Glass, Inc. (NYSE:OI) is set to establish a new MAGMA-powered glass manufacturing facility in Kentucky, which will improve glass production while reducing the organization’s environmental footprint.
2022 Revenue: $7.14 billion
Veritiv Corporation is a B2B packaging manufacturer and supplier organization that sells e-commerce, food, healthcare, and hygiene packaging solutions virtually all over the Americas. This Georgia-based Fortune 500 company is reducing its impact on the environment by exploring the use of Electric Trucks for transport and making industrial collaborations to introduce sustainable packaging.
2022 Revenue: $7.25 billion
Sonoco manufactures a diverse range of packaging products that are sold in 85 countries across the world. It provides solutions for consumer products packaging, protective packaging, and healthcare packaging, and also manufactures industrial products such as adhesives, cartridges, and tubes.
2022 Revenue: $8.47 billion
Packaging Corporation of America is one of the largest companies that specializes in manufacturing containerboard material and corrugated products for packaging. Packaging Corporation’s total production of containerboard amounted to 4.6 million tonnes in 2022, and the company earned a net sales revenue of $8.5 billion.
2022 Revenue: $9.04 billion
Avery Dennison is an Ohio-based company that manufactures packaging products, adhesive material, and medical polymers in more than 50 countries around the world. To reduce its environmental footprint, the company has recently developed an adhesive solution that allows certain polymers of different chemical compositions to be recycled easily at the same time.
2022 Revenue: $9.44 billion
Graphic Packaging Holdings Company specializes in manufacturing and supplying paperboard packaging materials to beverage producers and consumer product companies across the world. Its products are mainly fiber-based and range from lightweight folding cartons and foodservice packaging solutions to heavyweight cartons used for strength packaging.
2022 Revenue: $9.76 billion
Owens Corning (NYSE:OC) is a leading manufacturer of insulation, roofing, and fiberglass products. The company also produces protective packaging solutions for wood and metal products, which are supplied across North America, Europe, and Asia. As part of its sustainability initiative, Owens Corning (NYSE:OC) has announced its plan of recycling and processing two million tonnes of roof shingles which are dumped in landfills every year.
2022 Revenue: $12.94 billion
Crown Holdings manufactures metal packaging solutions for companies belonging to the food, beverage, and aerosol industries. It also offers a broad range of transit packaging services to industries, which include packing, bundling, unitizing, warehousing, and transporting products in 23 countries.
2022 Revenue: $14.5 billion
Berry Global Group mainly produces plastic packaging items ranging from jerrycans and jars to cups, tubes, and trays. In order to encourage industrial collaboration for improving sustainability in packaging, the company has established an innovation facility in Spain. Berry Global has also received recognition from Carbon Disclosure Project for its commitment to making packaging sustainable and combatting climate change.
2022 Revenue: $14.97 billion
Amcor plc is a producer of diversified packaging products including rigid containers, flexible material, and closures, which are supplied to companies in the pharmaceutical, personal care, and food and beverage industries. While the company is headquartered and publicly listed in Australia, it got dual-listed on New York Stock Exchange in 2019.
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Disclosure: none. 20 Biggest Packaging Companies in the US is originally published on Insider Monkey.