noun
the act of consuming or using something for one's own benefit, often resulting in the depletion or destruction of the original source
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The company decided to launch a new product line to prevent cannibalization of their existing offerings.
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They didn't want the new product to eat into sales of their other items.
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They were worried the new release would cannibalize their current sales.
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The introduction of the new service led to cannibalization of their previous business model.