Brazil has faced economic recession since 2014, with GDP decline, lower disposable income per household, higher unemployment, high inflation and a turbulent political environment. This has impacted several types of consumer goods significantly as consumers have chosen lower-value products due to having more restricted budgets.
While the slow trade-up in edible oils took off in the second half of 2017, the Brazilian real faced devaluation against foreign currencies due to the instability of the political scenario, with presidential elections set to occur in October and two extremists likely to win office. As most olive oil sold in Brazil is imported, currency devaluation has a direct effect on its prices.
While soy oil still dominates Brazilian edible oils, it is slowly and consistently losing share to other varieties such as rapeseed oil and olive oil due to consumers’ increasing concern with health and wellness on several different fronts. Consumers are increasingly aware of their health and are choosing healthier options across major food categories whenever they can.
Edible oils in Brazil continues to be saturated as multinational corporations own plantations and manufacturing plants for raw materials such as soy and corn all around the country. Bunge Alimentos SA is projected to increase its leadership slightly in 2018, due to the good performance of its Soya brand and its strong distribution network, which is a competitive advantage in the country considering its magnitude and lack of infrastructure.
Unlike other countries, especially in North America and Western Europe, private label has not yet gained traction in Brazil across several food categories. Consumers generally perceive private label as lower in quality, and even during economic recession prefer to trade down to cheaper brands instead of experimenting with private label.
Gallo is a distant leader among olive oil brands, primarily because it is a traditional, renowned brand with a good cost-benefit perceived by consumers. It is also present in several foodservice restaurants across the country, which increases the brand’s visibility.
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