Acquisition of Artemis Ltd. By Smurfit Kappa to Boost the Product Portfolio in Packaging Sector

Published: 26 Nov 2024

Author: Precedence Research

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Smurfit Kappa Group, one of the most established companies for packaging solutions announced that they signed an agreement for acquisition of Artemis Ltd., a Bag-in-box packaging plant located in Shumen, Bulgaria in June 2024. This acquisition will expand the network of Bag-in-box operations in the European region. The company’s presence and consumer base will grow in Eastern Europe as well as enhance their product portfolio. This decision aligns with Smurfit Kappa Group’s regional strategic growth and offer quality products and services.

The countries of the Asia Pacific region are seeing an increasing demand for reusable packaging, biodegradable polymers, recyclable materials etc. The growing awareness in the area for environmentally sustainable packaging solutions has led to Asia Pacific having a 34.72% share in the protective packaging market in 2023. This is forcing businesses to make eco-friendly choices to invest in proper packaging. Meanwhile, the European region held the second biggest share of the market at 30.69% in the year 2023. Businesses in Europe are focusing and investing heavily on research and development activities to create innovative packaging solutions.

The demand for the food and beverage and healthcare industry, rise in manufactured goods worldwide coupled with consumer preference to eco-friendly materials are key factors for growing of the protective packaging market. There is lot of interest in research and development activities by major players as well as governments to help create innovative and unique packaging solution. For instance, in July 2024, the Biden-Harris administration invested up to $1.6 billion for establishment and acceleration for research and development activities in domestic capacity for advanced packaging.

Unilever invested heavily in research and development to find a way to reduce use of raw plastic materials for packaging with an aim to switch completely to sustainable materials by 2035. With resources and funding, there is already progress as the company has reported the R& D team have managed to reduce development time by 25%. With acquisitions, collaborations, technological integration and research and developments activities by key companies will help in growth of the protective packaging market.

Protective Packaging Market Size and Forecast 2024 to 2034

The global protective packaging market size accounted for USD 32.22 billion in 2024 and is predicted to hit around USD 48.54 billion by 2033, poised to grow at a CAGR of 4.7% during the forecast period 2024 to 2033.

Protective Packaging Market Leading Players

• Smurfit KAPPA Group
• Westrock Company
• Sealed Air Corporation
• Sonoco Products Company
• Huhtamaki OYJ
• DS Smith PLC
• Pregis LLC
• Pro-Pac Packaging Limited
• Storopack Hans Reichenecker Gmbh
• The DOW Chemical Company
• Cascades Corporation

Recent News from Protective Packaging Companies

• In February 2024, Pregis LLC, a Chicago Based developer of protective packaging has launched a foam packaging product. This is supported by certified-circular polyethylene resins in collaboration with ExxonMobil Corp. It is high in quality and environmentally sustainable packaging solution.
• In September 2023, Smurfit Kappa and WestRock will combine with each other forming Smurfit WestRock to create a global leader for sustainable packaging. This combination will unparalleled scale, geographic and product diversity and quality.
• In August 2023, TC Transcontinental Packaging announced an investment of USD 60 million. This investment will go towards development of cutting-edge mono-material recyclable flexible plastic packaging solutions. 
• In April 2023, Huhtamaki, a leading company launched sustainable flexible packaging innovation. This new technology provides a new combination of best protection, affordability and fully recyclable. 

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