The Sustainable Pharmaceutical Packaging Market size, was USD 82 billion in 2023 and is expected to Reach USD 259.71 billion by 2031 and grow at a CAGR of 15.5 % over the forecast period of 2024-2031.
The market for environmentally sustainable pharmaceutical packaging is the area of the packaging business that is concentrated on creating, manufacturing, and distributing packaging products and services for the pharmaceutical industry. It includes packaging options that minimize the negative effects of pharmaceutical packaging on the environment at every stage of its lifespan, from sourcing through use to disposal.
Get More Information on Sustainable Pharmaceutical Packaging Market - Request Sample Report
The goal of sustainable pharmaceutical packaging is to promote more environmentally friendly options while addressing the problems with current packaging materials like plastics. This entails cutting waste, lowering energy use, utilizing Green Packaging materials, and implementing packaging strategies that maximize resource efficiency.
In order to improve the functionality and safety of their packaging, package businesses are increasingly focused on the incorporation of dispensing mechanisms, administration aids, sustainable materials, tamper-evident features, and counterfeiting safeguards.
• Material Selection
• Resource Efficiency
• Recycling
• Safety
• Innovation & Technology
KEY DRIVERS:
• Preference for sustainable and eco-friendly packaging materials
Consumers are more concerned towards environment pollution and daily reduction of natural resource. Hence, they are shifting from old traditional method of packaging to new eco-friendly packaging which can be recycled, re used, and made from biodegradable and compostable material.
• Innovation & Technology Advancements
• Regulatory concerns
RESTRAIN:
• Increase in cost of Raw Materials
Since there is shift from traditional way of packaging to sustainable eco-friendly way, this will require new raw materials thus leading to increase in cost of overall packaging. This biodegradable waste is much expensive than traditional ones.
• Limited Material Option
• Limited consumer awareness
OPPORTUNITY:
• Increasing demand for primary pharmaceutical packaging
Pharmaceutical packaging products such as syringes, plastic bottles, and products come in direct contact with the medicine. Primary pharmaceutical packaging products are in huge demand due to consumer awareness regarding environmental pollution, government regulations, and restrictions.
• Increasing consumer awareness about sustainable plastic packaging can create opportunities for the industry.
• Collaboration with raw material suppliers, and manufacturers can create opportunities for the sustainable pharmaceutical packaging market.
CHALLENGES:
• Increase in raw materials prices
Fluctuations in the prices of raw materials can affect the pharmaceutical packaging industry since sustainable packaging will need different raw materials which will cost more than old traditional methods of packaging.
• Decreased profitability
The current conflict between Russia and Ukraine has the potential to have a variety of effects on the market for sustainable pharmaceutical packaging. The battle has hampered supply chains, which has slowed down the movement of raw commodities. The manufacture and distribution of pharmaceutical items have been hampered by this interruption, which has also impacted the availability of environmentally friendly packaging materials. Additionally, businesses have begun to put short-term concerns ahead of long-term sustainability initiatives as a result of the conflict's economic instability and uncertainty, which may have an impact on investment in sustainable packaging projects. Consumer desire for sustainable packaging solutions has also been impacted by market instability and shifting regulatory frameworks.
The market for sustainable pharmaceutical packaging may be significantly impacted by the prolonged recession. The demand for sustainable packaging solutions may diminish if businesses prioritise cost-cutting initiatives due to decreased consumer spending and financial restrictions. Delays in investments and innovation in sustainable packaging technologies may also be caused by the recession. Disruptions in the supply chain and shifting governmental priorities may make it more difficult to adopt sustainable packaging techniques. The adoption of sustainable pharmaceutical packaging, however, can be maintained with the help of encouraging government regulations and consumer awareness campaigns. Long-term environmental concerns and shifting consumer preferences for sustainable products, for example, create a platform for future growth.
The COVID-19 pandemic has had an inconsistent impact on the market for sustainable pharmaceutical packaging. On the other side, the pandemic's increased demand for medicinal products has boosted packaging demands, particularly those for sustainable packaging. The emphasis on cleanliness and safety has also increased the value of safe and clean packaging. On the other hand, the adoption of sustainable packaging projects has been impacted by the pandemic's effects on global supply chains, reduced production capacity, and economic uncertainty. To maintain business continuation, companies may have changed their immediate objectives, potentially delaying or reducing sustainability measures.
By Raw Material:
• Paper & Paperboards
• Plastic & Polymers
• Aluminium Foil
• Glass
• Others
By Product type:
• Primary
• Secondary
• Tertiary
By End users:
• Contract Packaging
• Institutional Pharmacy
• Retail Pharmacy
• Pharma Manufacturing
Get Customized Report as per Your Business Requirement - Request For Customized Report
North America dominated the market in the year 2022 with the largest market share.
Asia Pacific region is likely to grow by 12% CAGR and hold the market share of 20% due to rising awareness amongst customers mostly in India and China. China will also dominate the Asia Pacific region market.
Europe will see slight growth due to high research & development.
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 American
Amcor added new, more sustainable High Shield laminates to its range of pharmaceutical packaging in 2022.
Use of Recyclable and Biodegradable Plastics Materials
Adoption of Circular Economy Principles
Regulatory Support and Guideline
Some of the major players in the sustainable pharmaceutical packaging market are Vetter Pharma International, Schott AG, Amcor plc, Gerresheimer AG, AptarGroup Inc, Owens Illinois Inc, CCL Industries Inc, SGD Pharma, West Pharmaceutical Services Inc, Drug Plastics Group, WestRock Company, Becton, Dickinson, and Company, and other players.
| Report Attributes | Details |
| Market Size in 2023 | US$ 82 Bn |
| Market Size by 2031 | US$ 259.71 Bn |
| CAGR | CAGR of 15.5% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Raw material (Paper & Paper boards, Plastic & Polymers, Aluminium Foil, Glass, Others) • By product type (Primary, Secondary, Tertiary) • By End users (Contract Packaging, Institutional Pharmacy, Retail Pharmacy, Pharma Manufacturing) |
| 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 | Vetter Pharma International, Schott AG, Amcor plc, Gerresheimer AG, AptarGroup Inc, Owens Illinois Inc, CCL Industries Inc, SGD Pharma, West Pharmaceutical Services Inc, Drug Plastics Group, WestRock Company, Becton, Dickinson, and Company |
| Key Drivers | • Preference for sustainable and eco-friendly packaging materials |
| Market Opportunities | • Increasing demand for primary pharmaceutical packaging |
Sustainable Pharmaceutical Packaging Market is expected to grow at a CAGR of 15.5% over the forecast period of 2024-2031.
Sustainable Pharmaceutical Packaging Market size, was USD 82 billion in 2023 and is expected to Reach USD 259.71 billion by 2031.
Some of the major players in sustainable pharmaceutical packaging market are Vetter Pharma International, Schott AG, Amcor plc, Gerresheimer AG, AptarGroup Inc, Owens Illinois Inc, CCL Industries Inc, SGD Pharma, West Pharmaceutical Services Inc, Drug Plastics Group, WestRock Company, Becton, Dickinson, and Company, and other players.
Preference for sustainable and eco-friendly packaging materials is major key driver for sustainable pharmaceutical packaging market.
North America dominated the market in the year 2022 with largest market share.
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 Impact of Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.3 Impact of Covid-19
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Sustainable Pharmaceutical Packaging Market Segmentation, By Raw Material
8.1 Paper & Paperboards
8.2 Plastic & Polymers
8.3 Aluminium Foil
8.4 Glass
8.5 Others
9. Sustainable Pharmaceutical Packaging Market Segmentation, By Product
9.1 Primary
9.2 Secondary
9.3 Tertiary
10. Sustainable Pharmaceutical Packaging Market Segmentation, By End User
10.1 Contract Packaging
10.2 Institutional Pharmacy
10.3 Retail Pharmacy
10.4 Pharma Manufacturing
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Sustainable Pharmaceutical Packaging Market by Country
11.2.2North America Sustainable Pharmaceutical Packaging Market By Raw Material
11.2.3 North America Sustainable Pharmaceutical Packaging Market By Product
11.2.4 North America Sustainable Pharmaceutical Packaging Market By End User
11.2.6 USA
11.2.6.1 USA Sustainable Pharmaceutical Packaging Market By Raw Material
11.2.6.2 USA Sustainable Pharmaceutical Packaging Market By Product
11.2.6.3 USA Sustainable Pharmaceutical Packaging Market By End User
11.2.7 Canada
11.2.7.1 Canada Sustainable Pharmaceutical Packaging Market By Raw Material
11.2.7.2 Canada Sustainable Pharmaceutical Packaging Market By Product
11.2.7.3 Canada Sustainable Pharmaceutical Packaging Market By End User
11.2.8 Mexico
11.2.8.1 Mexico Sustainable Pharmaceutical Packaging Market By Raw Material
11.2.8.2 Mexico Sustainable Pharmaceutical Packaging Market By Product
11.2.8.3 Mexico Sustainable Pharmaceutical Packaging Market By End User
11.3 Europe
11.3.1 Europe Sustainable Pharmaceutical Packaging Market by Country
1.3.3.2 Europe Sustainable Pharmaceutical Packaging Market By Raw Material
11.3.3 Europe Sustainable Pharmaceutical Packaging Market By Product
11.3.4 Europe Sustainable Pharmaceutical Packaging Market By End User
11.3.6 Germany
11.3.6.1 Germany Sustainable Pharmaceutical Packaging Market By Raw Material
11.3.6.2 Germany Sustainable Pharmaceutical Packaging Market By Product
11.3.6.3 Germany Sustainable Pharmaceutical Packaging Market By End User
11.3.7 UK
11.3.7.1 UK Sustainable Pharmaceutical Packaging Market By Raw Material
11.3.7.2 UK Sustainable Pharmaceutical Packaging Market By Product
11.3.7.3 UK Sustainable Pharmaceutical Packaging Market By End User
11.3.8 France
11.3.8.1 France Sustainable Pharmaceutical Packaging Market By Raw Material
11.3.8.2 France Sustainable Pharmaceutical Packaging Market By Product
11.3.8.3 France Sustainable Pharmaceutical Packaging Market By End User
11.3.9 Italy
11.3.9.1 Italy Sustainable Pharmaceutical Packaging Market By Raw Material
11.3.9.2 Italy Sustainable Pharmaceutical Packaging Market By Product
11.3.9.3 Italy Sustainable Pharmaceutical Packaging Market By End User
11.3.10 Spain
11.3.10.1 Spain Sustainable Pharmaceutical Packaging Market By Raw Material
11.3.10.2 Spain Sustainable Pharmaceutical Packaging Market By Product
11.3.10.3 Spain Sustainable Pharmaceutical Packaging Market By End User
11.3.11 The Netherlands
11.3.11.1 Netherlands Sustainable Pharmaceutical Packaging Market By Raw Material
11.3.11.2 Netherlands Sustainable Pharmaceutical Packaging Market By Product
11.3.11.3 Netherlands Sustainable Pharmaceutical Packaging Market By End User
11.3.11 Rest of Europe
11.3.11.1 Rest of Europe Sustainable Pharmaceutical Packaging Market By Raw Material
11.3.11.2 Rest of Europe Sustainable Pharmaceutical Packaging Market By Product
11.3.11.3 Rest of Europe Sustainable Pharmaceutical Packaging Market By End User
11.4 Asia-Pacific
11.4.1 Asia Pacific Sustainable Pharmaceutical Packaging Market by Country
11.4.2 Asia Pacific Sustainable Pharmaceutical Packaging Market By Raw Material
11.4.3 Asia Pacific Sustainable Pharmaceutical Packaging Market By Product
11.4.4 Asia Pacific Sustainable Pharmaceutical Packaging Market By End User
11.4.6 Japan
11.4.6.1 Japan Sustainable Pharmaceutical Packaging Market By Raw Material
11.4.6.2 Japan Sustainable Pharmaceutical Packaging Market By Product
11.4.6.3 Japan Sustainable Pharmaceutical Packaging Market By End User
11.4.7 South Korea
11.4.7.1 South Korea Sustainable Pharmaceutical Packaging Market By Raw Material
11.4.7.2 South Korea Sustainable Pharmaceutical Packaging Market By Product
11.4.7.3 South Korea Sustainable Pharmaceutical Packaging Market By End User
11.4.8 China
11.4.8.1 China Sustainable Pharmaceutical Packaging Market By Raw Material
11.4.8.2 China Sustainable Pharmaceutical Packaging Market By Product
11.4.8.3 China Sustainable Pharmaceutical Packaging Market By End User
11.4.9 India
11.4.9.1 India Sustainable Pharmaceutical Packaging Market By Raw Material
11.4.9.2 India Sustainable Pharmaceutical Packaging Market By Product
11.4.9.3 India Sustainable Pharmaceutical Packaging Market By End User
11.4.10 Australia
11.4.10.1 Australia Sustainable Pharmaceutical Packaging Market By Raw Material
11.4.10.2 Australia Sustainable Pharmaceutical Packaging Market By Product
11.4.10.3 Australia Sustainable Pharmaceutical Packaging Market By End User
11.4.11 Rest of Asia-Pacific
11.4.11.1 APAC Sustainable Pharmaceutical Packaging Market By Raw Material
11.4.11.2 APAC Sustainable Pharmaceutical Packaging Market By Product
11.4.11.3 APAC Sustainable Pharmaceutical Packaging Market By End User
11.5 The Middle East & Africa
11.5.1 The Middle East & Africa Sustainable Pharmaceutical Packaging Market by Country
11.5.2 The Middle East & Africa Sustainable Pharmaceutical Packaging Market By Raw Material
11.5.3 The Middle East & Africa Sustainable Pharmaceutical Packaging Market By Product
11.5.4 The Middle East & Africa Sustainable Pharmaceutical Packaging Market By End User
11.5.6 Israel
11.5.6.1 Israel Sustainable Pharmaceutical Packaging Market By Raw Material
11.5.6.2 Israel Sustainable Pharmaceutical Packaging Market By Product
11.5.6.3 Israel Sustainable Pharmaceutical Packaging Market By End User
11.5.7 UAE
11.5.7.1 UAE Sustainable Pharmaceutical Packaging Market By Raw Material
11.5.7.2 UAE Sustainable Pharmaceutical Packaging Market By Product
11.5.7.3 UAE Sustainable Pharmaceutical Packaging Market By End User
11.5.8 South Africa
11.5.8.1 South Africa Sustainable Pharmaceutical Packaging Market By Raw Material
11.5.8.2 South Africa Sustainable Pharmaceutical Packaging Market By Product
11.5.8.3 South Africa Sustainable Pharmaceutical Packaging Market By End User
11.5.9 Rest of Middle East & Africa
11.5.9.1 Rest of Middle East & Asia Sustainable Pharmaceutical Packaging Market By Raw Material
11.5.9.2 Rest of Middle East & Asia Sustainable Pharmaceutical Packaging Market By Product
11.5.9.3 Rest of Middle East & Asia Sustainable Pharmaceutical Packaging Market By End User
11.6 Latin America
11.6.1 Latin America Sustainable Pharmaceutical Packaging Market by Country
11.6.2 Latin America Sustainable Pharmaceutical Packaging Market By Raw Material
11.6.3 Latin America Sustainable Pharmaceutical Packaging Market By Product
11.6.4 Latin America Sustainable Pharmaceutical Packaging Market By End User
11.6.6 Brazil
11.6.6.1 Brazil Sustainable Pharmaceutical Packaging Market By Raw Material
11.6.6.2 Brazil Africa Sustainable Pharmaceutical Packaging Market By Product
11.6.6.3 Brazil Sustainable Pharmaceutical Packaging Market By End User
11.6.7 Argentina
11.6.7.1 Argentina Sustainable Pharmaceutical Packaging Market By Raw Material
11.6.7.2 Argentina Sustainable Pharmaceutical Packaging Market By Product
11.6.7.3 Argentina Sustainable Pharmaceutical Packaging Market By End User
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Sustainable Pharmaceutical Packaging Market By Raw Material
11.6.8.2 Rest of Latin America Sustainable Pharmaceutical Packaging Market By Product
11.6.8.3 Rest of Latin America Sustainable Pharmaceutical Packaging Market By End User
12. Company Profile
12.1 Vetter Pharma International
12.1.1 Market Overview
12.1.2 Financials
12.1.3 Product/Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Schott AG
12.2.1 Market Overview
12.2.2 Financials
12.2.3 Product/Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Amcor plc
12.3.1 Market Overview
12.3.2 Financials
12.3.3 Product/Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Gerresheimer AG
12.4.1 Market Overview
12.4.2 Financials
12.4.3 Product/Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 AptarGroup Inc
12.5.1 Market Overview
12.5.2 Financials
12.5.3 Product/Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Owens Illinois Inc
12.6.1 Market Overview
12.6.2 Financials
12.6.3 Product/Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 CCL Industries Inc
12.7.1 Market Overview
12.7.2 Financials
12.7.3 Product/Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 SGD Pharma
12.8.1 Market Overview
12.8.2 Financials
12.8.3 Product/Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 West Pharmaceutical Services Inc
12.9.1 Market Overview
12.9.2 Financials
12.9.3 Product/Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Drug Plastics Group
12.10.1 Market Overview
12.10.2 Financials
12.10.3 Product/Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
12.11 WestRock Company
12.11.1 Market Overview
12.11.2 Financials
12.11.3 Product/Services Offered
12.11.4 SWOT Analysis
12.11.5 The SNS View
12.11 Becton, Dickinson, and Company
12.11.1 Market Overview
12.11.2 Financials
12.11.3 Product/Services Offered
12.11.4 SWOT Analysis
12.11.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. USE Cases and Best Practices
15. 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 Transit Packaging Market size was USD 68.84 billion in 2022 and is expected to Reach USD 185.61 billion by 2030 and grow at a CAGR of 13.2 % over the forecast period of 2023-2030.
The Aluminum Foil Packaging Market size was USD 31.20 billion in 2022 and is expected to Reach USD 43.69 billion by 2030 and grow at a CAGR of 4.3 % over the forecast period of 2023-2030.
The Building and Construction Tapes Market size was USD 4.8 billion in 2023 and is expected to Reach USD 7.36 billion by 2031 and grow at a CAGR of 5.5 % over the forecast period of 2024-2031.
The Thermal Transfer Tapes Market size was USD 1145 million in 2023 and is expected to Reach USD 1678.84 million by 2031 and grow at a CAGR of 4.9% over the forecast period of 2024-2031.
The Dual Flap Dispensing Closure Market size was USD 382.38 billion in 2023 and is expected to Reach USD 533.46 billion by 2031 and grow at a CAGR of 4.25 % over the forecast period of 2024-2031.
The Modified Atmosphere Packaging market size was USD 16.5 billion in 2023 and is expected to Reach USD 23.73 billion by 2031 and grow at a CAGR of 4.5% over the forecast period of 2024-2031.
Hi! Click one of our member below to chat on Phone
© 2024 All Rights Reserved by SNS Insider Pvt Ltd
