HOW GRAZA UPENDED THE OLIVE OIl INDUSTRY

Olive oil, one of the oldest industries seems to be having a moment thanks to Graza and their branding that appeals to the TikTok and food influencer generation.

Two-year-old Graza has popularized squeeze bottles that now seem to be in every food influencer's social videos. And those influencers are playing a key role in the brand's largest product launch to date beyond the squeezable bottles: Beer-can refills.

They recently rolled out beer cans of olive oil, sending the new product to about 300 creators, said Kendall Dickieson, head of social and influencer marketing for Graza. The goal was to show people how to refill the signature squeezable bottles with more sustainable cans and a kitchen funnel.

Andrew Benin, cofounder and CEO of Graza, said it shows how influencers have played a major role in growing the brand without much paid marketing. Graza cut its marketing spend from 12.5% of gross revenue to 5% in February when olive-oil prices skyrocketed. As of May, Graza's marketing spend is still down, Benin said.

"There's only so much you can do on your own channels or on ads," he said.

"You need the community around."

According to ad-spending firm MediaRadar, Graza spent $306,000 on national advertising between May 2023 and April 2024. Native advertising made up 98% of the spend, with Target's retail-media arm Roundel receiving 90% of the native spend. The rest of Graza's budget was split between TikTok and display advertising.

Benin said Graza had been planning the launch of cans for about 19 months, since shortly after the company launched in 2022. The decision to sell canned olive oil has also served as its own marketing, he said. For example, the cans are sealed with nitrogen and crack open like a beer can. They are also recyclable, which Graza uses to appeal to sustainability-minded consumers.

"There's this whole engineering side to it that you wouldn't expect a consumer-packaged company to innovate in," he said.

Benin said Graza's sales are split between its direct-to-consumer website and retailers like Whole Foods, Publix, Target, Harris Teeter, and Walmart. For the launch of the cans, Graza created its first subscription-only offering on its website, where people can buy two squeezable bottles of olive oil, two cans, and a funnel for $65.

Check out the below video from the excellent CNBC Make It video series which gives a great overview how Graza’s total gross sales in 2024 are projected to pass $48 million, according to the company.