In Brand Finance’s Finland 25 2024 ranking, Finland’s most valuable and strongest brands have largely seen a return to brand value growth. This year, the overall brand value of the top 25 Finnish brands grew almost 6%, compared to an overall decline of 2% the previous year. This brings the total value of the 25 most valuable Finnish brands to a total of EUR31 billion. This growth comes despite another turbulent year for the Finnish and global economies. Despite widespread challenges like high inflation and the continuing war in Ukraine, Finnish brands have shown resilience and strength.
Finland's top brands, Nokia, Neste, and K Group, keep their lead spots. Neste, in second place, is the only one among them to grow its brand value, rising by nearly 378 million euros. This growth comes as Finland moves away from cheap Russian energy, causing Finnish brands to adjust to a new reality of higher energy prices.
Anna Brolin, Managing Director, Brand Finance Nordics commented:
“In the ever-evolving landscape of global economics, Finland’s brands are generally steadfast, with some sectors like Logistics (up 35%), Food (up 29%), and Oil & Gas (up 17%) proving to be particularly resilient. Looking ahead, the Bank of Finland expects Finland’s economic recovery to be slow – to maintain brand strength, it is imperative that Finnish brands continue to proactively enhance their brand impact. This approach ensures Finnish brands are front of mind for consumers as consumption and purchasing power increase.”
Nokia’s uncontested reign continues as Finland’s Most Valuable Brand: EUR7.5 billion Brand Valuation
Nokia (brand value down less than 1% to EUR7.5 billion) stands as Finland’s most valuable brand for the ninth consecutive year. The electronics giant continues to boast a brand value more than double that of runner up, Neste (brand value up 13% to EUR3.2 billion), and triple that of K Group (brand value down 2% to EUR2.1 billion) in third place.
That said, Nokia’s brand value has experienced a slight decline, which can be attributed to a decline in financial performance and employee layoffs following reduced demand for its services, and lower-than-expected growth in international markets such as USA and India. However, this performance has been in line with wider sector development, and despite this marginal drop, Brand Finance’s research found Nokia achieved improved scores for consideration, recommendation, and reputation. Looking ahead, Nokia will look to return to a more positive growth trajectory, aiming to solidify its position as a global innovation leader. This past year, Nokia has invested in rebranding and research and development to enhance Europe’s position as a viable competitor in microelectronics, AI, and 6G, all in the race to meet the fast-evolving networks needs that will further support AI development.
Fazer’s Sweet Success: Soaring Brand Strength sees it Become Finland’s Second Strongest Brand, Rated AA+
Both Fazer’s (brand value up 20% to EUR842 million) brand strength and brand value have risen in this year’s ranking. In terms of brand strength, Fazer has climbed 7 ranks, becoming Finland’s second strongest brand. The Finnish confectionary giant boasts an improved Brand Strength Index (BSI) score of 77.7 out of 100 and a corresponding AA+ rating. Following a 20% increase in brand value, Fazer also climbed 4 positions in the overall ranking, now ranked in the top 10 of this year’s ranking.
According to Brand Finance’s research, Fazer achieved improved scored for familiarity and reputation. This past year, Fazer showcased its iconicity and major foothold in Finnish culture using a minimalist advert in one of Finland’s national newspapers. As the first Finnish brand to secure a colour trademark over 20 years ago, Fazer leveraged its Fazer-blue colouring in an instantly recognisable frontpage advert, despite featuring no brand name, nor product. Fazer now sits only behind Elisa (brand value down 4% to EUR1.3 billion), Finland’s strongest brand, which saw a marginal decline in brand strength this year, now rated AAA-.
Wärtsilä Powers Up: Claims the Crown for Finland’s Fastest-Growing Brand, up 36%
Wärtsilä (brand value up 36% to EUR801 million), one of eight engineering brands featured in this year’s ranking, has become Finland’s fastest-growing brand following a 36% improvement in brand value.
Despite a minor drop in BSI, Wärtsilä showcased an uptick in familiarity, according to Brand Finance’s research. This improvement follows the growing demand for sustainable technologies in the energy and maritime sectors. Wärtsilä’s commitment to developing safe storage solutions for renewable energies stands out as it seeks to minimise wastage and dispatching energy as needed. Its dedication to innovation and the overarching goal of decarbonising its active industries is clear, underscored by Wärtsilä’s efforts in pioneering first-generation training and facilities. Behind Wärtsilä, Wolt (brand value up 31% to EUR1.1 billion) emerges as this year’s second fastest growing brand.
Hungry for Growth: Valio and Fazer Food Brands Also Climb the Ranks
Representing Finland’s food industry, Valio (brand value up 27% to EUR1.8 billion) and Fazer account for two of the top five fastest-growing brands. Both brands scoring highly for metrics relating to ESG, according to Brand Finance’s research, reflecting Finland’s transition to a more sustainable future. For example, Valio positions sustainability at the core of its brand narrative and identity and has emerged as a prominent figure in the global dairy industry.
Finland’s Soft Power: 2023 Overview
Of the 121 countries included in Brand Finance’s Global Soft Power Index 2023, Finland climbed three ranks to 22nd. In 2023, Finland achieved improved scores across all key metrics, except for one (Culture & Heritage). For the metrics Net Influence (ranked 6th), People & Values (ranked 9th), Governance (ranked 9th), and Sustainable Future (ranked 10th), Finland achieved a top 10 ranking.