It wasn’t the TV or the smartphone: the big star of Black Friday de 2024 It is slightly greenish, reminiscent of the essence of Portuguese and Spanish cuisine and goes well with almost any recipe: olive oil.
With a high price for the pockets of most Brazilians due to a series of production problems in recent years, olive oil has become an item coveted by customers in Black Friday promotions. According to a survey by consultancy firm Ebit Nielsen, between November 16th and 22nd, olive oil was the most sought after product.
It all started with a big promotion by Magazine Luiza. The Magalu website sought to liquidate its stock of Gallo olive oil and listed the 500 ml bottle, which costs more than R$40 in supermarkets, for just R$9 on the store’s app.
The brands Terra de Camões and Andorinha led the extra virgin category, at the top of sales. Prices ranged from R$28.99 to R$75 for a 500 ml bottle.
The survey points to a 31.5% growth in sales of the product compared to the same period in 2023. Not only due to the popularity of olive oil, but also due to the price of the product that has skyrocketed in the last 12 months, accumulating an increase of 50%.
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The olive oil crisis
They were two years of bad harvests of olive oil producers in Portugal and Spain, who turned the product into “liquid gold,” with prices reaching record levels. Signs of a better harvest caused the price of the product to fall by more than 20% compared to peaks above €9,000 (R$54,000) per ton.
Furthermore, the rise in the dollar, the war in Ukraine and the El Niño phenomenon, which in 2022 and 2023 caused droughts and high temperatures in Europe, impacting the olive harvest and the olive tree culture itself, which takes at least two years to produce. recovering from extreme weather events, have helped affect the price of olive oil.
