5.10.3.2Vertical

Flexible Packaging Converting

Converters transforming film rolls into flexible pouches and bags.

Market snapshot

These figures describe Flexible Packaging (5.10.3), the segment that Flexible Packaging Converting sits within. They are not figures for Flexible Packaging Converting on its own.

Market size
~$60B
Growth
~5.6%CAGR (2017–22, nominal)
Companies
~1,094 firms
Firms by employee count

42.3% of firms have fewer than 20 employees: 463 micro-businesses, below most mandates.

The investable universe631 firms with 20+ employees
20–99
31149%
100–499
17027%
500+
15024%

Taking share from rigid formats on weight, cost and shelf life, which is why it grew faster than the packaging average. Converting is a capital business with long qualification cycles, and customers do not requalify a film supplier casually, so incumbency is worth more here than in most of manufacturing.

NAICS 322220, 326111, 326112. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.

Business model & economics

Revenue model

Flexible film, pouch, and bag converting

Key economics

Revenue per firm
$55,036,930
Revenue per employee
$479,779
Employees per firm
117.5
Recurring revenue
High

recurring consumer/food packaging demand

EBITDA margin
Technology- and barrier-performance-driven
Capex intensity
High

Characteristics

  • Scale-driven: payroll is only 13% of revenue, so the cost base is assets, not headcount
  • Deep strategic-buyer pool: 150 firms exceed 500 employees, so a scaled asset has trade buyers
  • Led by Amcor, Berry, Sealed Air, Sonoco.
  • Prized for material efficiency and barrier performance.
  • Heavy investment in recyclable/mono-material structures.

NAICS 322220, 326111, 326112. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.

Geographic concentration

AlabamaAlaskaArizonaColoradoFloridaGeorgiaIndianaKansasMaineMassachusettsMinnesotaNew JerseyNorth CarolinaNorth DakotaOklahomaPennsylvaniaSouth DakotaTexasWyomingConnecticutMissouriWest VirginiaNew MexicoArkansasCaliforniaDelawareDistrict of ColumbiaHawaiiIowaKentuckyMarylandMichiganMississippiMontanaNew HampshireNew YorkOregonTennesseeUtahVirginiaWashingtonNebraskaSouth CarolinaIdahoNevadaVermontLouisianaRhode IslandIllinoisOhioWisconsin

Wisconsin carries three and a half times the national concentration of flexible converting, a cluster built around its paper industry and the food processors it serves, with Ohio and Illinois alongside it.

WisconsinOhioIllinois

U.S. Census Bureau, 2022 Statistics of U.S. Businesses (firms by state), NAICS 322220/326111/326112. Concentration shown by location quotient.

M&A deal context

Deal activityHigh

Who’s acquiring

  • Flexible-packaging majors
  • PE-backed platforms
  • Sustainable-packaging acquirers

What’s driving deals

  • Sustainable and recyclable flexible packaging.
  • Consolidation around scaled converters.
  • Food and consumer-goods demand.

Find Flexible Packaging Converting acquisition targets

Search Acquisera’s index for companies classified under Flexible Packaging Converting (5.10.3.2) and build a targeted deal pipeline.

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