Paper Bag and Coated and Treated Paper Manufacturing (U.S. NAICS 322220)

An investor's primer — for both public-market and private investors.

1. Overview

This industry takes paper that someone else already made and turns it into something more useful: it cuts and coats paper and paperboard, laminates paper with foil or plastic film, and sews or glues paper into bags and sacks. Think grocery and shopping bags, multiwall sacks for cement and pet food, grease-resistant fast-food wrappers, the silicone-coated backing paper (the "release liner") that peels off every sticker and label, and the barrier-coated paper now replacing plastic film in food and e-commerce packaging.[1][5]

Why an investor cares: it sits at the intersection of two durable themes — the substitution of paper for plastic (driven by bag bans and sustainability mandates) and the growth of labels, e-commerce, and takeout food. It is a converting business, meaning owners earn a spread between the cost of input paper/energy/chemicals and the price of the finished coated or bagged product. That makes it moderately cyclical and sensitive to input-cost swings, but with a steadily growing, defensive core.

Public vs. private ways in: there is no pure "paper-bag stock." Most output is made inside large, diversified packaging companies (some public, some private-equity-owned), plus a handful of specialty converters. The closest public pure-play is Mativ Holdings; broader exposure comes through diversified names like International Paper, Sonoco, Amcor, and Avery Dennison. Much of the industry — Novolex/Pactiv, ProAmpac, Loparex, Ahlstrom, Twin Rivers — is privately held, so private-market routes (private equity, direct ownership, credit) matter as much as public shares.[13][15][7]

2. What it is and how it's structured

Scope (what's in). The U.S. Census Bureau's North American Industry Classification System (NAICS) code 322220 covers establishments that mainly do one or more of: cutting and coating paper/paperboard; laminating paper with foil or film (but not film-to-film); making bags, multiwall bags, and sacks from paper, foil, or paper/foil/film combinations; making laminated metal foils from purchased foil; and surface-coating paper.[1][4][5] In plain terms, three product families:

• Paper bags and sacks — retail shopping bags, grocery bags, and heavy-duty multiwall sacks for flour, cement, chemicals, seed, and pet food.
• Coated and treated paper — grease-, moisture-, and heat-resistant papers for food service and packaging; barrier-coated papers replacing plastic film.
• Release liners and laminates — silicone-coated backing papers for pressure-sensitive labels and tapes, plus foil/paper laminates.

The production process. For paper shopping bags, the USITC describes a sequence of printing, forming the paper web into a tube, cutting, folding and gluing, followed where applicable by handle and reinforcing-patch operations. Large automated lines can make different bag sizes, but changeovers consume production time and reduce throughput. The machinery is specialized, and operators must be trained on it.[21] Pressure-sensitive label stock, for example, combines face material, adhesive, release coating and backing before being sold to downstream label converters.[22]

What it EXCLUDES (adjacent NAICS codes). This is a converting industry, not a paper mill. It excludes:

• Making paper or paperboard from pulp — that's 322120/322121 Paper (except Newsprint) Mills and 322130 Paperboard Mills.[4]
• Corrugated boxes, folding cartons, and other paperboard containers — 32221 Paperboard Container Manufacturing.[4]
• Plastic bags and pouches, including plastic film — 326111 Plastics Bag and Pouch Manufacturing and 326112 Packaging Film.[4]
• Other converted paper (envelopes, sanitary paper, stationery) — 322230, 322291, 322299 All Other Converted Paper Product Manufacturing.[4]

Ownership mix. A three-tier structure: (1) large diversified packaging corporations, some public and some private-equity-owned, that run coated-paper and bag lines as part of a broader portfolio; (2) a small set of specialty converters focused on release liners, filtration, and technical coated papers; and (3) a long tail of small, regional bag and coating shops. A meaningful amount of coated/treated paper capacity also sits inside vertically integrated mills whose plants are classified under the mill codes above — so NAICS 322220 captures the standalone converters, not every coated-paper line in the country.

3. How big it is

Federal statistics (our ground truth; prefer these over private estimates):

At roughly $26.8 billion of shipments across 485 firms and 715 plants, the average establishment ships on the order of $37 million a year (2022 receipts over 2023 plant count — approximate).[1][2] Average annual pay of about $68,000 (payroll ÷ employment) reflects a skilled, capital-intensive manufacturing workforce.[1] More recent BLS data for NAICS 32222 (which maps to the sole six-digit industry 322220) showed 55,000 employees in May 2026, roughly flat from 54,700 in June 2025 — suggesting stable rather than rapidly growing aggregate employment.[23]

Undercount caveat. Unlike industries dominated by government or by tiny sole operators, this is a formal manufacturing industry, so the federal counts are reasonably complete. The real distortion runs the other way: because NAICS classifies each plant by its primary activity, coated- and treated-paper lines embedded inside integrated paper/paperboard mills (counted under 322120/322130) fall outside the 322220 totals. Imports — led by China, Canada, and Mexico — also supply part of U.S. consumption that domestic-production figures don't capture.[5] So the $26.8 billion is the standalone-converter slice, not total U.S. demand for these products.

For scale on specific end-markets, private research houses estimate (these are third-party projections, not federal data): the U.S. barrier-coated flexible paper packaging market at about $2.5 billion in 2024,[6] the U.S. label release-liner market at roughly $1.8 billion in 2024,[7] and the North American paper-bag market near $2.0 billion in 2024[9] — each growing 4–5% a year.[6][7][9] The Paper Shipping Sack Manufacturers' Association reports that its members make approximately 90% of U.S. multiwall shipping sacks, a product market with more than $1 billion in annual sales.[24]

4. The investable universe

There are few pure plays. The table below groups the names by how directly they touch NAICS 322220 activity. Tickers and scale are for orientation only.

Major private / other owners (often as relevant as the public names):

In paper shopping bags specifically, the USITC identified ProAmpac and Novolex as the two major domestic producers in 2022, with American Paper Bag and Fischer Paper Products as newer, smaller producers.[21] Takeaway: to own this industry through public equities you are mostly buying a slice of a diversified packaging company; the concentrated, pure exposure (grocery bags, release liners) has largely moved into private hands.[13][15]

5. How the money works

Owners in NAICS 322220 make money on a converting spread — the gap between the price of finished coated paper or bags and the cost of the inputs that go into them. The metrics that matter here are the ones that fit capital-intensive manufacturing, not retail or finance:

• The spread (gross margin per ton). Buy kraft paper, paperboard, pulp, foil, or film; add a coating (silicone, poly, wax, barrier), a lamination, or a bag-making step; sell at a markup. The core variables are input-fiber cost, energy (natural gas and electricity for drying and coating), coating chemicals, and labor. Kraft paper — the main input for bags — ran roughly $850–$990 per metric ton across major markets in 2025, and its production is energy-intensive, so gas and power prices feed directly into margins.[11] In the USITC's paper-shopping-bag record, raw materials were the largest component of cost of goods sold throughout 2020–March 2023, and producers reported that rising paper costs were not fully recovered through selling prices.[21]

• Capacity utilization (throughput). Coating lines and bag machines are expensive fixed assets; profitability rises and falls with how fully they run. Higher volumes spread fixed costs; a soft quarter for consumer goods or industrial shipments quickly compresses margins. USITC found that shopping-bag production volume declined even as sales value rose during 2020–2022, while costs rose faster than revenue and operating income declined.[21]

• Input-cost pass-through and lag. Many supply contracts are index-linked or contain raw-material pass-through clauses, but price increases lag cost spikes. Pactiv Evergreen reported an average lag of approximately three months between commodity-price changes and customer-price adjustments — margins squeeze when inputs rise and expand when they fall faster than prices.[32] In 2025, North American paper-packaging producers pushed through price increases explicitly to rebuild margin.[12]

• Specialty vs. commodity mix. This is the single biggest driver of returns. Commodity grocery bags and plain kraft are thin-margin, scale-and-freight games. Specialty products — silicone release liners, medical and filtration papers, PFAS-free barrier coatings — carry higher margins, stickier customer relationships (they get spec'd into a customer's product), and less cyclicality. The best operators tilt toward specialty; Mativ's realignment around filtration, advanced materials, and adhesive/liner solutions is an example.[16]

• Freight and geography. Bags and coated rolls are bulky and relatively low-value per pound, so plants serve regional customers and shipping cost is a real constraint — favoring local scale over national.

In short: owners earn a manufacturing spread, lever it with volume/utilization, defend it with a specialty mix and pass-through pricing, and give it back when input costs spike faster than they can re-price.

6. What drives demand

• Plastic-to-paper substitution. State bans on single-use plastic bags — with paper offered at checkout — and broader anti-plastic sentiment are a structural tailwind for paper bags and barrier-coated paper that replaces plastic film.[18] Colorado and Rhode Island banned checkout plastic bags in 2024; California, Washington, and others charge for bags and mandate recycled content.[18] The effect is not one-directional, however: bag fees and reusable-bag mandates can reduce demand for all disposable bags, including paper.
• Foodservice and takeout. Quick-service restaurants (QSRs) and delivery drive grease-resistant coated papers, bags, and wraps.[6] Food away from home represented a record 58.9% of U.S. food expenditures in 2024, with restaurants and limited-service outlets accounting for 72.6% of that spending.[33]
• Labels and pressure-sensitive materials. Every label and sticker rides on a release liner, so liner demand tracks consumer-goods volumes, retail, logistics, and e-commerce shipping labels — a defensive, GDP-plus grower.[7][8]
• E-commerce. Growth in online orders drives demand for paper mailers, void fill, and protective paper packaging.[5] In Q1 2026, e-commerce accounted for 16.9% of U.S. retail sales and grew 9.8% year over year, compared with 3.9% growth in total retail sales.[34]
• Industrial and agricultural end-markets. Multiwall paper sacks serve cement, chemicals, flour, seed, and pet food — tied to construction and industrial output.[9] AF&PA reported that June 2026 shipments of unbleached bag-and-sack paper were up nearly 15% year over year and 7.7% year to date.[35]
• Sustainability procurement. Consumer brands setting recycled-content and plastic-reduction targets pull demand toward recyclable, fiber-based packaging.[5] The more durable innovation opportunity is in high-performance, recyclable paper structures — customers want grease, moisture, oxygen and heat resistance without PFAS or difficult-to-recycle plastic layers.

7. Regulation

• Food-contact safety (FDA). Paper that touches food must meet U.S. Food and Drug Administration (FDA) food-contact rules. In February 2024 the FDA announced that per- and polyfluoroalkyl substances (PFAS) used as grease-proofing agents in paper/paperboard food packaging were no longer sold for food-contact use — a market-wide phase-out that forced converters to reformulate barrier coatings.[19] In January 2025 the FDA determined that 35 related food-contact notifications were no longer effective.[36]
• State PFAS bans. Minnesota, Washington, California, New York, and others now ban intentionally added PFAS in food packaging, tightening through 2025–2026.[18][20] This is both a cost (reformulation) and an opportunity (PFAS-free barrier coatings command a premium).
• Plastic-bag and recycled-content laws. State bag bans boost paper demand but also impose minimum post-consumer recycled content on paper bags (e.g., California moving toward 50%, Washington at 40%), shaping input sourcing.[18]
• Extended producer responsibility (EPR). A growing number of states are enacting packaging EPR laws that make producers pay for the end-of-life of packaging — a rising compliance cost across all packaging, paper included.[20] California's SB 54 covers single-use packaging broadly and requires covered packaging sold in the state to be recyclable or compostable by 2032.[37]
• Environmental and workplace. Coating and treating operations fall under Environmental Protection Agency (EPA) air and water rules and Occupational Safety and Health Administration (OSHA) workplace standards.

Net effect: regulation is, on balance, a demand tailwind (paper over plastic) paired with a compliance cost (PFAS reformulation, recycled content, EPR) — favoring larger operators that can absorb reformulation and traceability costs.

8. Competitive dynamics and consolidation

At the national level the industry is fragmented and unconcentrated: the top four firms hold about 22.7% of revenue, the top eight about 32.9%, and the top 50 about 71.9%; the Herfindahl-Hirschman Index (HHI, a standard concentration measure where anything below ~1,500 is considered unconcentrated) is just 221.[2] But those national numbers understate concentration in specific niches — release liners, silicone-coated papers, and multiwall sacks each have only a few serious players. The Paper Shipping Sack Manufacturers' Association reports that its members make approximately 90% of U.S. multiwall shipping sacks.[24] In paper shopping bags, the USITC identified just two major domestic producers (ProAmpac and Novolex) as of 2022.[21]

Import pressure. Imports are especially important in shopping bags. Imports from the countries covered by the USITC investigation rose from 249.2 million pounds in 2020 to 444.9 million pounds in 2022, an increase of 78.5%; imports from other countries totaled 212.5 million pounds in 2022.[21] The United States subsequently imposed antidumping orders on paper shopping bags from Cambodia, China, Colombia, India, Malaysia, Portugal, Taiwan and Vietnam, plus countervailing-duty orders on China and India.[38] These measures support domestic pricing but introduce sourcing, tariff and administrative-review risk.

The direction of travel is consolidation, much of it private-equity-led:

• Novolex + Pactiv Evergreen — a $6.7 billion merger (Apollo-backed, with CPP Investments contributing approximately $1 billion as a minority investor) closed in 2025, taking Pactiv private and creating a food-and-beverage packaging leader spanning paper bags and coated products.[13][14][28]
• Amcor + Berry Global — a ~$8.4 billion all-stock combination (about $10.4 billion including assumed items) closed April 30, 2025, creating a ~$23 billion consumer-packaging giant across flexible paper and film.[15]
• SWM + Neenah → Mativ — the 2022 merger of equals that formed the ~$3 billion specialty-materials converter now built around liners, filtration, and adhesive solutions.[17][16]

Consolidation logic: scale in purchasing (fiber, energy), freight density, R&D for barrier and PFAS-free coatings, and the capital to serve national brand customers. Competitive moats come from specialty formulations, customer spec-in, and regional plant density rather than from commodity cost alone.

9. Risks

• Input-cost and energy volatility. Pulp, kraft paper, and natural-gas prices swing; margins compress when costs rise faster than contract prices can re-set.[11][12]
• Cyclicality. Demand tracks consumer goods, industrial output, construction, and e-commerce; recessions hit volumes and utilization. Grocery, food, pharmaceutical and household-product packaging is relatively defensive, but retail shopping bags move with store traffic and discretionary consumption, while industrial sacks follow construction and industrial production.
• Substitution — in both directions. Paper is winning share from plastic, but recycled-plastic and reusable-packaging advocates push back; some barrier applications still need plastic. Substitution can reverse if plastic bans are rolled back or if recycled-plastic economics improve. Paper is also not synonymous with recyclable — liners, films, foil, adhesives, barrier coatings and food contamination can keep a paper-based package out of ordinary recycling streams.
• Regulatory reformulation. PFAS bans and recycled-content mandates raise cost and require re-engineering coatings; laggards lose contracts.[19][18]
• Trade and imports. Imports from China, Canada, Mexico and other countries pressure commodity grades; antidumping and countervailing-duty orders on paper shopping bags from multiple countries create tariff and administrative-review risk.[5][21][38]
• Capital intensity and leverage. Coating lines are expensive, and several major players (Novolex/Pactiv, Amcor/Berry) carry significant merger-related debt — a risk if rates stay high or volumes soften.[13][15]
• Customer concentration. Large brand and retail customers hold pricing leverage over commodity converters.
• Labor. Printing, coating and bag-making lines need skilled maintenance, press, quality-control and setup personnel. Turnover raises downtime and scrap; labor shortages can constrain usable capacity even when installed machinery is available.

10. How to invest and the outlook

Public routes. There is no clean single-stock proxy. The most direct listed exposure is Mativ (MATV) — a small-cap specialty converter of liners and coated papers, and therefore also the most volatile and turnaround-sensitive of the group.[16] Avery Dennison (AVY) offers the clearest listed exposure to coated and laminated pressure-sensitive materials, though the company also sells film, graphics, tapes and identification products globally; its Materials Group reported $6.1 billion of 2025 sales.[22] Broader, more diversified exposure comes from Sonoco (SON), Amcor (AMCR), International Paper (IP), and Packaging Corp. (PKG) — but in each, NAICS 322220 activity is only part of a larger business, so you are buying the packaging complex as a whole, not paper bags specifically.[15][2][25] Ranpak (PACK) converts kraft paper into protective packaging for e-commerce and industrial uses — adjacent to, rather than a direct proxy for, paper bags and coated-paper manufacturing.[26] Karat Packaging (KRT) offers small paper-bag exposure (sales grew from $7.9 million in 2024 to $13.7 million in 2025) embedded in a broader foodservice-products business.[27] Foreign-listed Sappi, Mondi, and UPM offer coated-paper and release-liner exposure. Investors typically judge these on standard packaging metrics — volume growth, EBITDA (earnings before interest, taxes, depreciation, and amortization) margins, free cash flow, leverage, and dividends — rather than on any bag-specific figure.

Private routes. Because so much of the concentrated, pure exposure is private — Novolex/Pactiv (Apollo), ProAmpac (Pritzker Private Capital), Loparex, Ahlstrom, Twin Rivers — the most direct ways to own the core of this industry are private: private-equity funds and co-investments in packaging platforms, direct ownership or roll-up of regional bag and coating converters, or private credit into leveraged packaging deals.[13][15][30] Valuations in recent deals have run in the mid-to-high single-digit EBITDA-multiple range typical of packaging; note that the $6.7 billion Pactiv-Novolex transaction included a much broader packaging portfolio than NAICS 322220 alone, so transaction multiples should not be inferred from that deal for pure-play converters.[28]

Near-term drivers (forward-looking judgments, not established facts).

• Continued paper-for-plastic substitution as more states enact bag bans and PFAS/EPR rules — a demand tailwind, though the pace depends on state-level politics.
• Margin recovery if input-cost and energy inflation stays contained while announced price increases hold.[12]
• Ongoing consolidation and portfolio reshaping — more assets likely to change hands, creating both integration risk and value-creation opportunity.
• A premium on specialty and PFAS-free capabilities; commodity grocery-bag economics stay thin and freight-bound.

Bottom line. A defensive, steadily growing converting industry riding real secular tailwinds (anti-plastic regulation, labels, e-commerce, takeout), but with genuinely cyclical margins tied to fiber and energy costs. The best returns cluster in specialty niches and in private, consolidating platforms — public investors get exposure mainly through diversified packaging majors rather than a dedicated paper-bag pure-play.

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Sources

1. U.S. Census Bureau, County Business Patterns 2023, NAICS 322220 (establishments, employment, annual payroll). 2023 (accessed via Histometrics federal-statistics dataset). https://www.census.gov/programs-surveys/cbp.html
2. U.S. Census Bureau, 2022 Economic Census — Concentration Ratios and Selected Statistics, NAICS 322220 (value of shipments/receipts, firms, CR4/CR8/CR20/CR50, HHI). 2022. https://www.census.gov/programs-surveys/economic-census.html
3. U.S. Small Business Administration, Table of Small Business Size Standards (NAICS 322220 = 750 employees). 2023. https://www.sba.gov/document/support-table-size-standards
4. U.S. Census Bureau / NAICS Association, NAICS 2022 — Code 322220 definition and cross-references (322120/322130, 32221, 326111/326112, 322299). 2022. https://www.naics.com/naics-code-description/?code=322220
5. IBISWorld, NAICS Code 322220 — Paper Bag and Coated and Treated Paper Manufacturing (industry definition, trends, trade). 2024. https://www.ibisworld.com/classifications/naics/322220/paper-bag-and-coated-and-treated-paper-manufacturing/
6. Emergen Research, US Barrier Coated Flexible Paper Packaging Market, 2024–2034 ($2.5B in 2024). 2024. https://www.emergenresearch.com/industry-report/us-barrier-coated-flexible-paper-packaging-market
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8. MarketsandMarkets, Release Liners Market worth $15.4 Billion by 2029. 2024. https://www.prnewswire.com/news-releases/release-liners-market-worth-15-4-billion-by-2029--exclusive-report-by-marketsandmarkets-302253981.html
9. Data Bridge Market Research, North America Paper Bags Market Forecast 2032 (~$2.0B in 2024). 2025. https://www.databridgemarketresearch.com/reports/north-america-paper-bags-market
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11. IMARC Group, Kraft Paper Price Trend, Index, Chart & Forecast (2025 prices ~$850–990/MT). 2025. https://www.imarcgroup.com/kraft-paper-price-trend
12. Fastmarkets, North America Paper Packaging Outlook 2025 — margins driving price increases. 2025. https://www.fastmarkets.com/insights/north-america-paper-packaging-outlook-2025/
13. Packaging Dive, Novolex completes $6.7B acquisition of Pactiv Evergreen. 2025. https://www.packagingdive.com/news/novolex-closes-acquisition-pactiv-evergreen/744049/
14. GlobeNewswire, Novolex and Pactiv Evergreen Inc. to Combine, Establishing a Leading Manufacturer in Food and Beverage Packaging. 2024. https://www.globenewswire.com/news-release/2024/12/09/2993714/0/en/Novolex-and-Pactiv-Evergreen-Inc-to-Combine-Establishing-a-Leading-Manufacturer-in-Food-and-Beverage-Packaging.html
15. Amcor plc, Amcor completes combination with Berry Global and Form 10-K FY2025 (~$23B combined sales; ~$10.4B consideration; closed April 30, 2025). 2025. https://www.amcor.com/media/news/amcor-completes-combination-with-berry-global
16. Mativ Holdings, Fourth Quarter and Full Year 2024 Results (FY2024 sales $1,981.1M; SAS segment; liners/coated papers). 2025. https://www.businesswire.com/news/home/20250219525909/en/Mativ-Announces-Fourth-Quarter-and-Full-Year-2024-Results
17. Mativ (formerly SWM/Neenah), SWM and Neenah Complete Merger to Become Mativ, a ~$3 Billion Global Leader in Specialty Materials (July 6, 2022). 2022. https://ir.mativ.com/news/news-details/2022/SWM-and-Neenah-Complete-Merger-to-Become-Mativ-a-3-Billion-Global-Leader-in-Specialty-Materials/default.aspx
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19. U.S. Food and Drug Administration, Authorized Uses of PFAS in Food Contact Applications (Feb 2024 grease-proofing phase-out). 2024–2025. https://www.fda.gov/food/process-contaminants-food/authorized-uses-pfas-food-contact-applications
20. Packaging Dive, Packaging laws taking effect in 2026 — bags, foam, PFAS, EPR. 2025. https://www.packagingdive.com/news/state-packaging-laws-2026-bags-foam-pfas-hotels/808682/
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23. U.S. Bureau of Labor Statistics, Table B-1b: Employees on nonfarm payrolls by industry sector and selected industry detail, seasonally adjusted (NAICS 32222 employment). 2026. https://www.bls.gov/web/empsit/ceseeb1b.htm
24. Paper Shipping Sack Manufacturers' Association, About PSSMA / Membership (~90% of U.S. multiwall shipping sacks, >$1B market). 2026. https://www.pssma.org/membership/
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26. Ranpak Holdings Corp., Form 10-K for fiscal year ended December 31, 2025. 2026. https://www.sec.gov/Archives/edgar/data/1712463/000162828026015027/pack-20251231.htm
27. Karat Packaging Inc., Form 10-K for fiscal year ended December 28, 2025 (paper bag sales). 2026. https://www.sec.gov/Archives/edgar/data/1758021/000175802126000016/krt2025annualreport.htm
28. Pactiv Evergreen Inc., Form 8-K: Novolex transaction announcement (CPP Investments ~$1B minority stake, $6.7B transaction value). 2024. https://www.sec.gov/Archives/edgar/data/1527508/000095017024134341/ptve-ex99_1.htm
29. Novolex, About Novolex (20,000+ employees, 100+ locations, 250 brands, 39,000 SKUs). 2026. https://novolex.com/about
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31. Hood Packaging Corporation, About Us (20 North American plants). 2026. https://hoodpkg.com/aboutus/
32. Pactiv Evergreen Inc., Form 10-K for fiscal year ended December 31, 2024 (~3 month pass-through lag). 2025. https://www.sec.gov/Archives/edgar/data/1527508/000095017025026104/ptve-20241231.htm
33. USDA Economic Research Service, Food Service Industry — Market Segments (food away from home 58.9% of expenditures, 2024). 2025. https://ers.usda.gov/topics/food-markets-prices/food-service-industry/market-segments
34. U.S. Census Bureau, Quarterly E-Commerce Report, Q1 2026 (16.9% of retail, +9.8% YoY). 2026. https://www.census.gov/retail/eCommerce.html
35. American Forest & Paper Association, AF&PA Releases June 2026 Packaging Papers Monthly Report (bag-and-sack paper +15% YoY). 2026. https://www.afandpa.org/news/2026/afpa-releases-june-2026-packaging-papers-monthly-report
36. U.S. Food and Drug Administration, Market Phase-Out of Grease-Proofing Substances Containing PFAS (35 food-contact notifications no longer effective, Jan 2025). 2025. https://www.fda.gov/food/process-contaminants-food/market-phase-out-grease-proofing-substances-containing-pfas
37. CalRecycle, Packaging Extended Producer Responsibility (SB 54) (recyclable/compostable by 2032). 2026. https://calrecycle.ca.gov/packaging/packaging-epr/
38. U.S. International Trade Commission, Paper Shopping Bags from Cambodia et al. — Final Determination (AD/CVD orders). 2024. https://www.usitc.gov/publications/701_731/pub5522.pdf