Aluminum Cans (Wet Pet Food Packaging)

Largest manufacturer of metal food cans in North America (NASDAQ: SLGN). Silgan Containers division is the dominant supplier of steel and aluminum cans to the wet pet food industry — directly serving Nestle Purina, Hill's Pet Nutrition (Colgate-Palmolive), Mars Petcare (Royal Canin, Pedigree), and Blue Buffalo (General Mills). ~$6.1B total revenue 2024; ~16,000 employees. Metal containers segment (food cans, aerosols) accounts for roughly two-thirds of revenue. Operates approximately 50+ manufacturing plants in North America. Metal containers include both tinplate (steel) and aluminum 2-piece cans for human food (soups, vegetables, fruit) and pet food. During the 2020-2021 COVID can shortage, Silgan was the most cited supplier under allocation pressure for wet pet food manufacturers. Silgan also makes dispensing and closure systems for food, pet food, beauty, and pharma.

World's largest aluminum beverage can manufacturer (NYSE: BALL); ~$11.8B revenue 2024. Primary product is aluminum beverage cans for beer, carbonated soft drinks, energy drinks, and hard seltzer; also manufactures aluminum aerosol containers and food cans. While Ball is not as concentrated in pet food cans as Silgan, Ball's massive scale in aluminum beverage can sheet procurement means it competes directly with pet food can manufacturers for aluminum sheet supply. Ball told investors in 2020 that the US was short 10 billion cans — a shortage attributed partly to beverage demand surge during COVID that consumed aluminum sheet capacity intended for food cans. Ball was the most visible face of the 2020-2021 aluminum can shortage. Sold its aerospace division in 2024 to BAE Systems for $5.6B.

Major global metal packaging manufacturer (NYSE: CCK); 2024 revenue ~$11.9B. Produces aluminum beverage cans, metal food cans (tinplate and aluminum), aerosol cans, and specialty packaging. Crown's Americas Beverage and European Beverage segments (aluminum beverage cans) are its largest divisions, but its Transit Packaging and food can segments serve the pet food market. Crown manufactures food cans including aluminum and tinplate containers used by human food and pet food processors. US food can plants serve major food manufacturers including pet food brands. Crown's beverage can business means it directly competes for the same aluminum sheet that goes into pet food cans — during COVID beverage can demand surge, Crown's food can customers (including pet food) faced capacity constraints. Significant global footprint: 165 plants in 40+ countries.

Japan's largest and the world's second-largest metal can manufacturer (TYO: 5901); ~$8.5B revenue. Toyo Seikan produces metal cans, glass containers, and plastic containers across Japan, Southeast Asia, and other markets. In Japan, Toyo Seikan is the primary supplier of wet pet food cans — Japan is the world's second-largest market for canned pet food after the US, with Mars, Nestle Purina, and Unicharm all operating there. Toyo Seikan's can manufacturing includes 3-piece tinplate food cans and 2-piece aluminum cans. Also operates in Southeast Asia through subsidiaries including Universal Can Corporation and Toyo Seikan Asia. The company's PET bottle and glass container operations serve beverage and food markets alongside its can segment — all competing for corporate capital and manufacturing resources.

Major European and North American metal and glass packaging manufacturer (NYSE: ARD); restructured parent of Ardagh Metal Packaging (AMP, NYSE: AMBP). Ardagh Metal Packaging manufactures aluminum beverage cans in Europe and North America — participating in the same aluminum can sheet supply chain as food can manufacturers. AMP's 2021 NYSE IPO raised ~$2.8B via SPAC. Ardagh Group also owns Ardagh Glass Packaging (bottles/jars). AMP primarily serves the beverage segment but its scale in aluminum can sheet procurement affects food can sheet availability. During 2020-2021, Ardagh Metal Packaging was building greenfield US capacity to serve beverage customers but competing for the same upstream aluminum sheet supply as pet food canners.