Packaging The packaging sector experienced subdued M&A in 2024 due to lingering effects of continued destocking trends, economic uncertainty, regulatory changes in recent years and hesitation surrounding the U.S. presidential election. Despite the overall slowdown, the industry experienced significant consolidation through major deals, most notably the $21 billion merger of WestRock and Smurfit Kappa to form Smurfit WestRock, the world's largest paper packaging company. The year also saw two more cross-Atlantic merger announcements between International Paper and DS Smith as well as Berry Global and Amcor, signaling a trend toward consolidation among industry giants while potentially creating opportunities for smaller firms to capture market share from underserved customers. Looking ahead to 2025, the packaging M&A market is expected to rebound as market conditions stabilize in Europe and the US.