Packaging M&A Update – October 2025

Packaging Industry M&A Activity Tracking

Global Packaging M&A recorded 29 deals in October, an increase of four deals month-over-month. With two months remaining in the year, 2025 is outpacing 2024 by 18 deals. Strategic and financial buyers alike contributed to the strong month of activity with each buyer type accounting for nearly 50% of total volume. Across subsectors, paper packaging recorded 10 deals during October, an increase of six from September and three compared to the October 2024. Activity was also bolstered by robust deal flow from foreign parties, with 19 such deals inked during the month – five deals above the 2025 monthly average. Heading into the final stretch of the year, based on recent activity, the packaging M&A market appears poised for a strong Q4.

• Printing/Labels notched another strong month of activity with six transactions, a decline of two deals from September but four more than the prior October. Year-to-date for this subsector, 2025 has already exceeded 2024 volume. Rigid Packaging deals have remained steady throughout the first 10 months of the year, averaging just over six deals per month, as the subsector is on track to exceed volume levels from the prior three years
• Financial and strategic buyers were active during October, tallying 15 and 14 deals, respectively. In the year-to-date period, platform acquisitions have increased as a mix of total volume compared to 2024 by over 4%
• 19 deals, or 66% of total transactions, involved two foreign parties during the month, setting the highest percentage of such deals of any month in 2025. Conversely, deals involving two domestic deals contributed just seven deals, or just 24%, of volume. Despite this, domestic packaging M&A is set to reach the second highest level seen in the last seven years
• Food & Beverage and Industrial continue to be the most active end markets for packaging deals, with each accounting for 33% of deal flow in the year-to-date period

Sources: S&P Capital IQ, Company Websites, Pitchbook, Company Reports, PMCF

Major News​

• CPGs and Suppliers Discuss the ‘Magic’ of Melding Packaging Design with Policy (Packaging Dive)
  https://www.packagingdive.com/news/packaging-cpg-regulation-extended-producer-responsibility-ecomodulation/803129/
• EU Packaging Laws Impact China’s Market Strategies, Analysts Uncover (Packaging Insights)
  https://www.packaginginsights.com/news/china-eu-recycled-materials.html
• EPR Anxiety: CPGs and Regulators Prepare for Generational Policy Shift (Packaging Dive)
  https://www.packagingdive.com/news/epr-packaging-spc-nerc-caa-oregon-deq-calrecycle-cost-harmonization/802628/
• Bigger Washington Role in Recycling Will Boost Economy, ACC says (Plastics News)
  https://www.plasticsnews.com/public-policy/national-chemical-recycling-rules-epr-could-give-us-economy-boost-acc-says
• Trump Meets With Xi, Declares Immediate Cut to Tariffs (The Wall Street Journal)
  https://www.wsj.com/world/china/trump-meets-xi-for-high-stakes-u-s-china-summit-a9c7738f?mod=trade_more_article_pos3
• Future Fed Rate Cuts ‘Far’ From Certain After Divided Meeting (The Wall Street Journal)
  https://www.wsj.com/economy/central-banking/fed-cuts-interest-rates-federal-reserve-by-another-quarter-point-but-data-blackout-obscures-the-path-ahead-0268bdf6?mod=central-banking_more_article_pos14