Unless it has to unroll in an animation, or the camera is literally inches away from it in a still shot, that is the sort of model that is best done mainly with textures I'd say.
So you need to model a main cylinder (with enough geo to support hi res displacement on the ends) and possibly the label, but arguably even that could be done with textures ! Once you have your cylinder you would UV unwrap it into 3 islands, the ends and the main wrap, and then use displacement maps you have previously made using photos of the actual object to get the wrinkles in the flat bit and the concentric patterns on the ends.
The other approach is to model it manually, which certainly can be done if you are prepared to spend some time wrangling splines. If I had to model this I would get a photo of one end (front-on) and make a spline that described the unique shape of the spirals in that end, then I would get a copy of that and use them both in a Loft object under cloth thickness to get the whole length of the object. Displacer deformers, possibly in a planar mode, would then get you the rest of the way. Wrinkling would still be done with textures, or via the smoothing deformer / magnet technique.
Here's a very rough one I threw together to demonstrate the general principal...
CBR