Nestlé remains the world’s most valuable food brand at $20.8 billion while Lay’s rises to second place, valued at $12 billion
Nestlé (brand value down 7% to USD 20.8 billion) continues to hold the title of the world’s most valuable food brand. Despite a decline in brand value, Nestlé's strong brand equity and resilience have helped it maintain its top position in the global food industry. Nestlé’s ability to adapt to changing consumer preferences and maintain a diverse product portfolio has been instrumental in its continued success.
Lay’s (brand value up 9% to USD12 billion) has climbed to the second position globally, surpassing Yili (brand value down 6% to USD11.6 billion) which holds the third spot. Lay’s strong financial performance and innovative product offerings, such as its Flavour Swap and MAX lineups, have contributed to its brand value growth.
The food and beverage sector has seen a 4% decline in brand value this year, totalling around USD268 billion. Consumers are increasingly favouring smaller, private label brands over big names for unique, personalised products.
Savio D'Souza, Valuation Director at Brand Finance, commented:
"The food and beverage industry is undergoing a rapid transformation driven by evolving consumer preferences. While the decline in brand value is a challenge, it also presents opportunities for innovation. Brands that successfully adapt to these trends by demonstrating strong brand purpose and delivering exceptional consumer experiences will be the ones to thrive in this new landscape.”
Convenience foods see rising brand value due to demand
Convenience foods and dairy remain as major contributors, with convenience foods thriving due to busy lifestyles of consumers and dairy staying strong thanks to plant-based options and health trends. These shifts challenge established brands to adapt, while new brands capitalise on changing consumer preferences.
Leading brands in this segment include Healthy Choice (brand value up 17% to USD1.4 billion) and DiGiorno (brand value up 17% to USD1 billion), both of which have successfully adapted to changing consumer preferences through innovative product releases and strategic marketing.
Amul is the world’s strongest food brand with an AAA+ rating
Amul (brand value up 11% to USD3.3 billion) has risen to become the world’s strongest food brand, with a Brand Strength Index (BSI) score of 91.0 out of 100 and an AAA+ rating. Amul’s brand strength is attributed to its strong performance in familiarity, consideration, and recommendation metrics.
Viterra is the fastest-growing food brand, with brand value up 37%
Meanwhile, new entrant Viterra (brand value up 37% to USD1.1 billion) has recorded the largest brand value growth by percentage in the ranking. This growth is supported by increased volumes, strategic acquisitions, and a higher BSI score, now at 60.6 out of 100
Nestlé has the highest Sustainability Perceptions Value at $1.4 billion
The 2024 Sustainability Perceptions Index finds that in the food sector Nestlé has the highest Sustainability Perceptions Value at USD1.4 billion and Lay’s has the highest positive gap value of USD67 million among brands in the rankings. A positive gap value means that brand sustainability performance is stronger than perceived: brands can add value through enhanced communication about their sustainability efforts, so that perceptions are raised to fully account for the brand’s actual sustainability performance. Lay’s gap value suggests that it could generate an additional USD67 million in potential value through enhanced communication of its impact and accomplishments in sustainability.
Coca-Cola is the world’s most valuable and strongest non-alcoholic drinks brand, valued at $35 billion
Coca-Cola (brand value up 5% to USD35 billion) retains its title as the world’s most valuable non-alcoholic drinks brand.
Coca-Cola also remains the strongest non-alcoholic drinks brand, holding the ranking’s only AAA+ brand strength rating and recording a Brand Strength Index (BSI) score increase of 0.8 points to 90.4 of 100. The brand’s memorable marketing campaigns, such as its 2023 Christmas advertisement, "The World Needs More Santas," have further reinforced its emotional connection with consumers.
The brand's dynamic marketing investments during the 2023 financial year has facilitated growth and addressed various consumer needs. The brand’s strategic collaborations and innovative product launches, such as the “space-flavoured” cola and ready-to-drink canned cocktail with Jack Daniel’s, have bolstered its market position.
Savio D'Souza, Valuation Director at Brand Finance, commented:
“The non-alcoholic beverage industry is experiencing unprecedented growth, driven by a confluence of factors including health consciousness, changing consumer preferences, and a desire for innovative and exciting taste experiences. As consumers continue to seek out functional beverages, sustainable practices, and unique flavour profiles, the sector is poised for an exciting era of expansion.”
Carbonated soft drinks dominate the top 10, with Pepsi, Dr Pepper, and Sprite leading the way
Four of the top 10 most valuable non-alcoholic drink brands ranked this year are carbonated soft drinks. Apart from Coca-Cola leading, Pepsi (brand value up 10% to USD20.2 billion) is in second place while Dr Pepper (brand value up 8% to USD4.8 billion) and Sprite (brand value up 9% to USD4.5 billion) occupy the seventh and eighth positions, respectively. The top 10 list also includes three functional drink brands, two coffee and tea brands, and one bottled water brand.
Nongfu Spring achieves the highest brand value growth, up to 102% to $8.3 billion
Nongfu Spring recorded the largest brand value growth by percentage of any non-alcoholic drinks brand ranked, increasing by 102% to USD8.3 billion. The brand’s expansion in the ready-to-drink (RTD) tea market, particularly with its Oriental Leaf product, has driven significant sales growth and popularity on social media platforms like Weibo.
Coca-Cola has the highest Sustainability Perceptions Value, valued at $5.2 billion, Pepsi has the highest Positive Gap Value, valued at $212 million
The 2024 Sustainability Perceptions Index finds that in the non-alcoholic drinks sector Coca-Cola has the highest Sustainability Perceptions Value (SPV) at USD5.2 billion and Pepsi has the highest positive gap value of USD212 million among brands in the rankings. A positive gap value means that brand sustainability performance is stronger than perceived: brands can add value through enhanced communication about their sustainability efforts, so that perceptions are raised to fully account for the brand’s actual sustainability performance. Pepsi’s gap value suggests that it could generate an additional USD212 million in potential value through enhanced communication of its impact and accomplishments in sustainability.
Yili retains position as the world’s most valuable dairy brand valued at $11.6 billion
Yili's “dual-engine” strategy of innovation and digitisation drives its top ranking
Yili (brand value down 6% to USD11.6 billion) continues to hold the title of the world’s most valuable dairy brand for the fifth consecutive year, according to a new report from leading brand valuation consultancy, Brand Finance.
Yili operates 15 global R&D centres and has developed a comprehensive three-tiered innovation platform, fostering advancements from raw materials to final products. In December 2023, Yili introduced groundbreaking health-oriented products and revolutionised its supply chain through digital transformation.
The brand’s commitment to sustainability and global health, along with its strategic restructuring of liquid milk channels and expansion into growth sectors, has ensured its continued leadership in the dairy industry.
Total brand value of the top 10 dairy brands ranked record 6% dip this year to $43.8 billion
Despite a challenging year for the dairy industry, with the total value of the top 10 dairy brands ranked experiencing a decrease by 6% from USD46.7 billion in 2023 to USD43.8 billion now, Yili's performance highlights its enduring strength and resilience.
The overall decline in the dairy sector is driven by a sharp drop in prices, despite stable product volumes. This price drop has significantly impacted the revenues of many prominent dairy companies, resulting in lower overall revenues.
The valuation data underscores the difficulties faced by the dairy sector in maintaining profitability amidst price pressures, even as brands succeed in strengthening their brand equity. This trend highlights the need for strategic adaptations within the industry to navigate economic challenges .
Amul retains its strongest brand title for the fourth consecutive year
Amul (brand value up 11% to USD3.3 billion) retains its status as the strongest dairy brand ranked, with an improved Brand Strength Index (BSI) score of 91 out of 100. Amul’s unique branding strategy, rooted in its cooperative structure and impactful marketing campaigns, has solidified its position as a household name in India. With an 85% share in the Indian butter market and 66% market share in cheese, Amul’s branding efforts have successfully resonated with consumers.
Valio emerges as the fastest-growing dairy brand with a brand growth of 31%
Valion (brand value up31% to USD2 billion) makes a notable entry into the ranking this year, climbing four spots to secure the 10th position and earning the title of the fastest-growing dairy brand. This impressive growth is primarily attributed to the acquisition of Planti, a Finnish producer of plant-based dairy alternative products. With this acquisition, Oddlygood, a subsidiary of Valio, becomes the market leader in plant-based dairy alternative snacks in Sweden and dairy alternative cooking products in Finland.
The deal has significantly enhanced Valio’s position in the plant-based dairy alternatives sector. This strategic move aligns with Valio’s growth strategy and underscores its commitment to expanding its portfolio with innovative and high-quality plant-based dairy alternative products.