India’s Amul has emerged as the world’s strongest food brand with an AAA+ rating, according to Brand Finance’s Food and Drink 2024 report. Amul’s (brand value up 11 per cent to $3.3 billion) Brand Strength Index (BSI) score stood at 91 out of 100. Its brand strength is attributed to its strong performance in familiarity, consideration, and recommendation metrics.
In the report of the most valuable and strongest food, non-alcoholic drinks and dairy brands, Nestlé emerged as the world’s most valuable food brand at $20.8 billion (down 7 per cent) while Lay’s went up to second place, valued at $12 billion (up 9 per cent). Despite a decline in brand value, according to the report, Nestlé's strong brand equity and resilience have helped it maintain its top position in the global food industry.
Lay’s has surpassed Yili this year whose brand value came down by 6 per cent to $11.6 billion, but still holds the third spot. The report attributed Lay’s brand value growth to its strong financial performance and innovative product offerings, such as its Flavour Swap and MAX lineups.
New entrant Viterra (brand value up 37 per cent to $1.1 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.
Convenience foods and dairy remained major contributors, with convenience foods thriving due to the busy lifestyle of consumers and dairy staying strong thanks to health trends. Leading brands in this segment include Healthy Choice (brand value up 17 per cent to $1.4 billion) and DiGiorno (brand value up 17 per cent to $1 billion), which have successfully adapted to changing consumer preferences through innovative product releases and strategic marketing.
Non-alcoholic Drinks
Coca-Cola (brand value up 5 per cent) is the world’s most valuable and strongest non-alcoholic drinks brand, valued at $35 billion. The brand recorded a BSI score increase of 0.8 points to 90.4 of 100. Coca-Cola’s marketing campaigns, such as its 2023 Christmas advertisement, ‘The World Needs More Santas’, have further reinforced its emotional connection with consumers, the report said.
The growth has been attributed to the brand's dynamic marketing investments during the 2023 financial year which addressed various consumer needs. The brand’s strategic collaborations and product launches, such as the ‘space-flavoured’ cola and ready-to-drink canned cocktail with Jack Daniel’s, have bolstered its market position.
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 per cent to $20.2 billion) is in second place while Dr Pepper (brand value up 8 per cent to $4.8 billion) and Sprite (brand value up 9 per cent to $4.5 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.
Dairy Market
Yili (brand value down 6 per cent to $11.6 billion) continued to hold the title of the world’s most valuable dairy brand for the fifth consecutive year, the report added.
It was a challenging year for the dairy industry, with the total value of the top 10 dairy brands experiencing a decrease of 6 per cent from $46.7 billion in 2023 to $43.8 billion now. 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.
However, Amul (brand value up 11 per cent to $3.3 billion) retained its status as the strongest dairy brand ranked. With an 85 per cent share in the Indian butter market and 66 per cent market share in cheese, Amul’s branding efforts have successfully resonated with consumers, the report noted.
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