Packaging Industry M&A Activity Tracking
Global Packaging M&A recorded 19 deals in December, which was lower than the heightened activity experienced in October and November, but representative of varied monthly activity experienced across the last 18 months. Overall, the second half of the year was noticeably higher than the first half which resulted in the year being up more than 7% when compared to 2022. Despite the increase, Packaging M&A in 2023 was still lower than pre-COVID levels and is viewed by many industry professionals as having lower than normal levels of activity.
- Strategic buyers accounted for 47% of total deal volume in December, recording five fewer deals than November. December marked one of only three months in the year with single-digit activity for this buyer group
- Financial buyers recorded 10 deals in December, declining nine deals from November levels and deviating from elevated activity observed in the first two months of the fourth quarter
- The Other subsector, which includes metal and glass packaging along with distribution and machinery, recorded six deals, which represented 32% of the total deal volume for the month. Four of the six deals in this subsector were attributable to packaging distribution
- The Food & Beverage end market recorded eight deals in December and accounted for 42% of total deal activity. This end market led all other end markets and matched prior month transaction volume levels
The Global Packaging M&A market ended 2023 above prior year levels and closer to pre-pandemic levels driven by a strong second half of the year. Despite a drop in activity in December and what many view as a sluggish year for Packaging M&A, overall strong fourth quarter volumes provide reason for optimism for Packaging M&A heading into 2024. If you are a packaging company considering a merger, acquisition, sale, or recapitalization in the short or longer term please consider leveraging PMCF’s transaction planning and execution expertise to best position your company in a transaction.
Sources: Capital IQ, PitchBook, Thomson Reuters, Company Reports, PMCF. Data as of December 31, 2023
Packaging M&A By Subsector
Total Packaging M&A By End Market
Packaging Transactions By Buyer Type
Notable M&A Activity
Public Entity Performance
Major News
- Prepare for EPR Regulations and Trends Affecting the Industry (Packaging World)
https://www.packworld.com/news/contract-manufacturing-and-packaging/article/22882298/epr-regulations-and-trends-affect-the-packaging-industry - Plastic-Free Paper Packaging for the Win (Packaging Digest)
https://www.packagingdigest.com/food-beverage/plastic-free-paper-packaging-for-the-win - PET bottle Recycling Holds Steady (Plastics News)
https://www.plasticsnews.com/news/pet-bottle-recycling-held-steady-2022 - World Central Banks Signal Victory Over Inflation Is in Sight (The Wall Street Journal)
https://www.wsj.com/economy/central-banking/ecb-boe-rate-decision-december-b69625fb - U.S. Jobs Market Cools Again, Conference Board Employment Trends Index Shows (The Wall Street Journal)
https://www.wsj.com/economy/jobs/u-s-jobs-market-cools-again-conference-board-employment-trends-index-shows-855a4dd8?mod=jobs_more_article_pos8
Download Packaging M&A Update – December 2023
Packaging M&A Update – May 2026
Global Packaging M&A activity slowed slightly in May, with 27 deals announced. While this reflected only a one-deal decrease compared to April, activity rebounded meaningfully from May 2025, with ten more transactions announced.
Plastics M&A Update – May 2026
Global Plastics M&A recorded 36 transactions in May, increasing by five deals from April and seven from May 2025, bringing year-to-date volume to 188 transactions.
Packaging M&A Update – April 2026
Global Packaging M&A activity remained stable in April, with 28 deals announced, one fewer than April 2025 and slightly above March levels. Through the first four months of 2026, 105 deals have been announced, a 27-deal decrease from the prior-year period.
Plastics M&A Update – April 2026
Global Plastics M&A recorded 31 transactions in April, moderating from March levels but bringing year-to-date volume to 152 deals, up 12 transactions from the prior-year period and 29 deals above the trailing three-year average through April.
Plastics M&A Update – March 2026
Global Plastics M&A experienced recorded 38 transactions in March, representing an uptick of seven deals from the prior month and five deals from last March.