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Money ➼ Cost of Living (Well)
America is in the middle of a polyphenol boom.
In 2022, former Casper mattress marketer Andrew Benin with a squeeze bottle and a playbook for Instagram influencer-led marketing launched an olive oil company. The first week, he brought in half a mil. By year two, the company was doing that twice a week. Graza – the name is a semi-portmanteau of a Spanish word and an Italian noise – is now valued at $240 million.
Over the last few years, the cost of olive oil has been driven up by drought in the Mediterranean, tariffs, and by Benin, who introduced a new pricing strategy to one of the world's oldest markets: Charge more for a product that demonstrates discernment without requiring much. But don’t get angry. He did gnocchi-heads a favor.
To understand why putting a $19.99 bottle of Graza next to all those $9 bottles of Bertolli worked, it's crucial to understand how little most people know about extra virgin olive oil. And not just Giada De Laurentiis fans. In 2011, journalist Tom Mueller convinced a panel of experts, including an importer and food critics, to blind-taste extra virgins. The importer called his own product disgusting. The critics reached for the Bertolli, which a U.C. Davis study the year before had found failed to meet international standards. The only reason the most notorious oil importer this side of BP can even put "extra virgin," theoretically meaning cold-pressed and devoid of solvents, on the packaging is that it has no legal meaning in the U.S.

Because it's so hard to differentiate between olive oils (and because the FDA isn’t helping), consumer choice in the space has historically boiled down to three factors.[4]
1. It was "extra virgin" (fewer than 1% of respondents knew what this meant). 2. It was not the cheapest. 3. It had nice packaging.
Thus the Graza price point and the squeezy bottles. And thus the harvest dates on those squeezy bottles. Polyphenols, the antioxidants responsible for the fresh, peppery taste of better olive oils, degrade approximately 40% per year. The "best by" dates on Bertolli bottles are based on date of bottling not harvest, which makes them literally meaningless. Benin's mote was having good design and the good sense not to behave like those imbrogliones at Bertolli.
Naturally, the market segment Graza created has expanded. California Olive Ranch has its "Chef's Bottle" ($15.49), Iliada has "The Chef's Way" ~$15), and Delallo has its erotic-sounding Castelvetrano squeeze (~$17). Those prices will likely come down — post-draught prices are already down almost a quarter — but not to Bertolli levels, which begs a question about whether or not extra virgin olive oil actually got more expensive. Arguably it didn't. Arguably, comparing Graza to Bertolli is comparing apples to nerf balls slathered in red paint. They don’t gotta the polyphenols so they don’t gotta the sapore.
Still, the shift isn’t all bad for Bertolli, which now sells a 750-ml bottle for $11, up $2 from 2023. |