When Sonoco made the announcement of their acquisition of European metal packaging specialist Eviosys in a deal worth almost $4 billion this summer, it was evident that the packaging giant was making a significant investment in metal food cans.
While there is a rise in new packaging materials and formats, canned food continues to be a popular choice as it provides stability and consistent growth in the market.
Prior to the acquisition, Sonoco was generating $1 billion in annual revenue from metal packaging in the U.S., including cans for household products, vegetables, tomatoes, and beans. With the acquisition, Sonoco aims to expand its market for metal packaging to $25 billion globally.
Competitors like Crown Holdings and Silgan see potential growth in categories like canned pet food and