IKEA is reigning champion of Nordic brands but contends with declining brand strength

• Swedish giant IKEA retains title of most valuable Nordic brand, valued at €15.4 billion, despite decline in brand strength
• ICA becomes the Nordics’ strongest brand, followed by Elisa, both with esteemed AAA rating
• Zyn, Oatly, and Aker BP are fastest-growing Nordic brands, all more than doubling in value
• Finland’s Valio milks an impressive Sustainability Perceptions Score, rated 6.4 out of 10
• Nordic countries’ Soft Power performances improve

Swedish giant IKEA retains title of most valuable Nordic brand, valued at €15.4 billion, despite decline in brand strength

IKEA (brand value up 2% to EUR15.4 billion) has continued on its unbroken run as the most valuable Nordic brand, according to the new Nordic 150 2023 report from Brand Finance, the world’s leading brand valuation consultancy. Fellow Swedish brand, Volvo (brand value down 31% to EUR8.5 billion) drops two positions in the ranking, paving the way for Norwegian Oil & Gas giant Equinor (brand value up 57% to EUR12.6 billion) to take second place.

IKEA has been unbeatable for 11 years. The brand has sought to support its position in what continues to be a challenging business environment by implementing price hikes, but the negative impact on consumer perceptions does present some difficulties for the brand. IKEA now needs to address consumers’ concerns by improving brand communication to regain trust and equity, and prove it remains the leading affordable home furnishings and solutions provider.

Anna Brolin, Managing Director, Brand Finance Nordics

ICA becomes Nordics’ strongest brand, followed by Elisa, both with AAA rating

ICA (brand value up 37% to EUR1.7 billion) has become the strongest Nordic brand with a BSI of 89 out of 100 and a AAA rating. A high brand loyalty score and positive consumer perceptions relating to ICA’s quality, range of products, and usage, has propelled its BSI score by 15 points.

Close behind ICA, Finnish telecoms brand Elisa (brand value up 14% to EUR1.4 billion) maintains its position as the second strongest Nordic brand, with a BSI of 87 out of 100 and AAA rating.

Zyn, Oatly, and Aker BP are fastest-growing Nordic brands, all more than doubling in value

Zyn (brand value up 228% to EUR827 million), Oatly (brand value up 179% to EUR429 million) and AkerBP (brand value up 130% to EUR2.7 billion) are the three fastest-growing Nordic brands in 2023.

Finland’s Valio milks an impressive Sustainability Perceptions Score, rated 6.4 out of 10

As part of its analysis, Brand Finance assesses the role that specific brand attributes play in driving overall brand value. One such attribute is sustainability. Brand Finance assesses how sustainable specific brands are perceived to be, represented by a ‘Sustainability Perceptions Score’. The value that is linked to sustainability perceptions, the ‘Sustainability Perceptions Value’, is then calculated for each brand.

Food brand Valio (brand value up 13% to EUR1.4 billion) has the highest Sustainability Perceptions Score in the ranking - 6.4 out of 10. As Finland’s biggest exporter of food products, Valio has sustainability at the forefront of its communication with stakeholders.

Nordic countries’ Soft Power performances improve

Of the 121 countries included in Brand Finance’s Global Soft Power Index 2023, Sweden (11^th) climbed three places since last year’s ranking, Norway (17^th) and Denmark (18^th) each maintained their rankings, and Finland (22^nd) and Iceland (34^th) also climbed three ranks.