The Carrageenan Market size was valued at USD 873 million in 2022 and is expected to grow to USD 1349.97 million by 2030 and grow at a CAGR of 5.6% over the forecast period of 2023-2030.
Carrageenan is an ingredient that is derived from the red seaweed known as Carrageen Moss or Irish Moss. Carrageenan is mostly used as a thickening agent with no nutritional value. It is an additive used to emulsify and preserve foods and beverages. Carrageenan is also found in meat products, nut milk, and yogurt. Carrageenan has been linked to several adverse health effects. Inflammation and gastrointestinal ulceration are among the most concerning side effects, as they can cause significant damage to the digestive system. Since the 1950s people used carrageenan in processed foods.
Get E-PDF Sample Report on Carrageenan Market - Request Sample Report
The risks associated with carrageenan can vary depending on the form in which it is used. For example, the food-grade carrageenan is derived from red seaweed and then processes with alkaline substances. In contrast, degraded carrageenan is processed with acids which are also called poligeenan having significant health warnings. Only food-grade carrageenan is safe to eat.
Carrageenan has various applications though it does not have any flavor or nutritional value. It acts as a stabilizer or thickening agent in products like chocolate milk which stops the milk from separating. By considering the consumer’s preference for having vegan products it acts as a substituent for fat in non- or low-fat foods and dairy products. Carrageenan also acts as a binder in processed meats. Carrageenan is often used in canned pet food products. It is also used in non-food products such as toothpaste and air freshener gel.
The COVID-19 pandemic has had a significant impact on the carrageenan market. This outbreak affected seaweed production across the globe. Carrageenan, a natural food additive derived from red seaweed, is widely used in the food industry for its gelling, thickening, and stabilizing properties. However, the pandemic has disrupted the global supply chain, leading to a shortage of carrageenan in some regions.
The closure of borders and restrictions on international trade has affected the transportation of carrageenan from producing countries to consuming countries. This has resulted in a decrease in the availability of carrageenan in some markets, leading to an increase in prices. Additionally, the closure of restaurants and food service establishments has reduced the demand for carrageenan in the food industry.
Drivers
Increasing application of carrageenan in dairy product and processed meat products
Shifting the focus of the population toward consuming vegan food products
Rising demand for natural food thickeners
Continuous rising demand for hydrocolloids from various non-food industries
The most important factor that contributes to driving the carrageenan market is the wide application of carrageenan in the food industry due to its binding property. The pharmaceutical industry uses carrageenan as an inactive excipient in tablet formulation. It is also used as a thickening agent in various cosmetics products like moisturizers, creams, etc. This wide range of applications of carrageenan help to boost the market.
Restrain
Presence of alternatives in the market
Opportunities
Increasing awareness regarding fitness and health among the population
Growing activities of product development by the key players
Challenges
Side effects of carrageenan on human health
Studies have shown that carrageenan can cause inflammation in the digestive tract, leading to a range of gastrointestinal problems such as bloating, gas, and diarrhea. Furthermore, carrageenan has been linked to immune system suppression, which can increase the risk of infections and other health problems. It has also been shown to disrupt the gut microbiome, which can have a negative impact on overall health and well-being. While carrageenan is considered safe by regulatory agencies such as the FDA, it is important to be aware of the potential risks associated with its consumption.
The conflict between Russia and Ukraine has had an impact on the carrageenan market. The war has disrupted the supply chain of carrageenan, as Ukraine is one of the major producers of seaweed. The conflict has led to a decrease in the production of seaweed, resulting in a shortage of carrageenan in the market. This shortage has caused an increase in the price of carrageenan, making it more expensive for manufacturers to produce their products. Furthermore, the political instability in the region has also affected the transportation of carrageenan. The conflict has made it difficult for companies to transport their products from Ukraine to other parts of the world, leading to delays and increased transportation costs.
The global recession has had a significant impact on the carrageenan market. The recession has caused a decline in demand for carrageenan due to the decrease in consumer spending and the shift towards cheaper alternatives. As a result, carrageenan manufacturers have been forced to reduce their production and cut costs to remain competitive. This has led to a decrease in the supply of carrageenan, which has further impacted the market. Additionally, the recession has also affected the supply chain, with transportation and logistics becoming more expensive and less efficient.
By Processing Technology
Alcohol Precipitation
Gel Press
Semi-refined
By Function
Thickening Agents
Gelling Agents
Stabilizers
Others
By Product Type
Kappa
Iota
Lambda
By Application
Food & Beverage
Pharmaceutical
Personal Care & Cosmetics
Others
.png)
Get Customized Report as Per Your Business Requirement - Request For Customized Report
In 2022, Europe dominated the carrageenan market with a revenue share of 34.4%. This growth can be attributed to favorable government policies that have encouraged the use of carrageenan in various industries. The gel-press technique, which is gaining popularity in the region, has also contributed to this growth. This technique is preferred due to its ability to reduce the manufacturing costs of alcohol-precipitated carrageenan.
North America also accounted for a considerable revenue share in 2022, thanks to the increased processing of seaweed in countries like the U.S. and Canada. This trend is expected to continue, further boosting the growth of the carrageenan market in the region.
The Asia Pacific region is also estimated to show lucrative growth during the forecast period. This is due to the presence of a large number of food and beverage industries that rely on carrageenan as a key ingredient. As these industries continue to expand, the demand for carrageenan is expected to rise, further fueling the growth of the market.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major key players are DuPont, Ingredion Incorporated, Ashland, CP Kelco U.S., Inc., Cargill, Inc., Ceamsa, W Hydrocolloids, Inc., Gelymar, Caldic B.V., Ina Food Industry Co. Ltd., PT. Gumindo Perkasa Industries, TBK Manufacturing Corporation, and other key players are mentioned in the final report.
| Report Attributes | Details |
| Market Size in 2022 | US$ 873 Bn |
| Market Size by 2030 | US$ 1349.97 Bn |
| CAGR | CAGR of 5.6% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Processing Technology (Alcohol Precipitation, Gel Press, and Semi-refined) • By Function (Thickening Agent, Gelling Agent, Stabilizer, and Others) • By Product Type (Kappa, Iota, and Lambda), By Application (Food & Beverage, Pharmaceutical, Personal Care & Cosmetics, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | DuPont, Ingredion Incorporated, Ashland, CP Kelco U.S., Inc., Cargill, Inc., Ceamsa, W Hydrocolloids, Inc., Gelymar, Caldic B.V., Ina Food Industry Co. Ltd., PT. Gumindo Perkasa Industries, TBK Manufacturing Corporation, and other |
| Key Drivers | • Increasing application of carrageenan in dairy and processed meat products • Shifting the focus of the population toward consuming vegan food products |
| Market Opportunities | • Increasing awareness regarding fitness and health among the population • Growing activities of product development by the key players |
The expected market size of the Carrageenan Market is USD 1349.97 million in 2030.
The expected CAGR of the global Carrageenan Market during the forecast period is 5.6%.
The major key players are DuPont, Ingredion Incorporated, Ashland, CP Kelco U.S., Inc., Cargill, Inc., Ceamsa, W Hydrocolloids, Inc., Gelymar, Caldic B.V., Ina Food Industry Co. Ltd., PT. Gumindo Perkasa Industries, TBK Manufacturing Corporation.
Europe contributes major to the Carrageenan Market.
Increasing application of carrageenan in dairy and processed meat products, shifting the focus of the population toward consuming vegan food products, rising demand for natural food thickeners, increasing demand for hydrocolloids from various non-food industries are the major driving factors of carrageenan market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Carrageenan Market Segmentation, By Processing Technology
8.1Alcohol Precipitation,
8.2Gel Press
8.3Semi-refined
9. Carrageenan Market Segmentation, By Function
9.1Thickening Agents
9.2Gelling Agents
9.3Stabilizers
9.4Others
10. Carrageenan Market Segmentation, By Product Type
10.1 Kappa
10.2Iota
10.3Lambda
11. Carrageenan Market Segmentation, By Application
11.1Food & Beverage
11.2 Pharmaceutical
11.3Personal Care & Cosmetics
11.4Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 North America Carrageenan Market by Country
12.2.2North America Carrageenan Market by Processing Technology
12.2.3 North America Carrageenan Market by Function
12.2.4 North America Carrageenan Market by Product Type
12.2.5 North America Carrageenan Market by Application
12.2.6 USA
12.2.6.1 USA Carrageenan Market by Processing Technology
12.2.6.2 USA Carrageenan Market by Function
12.2.6.3 USA Carrageenan Market by Product Type
12.2.6.4 USA Carrageenan Market by Application
12.2.7 Canada
12.2.7.1 Canada Carrageenan Market by Processing Technology
12.2.7.2 Canada Carrageenan Market by Function
12.2.7.3 Canada Carrageenan Market by Product Type
12.2.7.4 Canada Carrageenan Market by Application
12.2.8 Mexico
12.2.8.1 Mexico Carrageenan Market by Processing Technology
12.2.8.2 Mexico Carrageenan Market by Function
12.2.8.3 Mexico Carrageenan Market by Product Type
12.2.8.4 Mexico Carrageenan Market by Application
12.3 Europe
12.3.1 Europe Carrageenan Market by country
12.3.2 Europe Carrageenan Market by Processing Technology
12.3.3 Europe Carrageenan Market by Function
12.3.4 Europe Carrageenan Market by Product Type
12.3.5 Europe Carrageenan Market by Application
12.3.6 Germany
12.3.6.1 Germany Carrageenan Market by Processing Technology
12.3.6.2 Germany Carrageenan Market by Function
12.3.6.3 Germany Carrageenan Market by Product Type
12.3.6.4 Germany Carrageenan Market by Application
12.3.7 UK
12.3.7.1 UK Carrageenan Market by Processing Technology
12.3.7.2 UK Carrageenan Market by Function
12.3.7.3 UK Carrageenan Market by Product Type
12.3.7.4 UK Carrageenan Market by Application
12.3.8 France
12.3.8.1 France Carrageenan Market by Processing Technology
12.3.8.2 France Carrageenan Market by Function
12.3.8.3 France Carrageenan Market by Product Type
12.3.8.4 France Carrageenan Market by Application
12.3.9 Italy
12.3.9.1 Italy Carrageenan Market by Processing Technology
12.3.9.2 Italy Carrageenan Market by Function
12.3.9.3 Italy Carrageenan Market by Product Type
12.3.9.4 Italy Carrageenan Market by Application
12.3.10 Spain
12.3.10.1 Spain Carrageenan Market by Processing Technology
12.3.10.2 Spain Carrageenan Market by Function
12.3.10.3 Spain Carrageenan Market by Product Type
12.3.10.4 Spain Carrageenan Market by Application
12.3.11 The Netherlands
12.3.11.1 Netherlands Carrageenan Market by Processing Technology
12.3.11.2 Netherlands Carrageenan Market by Function
12.3.11.3 Netherlands Carrageenan Market by Product Type
12.3.11.4 Netherlands Carrageenan Market by Application
12.3.12 Rest of Europe
12.3.12.1 Rest of Europe Carrageenan Market by Processing Technology
12.3.12.2 Rest of Europe Carrageenan Market by Function
12.3.12.3 Rest of Europe Carrageenan Market by Product Type
12.3.12.4 Rest of Europe Carrageenan Market by Application
12.4 Asia-Pacific
12.4.1 Asia Pacific Carrageenan Market by country
12.4.2 Asia Pacific Carrageenan Market by Processing Technology
12.4.3 Asia Pacific Carrageenan Market by Function
12.4.4Asia Pacific Carrageenan Market by Product Type
12.4.5Asia Pacific Carrageenan Market by Application
12.4.6 Japan
12.4.6.1 Japan Carrageenan Market by Processing Technology
12.4.6.2 Japan Carrageenan Market by Function
12.4.6.3 Japan Carrageenan Market by Product Type
12.4.6.4 Japan Carrageenan Market by Application
12.4.7 South Korea
12.4.7.1 South Korea Carrageenan Market by Processing Technology
12.4.7.2 South Korea Carrageenan Market by Function
12.4.7.3 South Korea Carrageenan Market by Product Type
12.4.7.4 South Korea Carrageenan Market by Application
12.4.8 China
12.4.8.1 China Carrageenan Market by Processing Technology
12.4.8.2 China Carrageenan Market by Function
12.4.8.3 China Carrageenan Market by Product Type
12.4.8.4 China Carrageenan Market by Application
12.4.9 India
12.4.9.1 India Carrageenan Market by Processing Technology
12.4.9.2 India Carrageenan Market by Function
12.4.9.3 India Carrageenan Market by Product Type
12.4.9.4 India Carrageenan Market by Application
12.4.11 Australia
12.4.10.1 Australia Carrageenan Market by Processing Technology
12.4.10.2 Australia Carrageenan Market by Function
12.4.10.3 Australia Carrageenan Market by Product Type
12.4.10.4 Australia Carrageenan Market by Application
12.4.11 Rest of Asia-Pacific
12.4.11.1 APAC Carrageenan Market by Processing Technology
12.4.11.2 APAC Carrageenan Market by Function
12.4.11.3 APAC Carrageenan Market by Product Type
12.4.11.4 APAC Carrageenan Market by Application
12.5 The Middle East & Africa
12.5.1 The Middle East & Africa Carrageenan Market by country
12.5.2 The Middle East & Africa Carrageenan Market by Processing Technology
12.5.3 The Middle East & Africa Carrageenan Market by Function
12.5.4The Middle East & Africa Carrageenan Market by Product Type
12.5.5 The Middle East & Africa Carrageenan Market by Application
12.5.6 Israel
12.5.6.1 Israel Carrageenan Market by Processing Technology
12.5.6.2 Israel Carrageenan Market by Function
12.5.6.3 Israel Carrageenan Market by Product Type
12.5.6.4 Israel Carrageenan Market by Application
12.5.7 UAE
12.5.7.1 UAE Carrageenan Market by Processing Technology
12.5.7.2 UAE Carrageenan Market by Function
12.5.7.3 UAE Carrageenan Market by Product Type
12.5.7.4 UAE Carrageenan Market by Application
12.5.8South Africa
12.5.8.1 South Africa Carrageenan Market by Processing Technology
12.5.8.2 South Africa Carrageenan Market by Function
12.5.8.3 South Africa Carrageenan Market by Product Type
12.5.8.4 South Africa Carrageenan Market by Application
12.5.9 Rest of Middle East & Africa
12.5.9.1 Rest of Middle East & Asia Carrageenan Market by Processing Technology
12.5.9.2 Rest of Middle East & Asia Carrageenan Market by Function
12.5.9.3 Rest of Middle East & Asia Carrageenan Market by Product Type
12.5.9.4 Rest of Middle East & Asia Carrageenan Market by Application
12.6 Latin America
12.6.1 Latin America Carrageenan Market by Country
12.6.2 Latin America Carrageenan Market by Processing Technology
12.6.3 Latin America Carrageenan Market by Function
12.6.4 Latin America Carrageenan Market by Product Type
12.6.5 Latin America Carrageenan Market by Application
12.6.6 Brazil
12.6.6.1 Brazil Carrageenan Market by Processing Technology
12.6.6.2 Brazil Africa Carrageenan Market by Function
12.6.6.3 Brazil Carrageenan Market by Product Type
12.6.6.4 Brazil Carrageenan Market by Application
12.6.7 Argentina
12.6.7.1 Argentina Carrageenan Market by Processing Technology
12.6.7.2 Argentina Carrageenan Market by Function
12.6.7.3 Argentina Carrageenan Market by Product Type
12.6.7.4 Argentina Carrageenan Market by Application
12.6.8 Rest of Latin America
12.6.8.1 Rest of Latin America Carrageenan Market by Processing Technology
12.6.8.2 Rest of Latin America Carrageenan Market by Function
12.6.8.3 Rest of Latin America Carrageenan Market by Product Type
12.6.8.4Rest of Latin America Carrageenan Market by Application
13.Company Profile
13.1 DuPont
13.1.1 Market Overview
13.1.2 Financials
13.1.3 Product/Services/Offerings
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 Ingredion Incorporated
13.2.1 Market Overview
13.2.2 Financials
13.2.3 Product/Services/Offerings
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Ashland
13.3.1 Market Overview
13.3.2 Financials
13.3.3 Product/Services/Offerings
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 CP Kelco U.S., Inc.
13.4.1 Market Overview
13.4.2 Financials
13.4.3 Product/Services/Offerings
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Cargill, Inc.
13.5.1 Market Overview
13.5.2 Financials
13.5.3 Product/Services/Offerings
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Ceamsa
13.6.1 Market Overview
13.6.2 Financials
13.6.3 Product/Services/Offerings
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 W Hydrocolloids, Inc.
13.7.1 Market Overview
13.7.2 Financials
13.7.3 Product/Services/Offerings
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Gelymar
13.8.1 Market Overview
13.8.2 Financials
13.8.3 Product/Services/Offerings
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 Caldic B.V.
13.9.1 Market Overview
13.9.2 Financials
13.9.3 Product/Services/Offerings
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 Ina Food Industry Co. Ltd.
13.10.1 Market Overview
13.10.2 Financials
13.10.3 Product/Services/Offerings
13.10.4 SWOT Analysis
13.10.5 The SNS View
13.11 PT. Gumindo Perkasa Industries
13.11.1 Market Overview
13.11.2 Financials
13.11.3 Product/Services/Offerings
13.11.4 SWOT Analysis
13.11.5 The SNS View
13.12 TBK Manufacturing Corporation
13.12.1 Market Overview
13.12.2 Financials
13.12.3 Product/Services/Offerings
13.12.4 SWOT Analysis
13.12.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
15. USE Cases And Best Practices
16. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
The Polyurethane Foams Market is expected to increase at a CAGR of 7.4%, from USD 46.28 billion in 2022 to USD 81.94 billion in 2030.
The PET Foam Market is evaluated at USD 411 Million by 2022, and the market is expected to reach USD 761 Million by 2030 and is assessed to extend at a humble CAGR of 8% from 2023 to 2030.
The Alpha Olefin Market size was valued at USD 9.8 billion in 2022. It is expected to grow to USD 14.59 billion by 2030 and grow at a CAGR of 5.1% over the forecast period of 2023-2030.
The Lubricating Oil Additives Market Size was valued at USD 19.09 billion in 2022, and expected to reach USD 24.19 billion by 2030, and grow at a CAGR of 3.0% over the forecast period 2023-2030.
The Thermal conductive polymer material Market size was USD 155.74 million in 2023 and is expected to Reach USD 405.42 million by 2031 and grow at a CAGR of 12.7% over the forecast period of 2024-2031.
The Chromatography Resin Market Size was valued at USD 2.45 billion in 2022, and expected to reach USD 4.57 billion by 2030 and grow at a CAGR of 8.1% over the forecast period 2023-2030.
Hi! Click one of our member below to chat on Phone
© 2024 All Rights Reserved by SNS Insider Pvt Ltd
