LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET 2023-2030

Consumer Goods & Services | Food & Beverages

LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET 2023-2030

Market by Type, Ingredient, Storage, Sales Channel, and Country Outlook | Forecast 2023-2030

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According to Triton’s projections, the plant-based food and beverage market in Latin America is expected to grow at a CAGR of 10.54% during the forecasted period from 2023 to 2030.


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The countries evaluated in the studied region are:

•         Mexico

•         Brazil

•         Rest of Latin America

Latin America’s growth in the plant-based food and beverage market is driven by the rising vegetarian and vegan population. Besides this, lactose intolerance among a significant proportion of the elderly population has elevated the demand for plant-based products. With its highest concentration of older people, the Caribbean further fuels the demand for plant-based alternatives in Latin America.

Brazil’s plant-based food and beverage market is expected to grow the fastest over the forecast period. Despite being a major meat consumer globally, the country increasingly embraces plant-based alternatives, driven by concerns over deforestation and greenhouse gas emissions associated with traditional animal farming practices. Additionally, the recent rise in the vegetarian population has led to an increased demand for plant-based products. Hence, these factors propel the studied market on a growth path.

Furthermore, major players in the meat processing industry and foodtech startups in Brazil are heavily investing in plant-based products to cater to rising demand. With the emergence of successful plant-based food startups like Future Farm, Brazil has the potential to become a leader in the plant-based food and beverage market. The availability of these alternatives in various retail channels further fuels the studied market’s growth.

The frozen ready meals category is experiencing significant growth, driven by the rising demand for convenient food options. With nutrient-rich varieties and a consumer shift towards a plant-based diet, frozen ready meals offer hassle-free alternatives for busy individuals seeking a plant-based living. Furthermore, frozen ready meals are easily stored and long-lasting, which helps reduce food wastage.

The plant-based food and beverage market is categorized into four key segments: type, ingredient, storage, and sales channel. Within the storage segment, there are further divisions comprising frozen, refrigerated, and shelf-stable.

Dominant plant-based food and beverage market players are Impossible Foods Inc, Campbell Soup Company, The Hain Celestial Group Inc, Nestlé SA, Conagra Brands Inc, and Danone SA.

Blue Diamond Growers is a California-based producer of almond-based products, including snacks, milk substitutes, and flour. It also offers a wide range of nuts, such as hazelnuts, macadamia, and pistachios, catering to end-users worldwide. In its product portfolio, the company has introduced innovative products such as Almond Breeze, a lactose-free milk substitute, Nut Thins crackers, and flavored nut varieties.

 

Key deliverables of the report:

·       Market CAGR during the forecasting years 2023-2030

·       Detailed data highlighting key insights, industry components, and market strategies

·       Comprehensive information and estimation of the plant-based food and beverage market revenue growth in Latin America and its influence on the parent market

·       In-depth study of forthcoming trends in consumer behavioral patterns

·       A meticulous analysis of the competitive landscape, vendor scorecard, and Porter’s Five Forces

·       A wide-ranging study of factors that will challenge the LA plant-based food and beverage market’s growth during the upcoming years

Want to get specific insights? Our team of analysts can customize this report based on your preferences. Connect with us here. 

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Table of Content

1. LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET - SUMMARY

2. INDUSTRY OUTLOOK

2.1. IMPACT ANALYSIS ON THE PLANT-BASED FOOD AND BEVERAGE MARKET

2.1.1. COVID-19 IMPACT

2.2. KEY INSIGHTS

2.2.1. AWARENESS ABOUT ANIMAL WELFARE AND FOOD SAFETY

2.2.2. FAVORABLE INITIATIVES BY GOVERNMENTS AND ASSOCIATIONS

2.2.3. DEMAND FOR PLANT-BASED SEAFOOD

2.3. PORTER’S FIVE FORCES ANALYSIS

2.3.1. THREAT OF NEW ENTRANTS

2.3.2. THREAT OF SUBSTITUTES

2.3.3. BARGAINING POWER OF BUYERS

2.3.4. BARGAINING POWER OF SUPPLIERS

2.3.5. THREAT OF COMPETITIVE RIVALRY

2.4. MARKET MATURITY ANALYSIS

2.5. INDUSTRY COMPONENTS

2.5.1. RAW MATERIAL SUPPLIERS

2.5.2. FOOD MANUFACTURERS

2.5.3. DISTRIBUTORS

2.5.4. END-USERS

2.6. REGULATORY FRAMEWORK

2.7. KEY MARKET STRATEGIES

2.7.1. PRODUCT LAUNCHES

2.7.2. COLLABORATIONS

2.7.3. BUSINESS EXPANSIONS & DIVESTITURES

2.7.4. ACQUISITIONS

2.8. MARKET DRIVERS

2.8.1. SHIFT TOWARDS VEGANISM

2.8.2. RISING LACTOSE INTOLERANCE

2.8.3. ADVANTAGES OF PLANT-BASED DIET

2.9. MARKET CHALLENGES

2.9.1. HIGH COST OF PLANT-BASED PRODUCTS

2.9.2. LIMITED AWARENESS ABOUT PLANT-BASED FOOD PRODUCTS

2.9.3. DIFFERENT PERCEPTIONS ABOUT PLANT-BASED FOOD AND BEVERAGES

2.10. MARKET OPPORTUNITIES

2.10.1. SUSTAINABLE PRODUCTS AND RECYCLABLE PACKAGING

2.10.2. REVOLUTIONARY MANUFACTURING PROCEDURES

2.10.3. INNOVATION AND DIVERSITY IN PLANT-BASED FOOD AND BEVERAGES

2.11. ANALYST PERSPECTIVE

3. LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET - BY TYPE

3.1. PLANT-BASED DAIRY DERIVATIVES

3.1.1. PLANT-BASED ICE CREAM AND FROZEN DESSERTS

3.1.2. PLANT-BASED CHEESE

3.1.3. PLANT-BASED YOGURT

3.1.4. PLANT-BASED CREAMER

3.1.5. PLANT-BASED DAIRY SPREADS AND DIPS

3.2. PLANT-BASED MEAT SUBSTITUTES

3.2.1. TEXTURED VEGETABLE PROTEIN

3.2.2. TOFU

3.2.3. TEMPEH

3.2.4. MYCOPROTEIN, SEITAN, AND OTHER MEAT SUBSTITUTES

3.3. PLANT-BASED NUTRITION/SNACK BARS

3.4. PLANT-BASED BAKERY PRODUCTS

3.5. PLANT-BASED BEVERAGES

3.5.1. PLANT-BASED MILK

3.5.1.1. SOY MILK

3.5.1.2. ALMOND MILK

3.5.1.3. OTHER PLANT-BASED MILK

3.5.2. PACKAGED SMOOTHIES

3.5.3. COFFEE

3.5.4. TEA

3.5.5. OTHER PLANT-BASED BEVERAGES

3.6. OTHER PLANT-BASED TYPE PRODUCTS

4. LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET- BY INGREDIENT

4.1. SOY

4.2. WHEAT

4.3. PEA

4.4. COCONUT

4.5. ALMOND

4.6. CASHEW

4.7. OTHER INGREDIENTS

5. LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET- BY STORAGE

5.1. FROZEN

5.2. REFRIGERATED

5.3. SHELF-STABLE

6. LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET - BY SALES CHANNEL

6.1. OFFLINE SALES CHANNEL

6.1.1. SUPERMARKETS/HYPERMARKETS

6.1.2. CONVENIENCE STORES

6.1.3. SPECIALTY STORES

6.1.4. OTHER OFFLINE SALES CHANNELS

6.2. ONLINE SALES CHANNEL

7. LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET – BY COUNTRY OUTLOOK

7.1. LATIN AMERICA

7.1.1. MARKET BY TYPE

7.1.1.1. MARKET BY DAIRY DERIVATIVES

7.1.1.2. MARKET BY MEAT SUBSTITUTES

7.1.1.3. MARKET BY PLANT-BASED BEVERAGES

7.1.1.3.1. MARKET BY PLANT-BASED MILK

7.1.2. MARKET BY INGREDIENT

7.1.3. MARKET BY STORAGE

7.1.4. MARKET BY SALES CHANNEL

7.1.4.1. MARKET BY OFFLINE SALES CHANNEL

7.1.5. COUNTRY ANALYSIS

7.1.5.1. BRAZIL

7.1.5.1.1. BRAZIL PLANT-BASED FOOD AND BEVERAGE MARKET FORECAST & PROSPECTS

7.1.5.2. MEXICO

7.1.5.2.1. MEXICO PLANT-BASED FOOD AND BEVERAGE MARKET FORECAST & PROSPECTS

7.1.5.3. REST OF LATIN AMERICA

7.1.5.3.1. REST OF LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET FORECAST & PROSPECTS

8. COMPETITIVE LANDSCAPE

8.1. GENERAL MILLS INC

8.1.1. OVERVIEW

8.1.2. PRODUCT PORTFOLIO

8.1.3. KEY STRENGTHS

8.1.4. KEY CHALLENGES

8.2. DANONE SA

8.2.1. OVERVIEW

8.2.2. PRODUCT PORTFOLIO

8.2.3. KEY STRENGTHS

8.2.4. KEY CHALLENGES

8.3. CONAGRA BRANDS INC

8.3.1. OVERVIEW

8.3.2. PRODUCT PORTFOLIO

8.3.3. KEY STRENGTHS

8.3.4. KEY CHALLENGES

8.4. THE HAIN CELESTIAL GROUP INC

8.4.1. OVERVIEW

8.4.2. PRODUCT PORTFOLIO

8.4.3. KEY STRENGTHS

8.4.4. KEY CHALLENGES

8.5. BLUE DIAMOND GROWERS

8.5.1. OVERVIEW

8.5.2. PRODUCT PORTFOLIO

8.5.3. KEY STRENGTHS

8.5.4. KEY CHALLENGES

8.6. THE ARCHER-DANIELS-MIDLAND COMPANY (ADM)

8.6.1. OVERVIEW

8.6.2. PRODUCT PORTFOLIO

8.6.3. KEY STRENGTHS

8.6.4. KEY CHALLENGES

8.7. NESTLÉ SA

8.7.1. OVERVIEW

8.7.2. PRODUCT PORTFOLIO

8.7.3. KEY STRENGTHS

8.7.4. KEY CHALLENGES

8.8. IMPOSSIBLE FOODS INC

8.8.1. OVERVIEW

8.8.2. PRODUCT PORTFOLIO

8.9. AMY’S KITCHEN INC

8.9.1. OVERVIEW

8.9.2. PRODUCT PORTFOLIO

8.10. BEYOND MEAT INC

8.10.1. OVERVIEW

8.10.2. PRODUCT PORTFOLIO

8.11. CAMPBELL SOUP COMPANY

8.11.1. OVERVIEW

8.11.2. PRODUCT PORTFOLIO

8.12. DAIYA FOODS INC

8.12.1. OVERVIEW

8.12.2. PRODUCT PORTFOLIO

8.13. LIVING HARVEST FOODS INC

8.13.1. OVERVIEW

8.13.2. PRODUCT PORTFOLIO

8.14. MEATLESS FARM

8.14.1. OVERVIEW

8.14.2. PRODUCT PORTFOLIO

8.15. KEVITA INC

8.15.1. OVERVIEW

8.15.2. PRODUCT PORTFOLIO

9. RESEARCH METHODOLOGY & SCOPE

9.1. RESEARCH SCOPE & DELIVERABLES

9.2. SOURCES OF DATA

9.3. RESEARCH METHODOLOGY

List of Tables

TABLE 1: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY COUNTRY OUTLOOK, 2023-2030 (IN $ MILLION)

TABLE 2: COUNTRY-WISE REGULATORY FRAMEWORK FOR PLANT-BASED FOOD AND BEVERAGE

TABLE 3: LIST OF PRODUCT LAUNCHES

TABLE 4: LIST OF COLLABORATIONS

TABLE 5: LIST OF BUSINESS EXPANSIONS & DIVESTITURES

TABLE 6: LIST OF ACQUISITIONS

TABLE 7: VEGANISM AROUND LATIN AMERICA

TABLE 8: POPULATION PERCENTAGE OF LACTOSE-INTOLERANT PEOPLE ACROSS LATIN AMERICA

TABLE 9: ANNUAL CONSUMPTION OF COW MILK IN LATIN AMERICA, BY COUNTRY OUTLOOK

TABLE 10: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY TYPE, 2023-2030 (IN $ MILLION)

TABLE 11: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED DAIRY DERIVATIVES, 2023-2030 (IN $ MILLION)

TABLE 12: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED MEAT SUBSTITUTES, 2023-2030 (IN $ MILLION)

TABLE 13: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED BEVERAGES, 2023-2030 (IN $ MILLION)

TABLE 14: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED MILK, 2023-2030 (IN $ MILLION)

TABLE 15: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY INGREDIENT, 2023-2030 (IN $ MILLION)

TABLE 16: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY STORAGE, 2023-2030 (IN $ MILLION)

TABLE 17: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY SALES CHANNEL, 2023-2030 (IN $ MILLION)

TABLE 18: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY OFFLINE SALES CHANNEL, 2023-2030 (IN $ MILLION)

TABLE 19: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY COUNTRY OUTLOOK, 2023-2030 (IN $ MILLION)

List of Figures

FIGURE 1: MARKET MATURITY ANALYSIS

FIGURE 2: INDUSTRY COMPONENTS

FIGURE 3: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY TYPE, 2022 & 2030 (IN %)

FIGURE 4: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED DAIRY DERIVATIVES, 2023-2030 (IN $ MILLION)

FIGURE 5: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED DAIRY DERIVATIVES, 2022 & 2030 (IN %)

FIGURE 6: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED ICE CREAM AND FROZEN DESSERTS, 2023-2030 (IN $ MILLION)

FIGURE 7: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED CHEESE, 2023-2030 (IN $ MILLION)

FIGURE 8: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED YOGURT, 2023-2030 (IN $ MILLION)

FIGURE 9: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED CREAMER, 2023-2030 (IN $ MILLION)

FIGURE 10: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED DAIRY SPREADS AND DIPS, 2023-2030 (IN $ MILLION)

FIGURE 11: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED MEAT SUBSTITUTES, 2023-2030 (IN $ MILLION)

FIGURE 12: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED MEAT SUBSTITUTES, 2022 & 2030 (IN %)

FIGURE 13: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY TEXTURED VEGETABLE PROTEIN, 2023-2030 (IN $ MILLION)

FIGURE 14: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY TOFU, 2023-2030 (IN $ MILLION)

FIGURE 15: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY TEMPEH, 2023-2030 (IN $ MILLION)

FIGURE 16: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY MYCOPROTEIN, SEITAN, AND OTHER MEAT SUBSTITUTES, 2023-2030 (IN $ MILLION)

FIGURE 17: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED NUTRITION/SNACK BARS, 2023-2030 (IN $ MILLION)

FIGURE 18: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED BAKERY PRODUCTS, 2023-2030 (IN $ MILLION)

FIGURE 19: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED BEVERAGES, 2023-2030 (IN $ MILLION)

FIGURE 20: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED BEVERAGES, 2022 & 2030 (IN %)

FIGURE 21: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED MILK, 2023-2030 (IN $ MILLION)

FIGURE 22: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED MILK, 2022 & 2030 (IN %)

FIGURE 23: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY SOY MILK, 2023-2030 (IN $ MILLION)

FIGURE 24: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY ALMOND MILK, 2023-2030 (IN $ MILLION)

FIGURE 25: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY OTHER PLANT-BASED MILK, 2023-2030 (IN $ MILLION)

FIGURE 26: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY PACKAGED SMOOTHIES, 2023-2030 (IN $ MILLION)

FIGURE 27: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY COFFEE, 2023-2030 (IN $ MILLION)

FIGURE 28: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY TEA, 2023-2030 (IN $ MILLION)

FIGURE 29: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY OTHER PLANT-BASED BEVERAGES, 2023-2030 (IN $ MILLION)

FIGURE 30: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY OTHER PLANT-BASED TYPE PRODUCTS, 2023-2030 (IN $ MILLION)

FIGURE 31: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY INGREDIENT, 2022 & 2030 (IN %)

FIGURE 32: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY SOY, 2023-2030 (IN $ MILLION)

FIGURE 33: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY WHEAT, 2023-2030 (IN $ MILLION)

FIGURE 34: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY PEA, 2023-2030 (IN $ MILLION)

FIGURE 35: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY COCONUT, 2023-2030 (IN $ MILLION)

FIGURE 36: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY ALMOND, 2023-2030 (IN $ MILLION)

FIGURE 37: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY CASHEW, 2023-2030 (IN $ MILLION)

FIGURE 38: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY OTHER INGREDIENTS, 2023-2030 (IN $ MILLION)

FIGURE 39: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY STORAGE, 2022 & 2030 (IN %)

FIGURE 40: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY FROZEN, 2023-2030 (IN $ MILLION)

FIGURE 41: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY REFRIGERATED, 2023-2030 (IN $ MILLION)

FIGURE 42: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY SHELF-STABLE, 2023-2030 (IN $ MILLION)

FIGURE 43: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY SALES CHANNEL, 2022 & 2030 (IN %)

FIGURE 44: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY OFFLINE SALES CHANNEL, 2023-2030 (IN $ MILLION)

FIGURE 45: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY OFFLINE SALES CHANNEL, 2022 & 2030 (IN %)

FIGURE 46: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY SUPERMARKETS/HYPERMARKETS, 2023-2030 (IN $ MILLION)

FIGURE 47: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY CONVENIENCE STORES, 2023-2030 (IN $ MILLION)

FIGURE 48: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY SPECIALTY STORES, 2023-2030 (IN $ MILLION)

FIGURE 49: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY OTHER OFFLINE SALES CHANNELS, 2023-2030 (IN $ MILLION)

FIGURE 50: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY ONLINE SALES CHANNEL, 2023-2030 (IN $ MILLION)

FIGURE 51: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY COUNTRY OUTLOOK, 2022 & 2030 (IN %)

FIGURE 52: UNITED STATES PLANT-BASED FOOD AND BEVERAGE MARKET 2023-2030 (IN $ MILLION)

FIGURE 53: BRAZIL PLANT-BASED FOOD AND BEVERAGE MARKET 2023-2030 (IN $ MILLION)

FIGURE 54: MEXICO PLANT-BASED FOOD AND BEVERAGE MARKET 2023-2030 (IN $ MILLION)

FIGURE 55: REST OF LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET 2023-2030 (IN $ MILLION)

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