From convenience to sustainability, understanding the global disposable meal box market and the forces shaping its growth across key sectors
Consumer Goods & Services
The gift card industry has evolved into a dynamic and rapidly growing segment of the global payments market, driven by changing consumer preferences, advancements in digital payment technologies, and the increasing appeal of flexible gifting solutions. Originally seen as a convenient and impersonal alternative to traditional gifts, gift cards have transformed into a preferred choice for both consumers and businesses, offering versatility and ease of use that appeal to a wide demographic. This evolution is largely due to the rise of the digital economy, where the convenience of online shopping and mobile payments has reshaped how people give and receive gifts. The industry now encompasses a wide variety of products, ranging from closed-loop gift cards, which can be redeemed only at specific retailers, to open-loop gift cards that can be used anywhere major payment networks like Visa and Mastercard are accepted. Additionally, the growth of e-gift cards has further accelerated this transformation, providing an instant, contactless way to send and receive gifts, especially appealing in today's fast-paced, tech-savvy world. In the retail sector, gift cards have become a powerful tool for driving sales, enhancing customer loyalty, and promoting brand engagement. Many retailers strategically place gift cards near checkout counters, capitalizing on impulse buying behavior, particularly during holiday seasons and special occasions. The versatility of gift cards makes them a go-to option for shoppers looking for a quick yet thoughtful present, especially when uncertain about the recipient's preferences. This has led to their widespread adoption across various industries, including dining, entertainment, travel, and online retail. Beyond their use as a consumer gift, businesses have recognized the potential of gift cards as part of their marketing and customer retention strategies. Companies frequently use them as rewards in loyalty programs, promotional giveaways, and employee incentives. This dual role of gift cards as both a product and a promotional tool has solidified their place in the retail and corporate sectors, making them an integral part of modern commerce.
According to the research report, “Global Gift Card Market Research Report, 2029” published by Actual Market Research, the market is anticipated to cross USD 1300 Billion by 2029, increasing from USD 583.16 Billion in 2023. The market is expected to grow with a 14.87% CAGR from 2024 to 2029. The digitalization of the gift card industry has been a key driver of its growth, with e-gift cards gaining popularity due to their convenience, instant delivery, and reduced environmental impact. E-gift cards can be purchased and sent electronically via email, SMS, or through mobile apps, catering to the growing demand for contactless, hassle-free gifting options. This shift has been accelerated by the rise of e-commerce and digital payment solutions, which have made it easier than ever for consumers to buy and redeem gift cards. Moreover, the integration of gift cards into mobile wallets like Apple Pay and Google Pay has enhanced their usability, allowing consumers to store and use their gift cards directly from their smartphones. This trend reflects the broader move towards digital-first solutions in the retail industry, driven by changing consumer behaviors and the need for streamlined, user-friendly experiences. Digital and e-gift cards, which are frequently coupled with mobile wallets, provide convenience and rapid delivery, while personalized features such as custom messages and themed graphics make them more enticing. Blockchain technology improves security and reduces fraud, and there is a visible shift toward more sustainable solutions, such as digital cards produced from eco-friendly materials. Additionally, gift cards are increasingly being employed in business incentive programs and customer loyalty schemes. Global availability, allowing numerous currencies and cross-border use, together with the increased popularity of gift cards for virtual experiences and subscription services, are further expanding the market's reach and importance. In September 2023, in India, the Government-backed Open Network for Digital Commerce (ONDC) introduced the "ONDC Network Gift Card." This network-level gift card can be utilized by companies for corporate gifting and employee engagement in anticipation of the upcoming festive season.
North America remains the largest and most mature market, driven by high consumer spending, a well-established retail infrastructure, and the widespread adoption of digital payment technologies. The United States, in particular, dominates this segment, with a strong culture of gifting and a preference for versatile gift options like gift cards, especially during holiday seasons and special occasions such as Christmas, birthdays, and corporate incentives. The region's advanced e-commerce platforms and integration of gift cards into digital wallets like Apple Pay and Google Pay have further fueled market growth, making it a leader in both physical and digital gift card sales. In Europe, the gift card market is also witnessing significant expansion, influenced by the increasing popularity of cashless transactions and the growing trend of personalized gifting. Countries like the United Kingdom, Germany, and France are at the forefront, where retailers and businesses leverage gift cards for customer loyalty programs, promotional campaigns, and employee rewards. The rise of online shopping has spurred the demand for e-gift cards in Europe, appealing to tech-savvy consumers who seek convenient, instant gifting solutions. Additionally, the region's diverse retail landscape, including high-end luxury stores and local boutique shops, offers a wide array of closed-loop gift card options tailored to specific consumer preferences. The Asia-Pacific region is emerging as a dynamic and rapidly growing market for gift cards, driven by increasing urbanization, rising disposable incomes, and the proliferation of digital payment platforms. Countries like China, India, and Japan are leading this growth, with a surge in the use of e-gift cards as part of the broader digital transformation in the region.
The popularity of mobile wallets and super apps like Alipay, WeChat Pay, and Paytm has facilitated seamless transactions, making it easier for consumers to purchase, send, and redeem gift cards electronically. Additionally, the rise of online retail giants such as Alibaba and Amazon in the region has expanded the availability of gift cards, catering to a younger, tech-savvy demographic that values convenience and instant access to a wide range of products and services. In South America, the gift card market is gradually gaining traction, with countries like Brazil and Argentina leading the charge. The growing middle class, increasing adoption of digital payments, and the rising popularity of online shopping are key factors driving this growth. Gift cards are becoming a popular choice for consumers looking for flexible and convenient gifting options, particularly as more retailers and e-commerce platforms integrate gift cards into their offerings. The market is also witnessing a shift towards digital gift cards, as mobile phone penetration and internet connectivity improve, making it easier for consumers to access and use e-gift cards. The Middle East & Africa region presents a developing yet promising gift card market, driven by increasing retail investments, growing e-commerce, and a rising young population with a strong appetite for digital and mobile payments. Countries like the UAE, Saudi Arabia, and South Africa are seeing an uptick in gift card usage, particularly in the retail and hospitality sectors. In the UAE, for instance, luxury retailers and shopping malls frequently offer gift cards as part of their marketing strategies to attract affluent consumers and tourists. The increasing penetration of smartphones and mobile wallets in these regions has also led to a rise in the popularity of e-gift cards, catering to consumers' demand for quick, hassle-free gifting solutions. As digital infrastructure continues to improve across the Middle East and Africa, the gift card market is expected to grow, presenting new opportunities for retailers and businesses to engage with a tech-savvy, digitally connected audience.
Closed-loop gift cards are issued by specific retailers or brands and can only be redeemed at those particular stores or for products and services offered by the brand. These cards are highly popular in the retail sector, as they provide businesses with an effective way to encourage brand loyalty, drive repeat visits, and promote specific products or services. The closed-loop model also allows retailers to retain control over the customer experience, from the initial card purchase to its redemption, making them a key driver of consumer engagement and retention. In regions like North America and Europe, closed-loop gift cards are commonly found in supermarkets, department stores, and online retailers, with consumers using them for a wide variety of occasions, from holidays to corporate rewards. On the other hand, open-loop gift cards are linked to major payment networks, such as Visa, Mastercard, or American Express, and can be used at any merchant that accepts these payment networks. These cards offer a higher level of flexibility compared to closed-loop cards, as they are not restricted to specific retailers or services. Open-loop cards are particularly popular for consumers who prefer to give a versatile gift that can be redeemed across various retail channels, both in-store and online. The convenience of being able to use the card virtually anywhere makes it a popular choice for consumers in markets like North America and Asia-Pacific, where widespread adoption of digital payment solutions and e-commerce is prevalent. The open-loop card segment has also benefited from the rise of prepaid debit cards, which provide users with a similar experience to traditional credit cards but without the need for a bank account.
High-price range gift cards typically have values exceeding $100, and they are often used for premium or luxury gifts. These cards are common in industries like travel, hospitality, electronics, and high-end retail, where consumers are willing to spend more for exclusive products or experiences. High-value gift cards are also frequently used in corporate settings as part of employee reward programs or for special occasions such as major holidays, milestones, and significant celebrations like weddings or anniversaries. In markets like North America and Europe, high-value gift cards are becoming increasingly popular as a way for consumers to treat themselves or others to premium items and experiences, with retailers offering specialized gift cards for specific product categories, such as luxury fashion, gourmet dining, or vacation getaways. Medium-price range gift cards, which typically range from $20 to $100, are the most commonly purchased and used across the global market. These cards strike a balance between affordability and versatility, offering consumers the flexibility to select a wide variety of products and services without the high price tag associated with premium options. Medium-value gift cards are highly popular in the retail, entertainment, and restaurant sectors, with brands offering cards for shopping, dining, or entertainment experiences such as movie tickets and theme park passes. This price range is ideal for birthday gifts, holiday presents, or corporate incentives, as it appeals to a broad audience. The medium-range gift card segment has seen significant growth, particularly as consumers look for convenient, practical, and cost-effective ways to give gifts. With the rise of e-commerce and mobile wallets, this segment benefits from high-volume, small-value transactions, particularly during major shopping events like Black Friday and Christmas. In contrast, low-price range gift cards, typically valued at $20 or less, cater to budget-conscious consumers looking for small, affordable gift options. These cards are widely used for casual gifts, stocking stuffers, or as part of promotional giveaways. Retailers and businesses often offer low-value gift cards as part of special promotions, such as “spend $50 and receive a $10 gift card” or as incentives for online surveys and customer feedback. The popularity of low-price gift cards has surged with the rise of digital cards, which often have low minimum amounts, making them an attractive option for quick, last-minute gifts. While these cards may not have the same perceived prestige as their high-value counterparts, they are highly practical for consumers looking for flexibility without committing to a large financial outlay. These low-value cards are particularly popular in the fast-food, casual retail, and online retail sectors, where consumers can use them for everyday purchases.
The offline gift card market remains a strong segment, particularly in physical retail settings such as supermarkets, department stores, shopping malls, and convenience stores. These traditional sales channels are where consumers often purchase gift cards in person, either as standalone items or as part of holiday promotions and impulse buys. Offline gift cards have long been a staple in the gifting culture, especially during peak shopping periods like Christmas, Mother's Day, and birthdays. Retailers strategically place gift cards near checkout counters, knowing that they are a popular choice for last-minute gifts. In addition, brick-and-mortar stores often offer exclusive gift card designs, seasonal options, and physical cards that can be wrapped and presented directly, which enhances their appeal as tangible and personal presents. Furthermore, some consumers still prefer purchasing physical gift cards due to security reasons or the desire to give a physical item, rather than a digital or virtual gift. However, the online gift card market has witnessed tremendous growth in recent years, driven by the global shift toward digital shopping and mobile payment solutions. Online gift cards, which can be purchased and sent electronically via email, SMS, or mobile apps, have become increasingly popular due to their convenience, instant delivery, and the ease of use they offer to consumers. E-gift cards cater to the demand for contactless gifting options, particularly during the pandemic, when digital solutions became essential for social distancing and remote celebrations. The rise of e-commerce platforms like Amazon, eBay, and digital payment systems such as PayPal has accelerated the demand for online gift cards, as they allow consumers to shop from the comfort of their homes, purchase a gift card for almost any retailer, and send it instantly to recipients across the globe. Additionally, the increasing integration of gift cards into mobile wallets and apps such as Apple Pay, Google Pay, and Samsung Pay has made it even easier for users to manage and redeem their gift cards digitally. This has not only simplified the purchasing process but also increased the convenience for consumers to store and use their gift cards for online and in-store purchases.
Retail establishments are the primary drivers of the gift card market, particularly in the consumer-facing sectors such as supermarkets, department stores, fashion retailers, e-commerce platforms, and specialty stores. Gift cards from these establishments are widely popular as they offer consumers a convenient, flexible, and customizable gifting option. Retailers benefit from selling gift cards by attracting new customers, increasing foot traffic to physical stores, and fostering brand loyalty. Additionally, the growth of online retail has further boosted the popularity of gift cards, especially in the form of e-gift cards, as they provide a seamless and instant way to purchase and deliver gifts digitally. During major shopping events like Black Friday, Christmas, and seasonal promotions, retail establishments experience a surge in gift card sales, which serve as ideal gifts for a broad range of consumers. The ability to redeem gift cards across diverse categories such as fashion, home goods, and electronics also contributes to their broad appeal among various demographic groups. Retailers also capitalize on the demand for gift cards by offering them as part of loyalty programs, promotional campaigns, or as an upselling tool to enhance customer experience and retention. Corporate institutions, on the other hand, are a growing and increasingly significant segment of the gift card market. Companies use gift cards for a variety of purposes, including employee rewards, incentives, and recognition programs. Many businesses across industries like technology, finance, retail, and hospitality use gift cards as part of their employee engagement strategies, offering them as performance bonuses, recognition gifts, or rewards for hitting targets and goals. This trend has been especially prevalent in regions like North America and Europe, where corporate gifting is deeply embedded in company culture. Corporate institutions appreciate the versatility and simplicity of gift cards, which are easy to distribute and can be tailored to suit individual preferences. Furthermore, gift cards provide companies with a cost-effective way to incentivize employees, partners, or customers without the complexity of choosing a specific gift item. In addition to employee rewards, corporate institutions often use gift cards for client retention, promotional giveaways, and event-based marketing strategies. For example, companies may distribute gift cards as part of a customer appreciation event or loyalty program, helping to strengthen relationships and enhance brand visibility.
According to the research report, “Global Gift Card Market Research Report, 2029” published by Actual Market Research, the market is anticipated to cross USD 1300 Billion by 2029, increasing from USD 583.16 Billion in 2023. The market is expected to grow with a 14.87% CAGR from 2024 to 2029. The digitalization of the gift card industry has been a key driver of its growth, with e-gift cards gaining popularity due to their convenience, instant delivery, and reduced environmental impact. E-gift cards can be purchased and sent electronically via email, SMS, or through mobile apps, catering to the growing demand for contactless, hassle-free gifting options. This shift has been accelerated by the rise of e-commerce and digital payment solutions, which have made it easier than ever for consumers to buy and redeem gift cards. Moreover, the integration of gift cards into mobile wallets like Apple Pay and Google Pay has enhanced their usability, allowing consumers to store and use their gift cards directly from their smartphones. This trend reflects the broader move towards digital-first solutions in the retail industry, driven by changing consumer behaviors and the need for streamlined, user-friendly experiences. Digital and e-gift cards, which are frequently coupled with mobile wallets, provide convenience and rapid delivery, while personalized features such as custom messages and themed graphics make them more enticing. Blockchain technology improves security and reduces fraud, and there is a visible shift toward more sustainable solutions, such as digital cards produced from eco-friendly materials. Additionally, gift cards are increasingly being employed in business incentive programs and customer loyalty schemes. Global availability, allowing numerous currencies and cross-border use, together with the increased popularity of gift cards for virtual experiences and subscription services, are further expanding the market's reach and importance. In September 2023, in India, the Government-backed Open Network for Digital Commerce (ONDC) introduced the "ONDC Network Gift Card." This network-level gift card can be utilized by companies for corporate gifting and employee engagement in anticipation of the upcoming festive season.
North America remains the largest and most mature market, driven by high consumer spending, a well-established retail infrastructure, and the widespread adoption of digital payment technologies. The United States, in particular, dominates this segment, with a strong culture of gifting and a preference for versatile gift options like gift cards, especially during holiday seasons and special occasions such as Christmas, birthdays, and corporate incentives. The region's advanced e-commerce platforms and integration of gift cards into digital wallets like Apple Pay and Google Pay have further fueled market growth, making it a leader in both physical and digital gift card sales. In Europe, the gift card market is also witnessing significant expansion, influenced by the increasing popularity of cashless transactions and the growing trend of personalized gifting. Countries like the United Kingdom, Germany, and France are at the forefront, where retailers and businesses leverage gift cards for customer loyalty programs, promotional campaigns, and employee rewards. The rise of online shopping has spurred the demand for e-gift cards in Europe, appealing to tech-savvy consumers who seek convenient, instant gifting solutions. Additionally, the region's diverse retail landscape, including high-end luxury stores and local boutique shops, offers a wide array of closed-loop gift card options tailored to specific consumer preferences. The Asia-Pacific region is emerging as a dynamic and rapidly growing market for gift cards, driven by increasing urbanization, rising disposable incomes, and the proliferation of digital payment platforms. Countries like China, India, and Japan are leading this growth, with a surge in the use of e-gift cards as part of the broader digital transformation in the region.
The popularity of mobile wallets and super apps like Alipay, WeChat Pay, and Paytm has facilitated seamless transactions, making it easier for consumers to purchase, send, and redeem gift cards electronically. Additionally, the rise of online retail giants such as Alibaba and Amazon in the region has expanded the availability of gift cards, catering to a younger, tech-savvy demographic that values convenience and instant access to a wide range of products and services. In South America, the gift card market is gradually gaining traction, with countries like Brazil and Argentina leading the charge. The growing middle class, increasing adoption of digital payments, and the rising popularity of online shopping are key factors driving this growth. Gift cards are becoming a popular choice for consumers looking for flexible and convenient gifting options, particularly as more retailers and e-commerce platforms integrate gift cards into their offerings. The market is also witnessing a shift towards digital gift cards, as mobile phone penetration and internet connectivity improve, making it easier for consumers to access and use e-gift cards. The Middle East & Africa region presents a developing yet promising gift card market, driven by increasing retail investments, growing e-commerce, and a rising young population with a strong appetite for digital and mobile payments. Countries like the UAE, Saudi Arabia, and South Africa are seeing an uptick in gift card usage, particularly in the retail and hospitality sectors. In the UAE, for instance, luxury retailers and shopping malls frequently offer gift cards as part of their marketing strategies to attract affluent consumers and tourists. The increasing penetration of smartphones and mobile wallets in these regions has also led to a rise in the popularity of e-gift cards, catering to consumers' demand for quick, hassle-free gifting solutions. As digital infrastructure continues to improve across the Middle East and Africa, the gift card market is expected to grow, presenting new opportunities for retailers and businesses to engage with a tech-savvy, digitally connected audience.
Closed-loop gift cards are issued by specific retailers or brands and can only be redeemed at those particular stores or for products and services offered by the brand. These cards are highly popular in the retail sector, as they provide businesses with an effective way to encourage brand loyalty, drive repeat visits, and promote specific products or services. The closed-loop model also allows retailers to retain control over the customer experience, from the initial card purchase to its redemption, making them a key driver of consumer engagement and retention. In regions like North America and Europe, closed-loop gift cards are commonly found in supermarkets, department stores, and online retailers, with consumers using them for a wide variety of occasions, from holidays to corporate rewards. On the other hand, open-loop gift cards are linked to major payment networks, such as Visa, Mastercard, or American Express, and can be used at any merchant that accepts these payment networks. These cards offer a higher level of flexibility compared to closed-loop cards, as they are not restricted to specific retailers or services. Open-loop cards are particularly popular for consumers who prefer to give a versatile gift that can be redeemed across various retail channels, both in-store and online. The convenience of being able to use the card virtually anywhere makes it a popular choice for consumers in markets like North America and Asia-Pacific, where widespread adoption of digital payment solutions and e-commerce is prevalent. The open-loop card segment has also benefited from the rise of prepaid debit cards, which provide users with a similar experience to traditional credit cards but without the need for a bank account.
High-price range gift cards typically have values exceeding $100, and they are often used for premium or luxury gifts. These cards are common in industries like travel, hospitality, electronics, and high-end retail, where consumers are willing to spend more for exclusive products or experiences. High-value gift cards are also frequently used in corporate settings as part of employee reward programs or for special occasions such as major holidays, milestones, and significant celebrations like weddings or anniversaries. In markets like North America and Europe, high-value gift cards are becoming increasingly popular as a way for consumers to treat themselves or others to premium items and experiences, with retailers offering specialized gift cards for specific product categories, such as luxury fashion, gourmet dining, or vacation getaways. Medium-price range gift cards, which typically range from $20 to $100, are the most commonly purchased and used across the global market. These cards strike a balance between affordability and versatility, offering consumers the flexibility to select a wide variety of products and services without the high price tag associated with premium options. Medium-value gift cards are highly popular in the retail, entertainment, and restaurant sectors, with brands offering cards for shopping, dining, or entertainment experiences such as movie tickets and theme park passes. This price range is ideal for birthday gifts, holiday presents, or corporate incentives, as it appeals to a broad audience. The medium-range gift card segment has seen significant growth, particularly as consumers look for convenient, practical, and cost-effective ways to give gifts. With the rise of e-commerce and mobile wallets, this segment benefits from high-volume, small-value transactions, particularly during major shopping events like Black Friday and Christmas. In contrast, low-price range gift cards, typically valued at $20 or less, cater to budget-conscious consumers looking for small, affordable gift options. These cards are widely used for casual gifts, stocking stuffers, or as part of promotional giveaways. Retailers and businesses often offer low-value gift cards as part of special promotions, such as “spend $50 and receive a $10 gift card” or as incentives for online surveys and customer feedback. The popularity of low-price gift cards has surged with the rise of digital cards, which often have low minimum amounts, making them an attractive option for quick, last-minute gifts. While these cards may not have the same perceived prestige as their high-value counterparts, they are highly practical for consumers looking for flexibility without committing to a large financial outlay. These low-value cards are particularly popular in the fast-food, casual retail, and online retail sectors, where consumers can use them for everyday purchases.
The offline gift card market remains a strong segment, particularly in physical retail settings such as supermarkets, department stores, shopping malls, and convenience stores. These traditional sales channels are where consumers often purchase gift cards in person, either as standalone items or as part of holiday promotions and impulse buys. Offline gift cards have long been a staple in the gifting culture, especially during peak shopping periods like Christmas, Mother's Day, and birthdays. Retailers strategically place gift cards near checkout counters, knowing that they are a popular choice for last-minute gifts. In addition, brick-and-mortar stores often offer exclusive gift card designs, seasonal options, and physical cards that can be wrapped and presented directly, which enhances their appeal as tangible and personal presents. Furthermore, some consumers still prefer purchasing physical gift cards due to security reasons or the desire to give a physical item, rather than a digital or virtual gift. However, the online gift card market has witnessed tremendous growth in recent years, driven by the global shift toward digital shopping and mobile payment solutions. Online gift cards, which can be purchased and sent electronically via email, SMS, or mobile apps, have become increasingly popular due to their convenience, instant delivery, and the ease of use they offer to consumers. E-gift cards cater to the demand for contactless gifting options, particularly during the pandemic, when digital solutions became essential for social distancing and remote celebrations. The rise of e-commerce platforms like Amazon, eBay, and digital payment systems such as PayPal has accelerated the demand for online gift cards, as they allow consumers to shop from the comfort of their homes, purchase a gift card for almost any retailer, and send it instantly to recipients across the globe. Additionally, the increasing integration of gift cards into mobile wallets and apps such as Apple Pay, Google Pay, and Samsung Pay has made it even easier for users to manage and redeem their gift cards digitally. This has not only simplified the purchasing process but also increased the convenience for consumers to store and use their gift cards for online and in-store purchases.
Retail establishments are the primary drivers of the gift card market, particularly in the consumer-facing sectors such as supermarkets, department stores, fashion retailers, e-commerce platforms, and specialty stores. Gift cards from these establishments are widely popular as they offer consumers a convenient, flexible, and customizable gifting option. Retailers benefit from selling gift cards by attracting new customers, increasing foot traffic to physical stores, and fostering brand loyalty. Additionally, the growth of online retail has further boosted the popularity of gift cards, especially in the form of e-gift cards, as they provide a seamless and instant way to purchase and deliver gifts digitally. During major shopping events like Black Friday, Christmas, and seasonal promotions, retail establishments experience a surge in gift card sales, which serve as ideal gifts for a broad range of consumers. The ability to redeem gift cards across diverse categories such as fashion, home goods, and electronics also contributes to their broad appeal among various demographic groups. Retailers also capitalize on the demand for gift cards by offering them as part of loyalty programs, promotional campaigns, or as an upselling tool to enhance customer experience and retention. Corporate institutions, on the other hand, are a growing and increasingly significant segment of the gift card market. Companies use gift cards for a variety of purposes, including employee rewards, incentives, and recognition programs. Many businesses across industries like technology, finance, retail, and hospitality use gift cards as part of their employee engagement strategies, offering them as performance bonuses, recognition gifts, or rewards for hitting targets and goals. This trend has been especially prevalent in regions like North America and Europe, where corporate gifting is deeply embedded in company culture. Corporate institutions appreciate the versatility and simplicity of gift cards, which are easy to distribute and can be tailored to suit individual preferences. Furthermore, gift cards provide companies with a cost-effective way to incentivize employees, partners, or customers without the complexity of choosing a specific gift item. In addition to employee rewards, corporate institutions often use gift cards for client retention, promotional giveaways, and event-based marketing strategies. For example, companies may distribute gift cards as part of a customer appreciation event or loyalty program, helping to strengthen relationships and enhance brand visibility.
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