According to the Brand Finance’s Food & Drink 2024 report, Anand Milk Union Limited (AMUL) has emerged as the world’s strongest food and dairy brand with an AAA+ rating for the 4th consecutive year. The brand value of AMUL has increased by 11% to USD 3.3 billion, with a Brand Strength Index (BSI) score of 91 out of 100.
- AMUL has improved its ranking from 29th position (2023) to 22nd (2024) position on the list of world’s most valuable and strongest food brands.
- Switzerland’s Nestlé emerged as the world’s most valuable food brand, valued at USD 20.8 billion, despite a 7% decline compared to 2023, followed by the United States of America (USA)-based Lay’s and China’s Yili at the 2nd and 3rd position respectively.
- The total brand value of the top 10 dairy brands ranked record 6% dip this year to USD 43.8 billion.
About Brand Finance Food and Drink 2024 Report:
i.It is an annual report published by Brand Finance company, based in London, United Kingdom (UK).
ii.The report ranks world’s most valuable and strongest food, dairy, and non-alcoholic drink brands.
iii.The report evaluate the brand strength by using over 35 parameters which includes various dimensions of brand development like: the impact of advertising, product diversity, consumer quality perceptions, among others.
Key Highlights of the Report:
i.As per the report, the overall brand value of food and beverage sector decreased by 4%, totaling around USD 268 billion. The report cited that main reason for the decline is that consumers have increasingly favour smaller, private-label brands.
ii.The report noted that convenience foods are bucking the trend, with increasing brand value due to growing demand from busy consumers.
- Brands like Healthy Choice and DiGiorno, both saw an increase of 17% in their brand value, driven by innovative product releases and strategic marketing.
ii.Lay’s brand saw an increase of 9% in its brand value; valued at USD 12 billion. It has improved its global ranking from 3rd to 2nd position in the list of world’s most valuable food brand in 2024.
- This positive growth in the brand value of Lay’s is due to its strong financial performance and innovative product offerings such as: its Flavour Swap and MAX lineups.
iii.China-based Yili brand has moved from 2nd position (2023) to 3rd (2024) globally, due to the decrease in its brand value by 6% to USD 11.6 billion.
iv.Canada-based, agri-business company, Viterra has emerged as the fastest-growing food brand, with a brand growth of 37%, to USD 1.1 billion.
- This growth is mainly driven by increased volumes, strategic acquisitions, and higher BSI score of 60.6 out of 100.
Top 5 Most Valuable Food Brands:
| Rank | Brand Name | Country of Origin | Total Valuation (USD) | Rating |
|---|---|---|---|---|
| 1 | Nestlé | Switzerland | 20.8 billion | AAA |
| 2 | Lay’s | USA | 12 billion | AAA- |
| 3 | Yili | China | 11.6 billion | AAA |
| 4 | Tyson | USA | 8.2 billion | AA+ |
| 5 | Danove | France | 8 billion | AA |
| 22nd | AMUL | India | 3.3 billion | AAA+ |
2024 Sustainability Perceptions Index:
i.The 2024 Sustainability Perceptions Index (SPI) observed that in the food sector, Nestle’ has the highest Sustainability Perceptions Value (SPV) valued at USD 1.4 billion and Lay’s has the highest positive gap value of USD 67 million.
ii.In the Non-Alcoholic Drinks sector, 2024 SPI observed that Coca-Cola has the highest SPV valued at USD 5.2 billion and Pepsi has the highest positive gap value of USD 212 million.
Non-Alcoholic Drinks in 2024:
i.As per the Brand Finance Food & Drink 2024 report, Coca-Cola has retained its title as the world’s most valuable and strongest non-alcoholic drinks brand, with brand value increased by 5% to USD 35 billion.
- It has received the rating of AAA+ with a BSI score of 90.4 out of 100 (up by 0.8 points).
ii.Pepsi saw an increase of 10% in its brand value to USD 20.2 billion, has been ranked at 2nd position on the list of top 10 most valuable non-alcoholic drink brands in 2024.
iii.Among the top 10 most valuable non-alcoholic drink brands, 4 are carbonated soft drinks , with Pepsi, Dr. Pepper (brand value increased by 8% to USD 4.8 billion), and Sprite (brand value increased by 9% to USD 4.5 billion) dominated the list,.
iv.Chinese bottled water and soft beverage, Nogfu Spring registered the highest brand value growth by percentage of a non-alcoholic drinks brand as its brand value increased by 102% to USD 8.3 billion.
Dairy Brands in 2024:
i.Yili has retained the title of the world’s most valuable dairy brand for the 5th consecutive year. The report showed that “dual-engine” strategy of innovation and digitisation of Yili drives its top ranking.
ii.As per the report, the combined value of the top 10 dairy brands has decreased from USD 46.7 billion (2023) to USD 43.8 billion (2024).
- The report cited that the overall decline in the dairy sector is due to sharp decrease in prices, despite stable product volumes. This price drop has impacted the revenues of many prominent dairy companies which resulted in overall lower revenues.
iii.For the 1st-time, Finland-based Valio featured on the list of top 10 dairy brands globally. It has improved its ranking by 4 spots to secure the 10th position in 2024.
- It has emerged as the fastest-growing dairy brand with a brand growth of 31%, to USD 2 billion.
- This growth is mainly attributed to the acquisition of Planti, a Finnish producer of plant-based dairy alternative products.
- Following this acquisition, Oddlygood, a subsidiary of Valio, becomes the market leader in plant-based dairy alternative products in Sweden and dairy alternative cooking products in Finland.
About Brand Finance:
Chairman and Chief Executive Officer (CEO)- David Haigh
Headquarters- London, the United Kingdom (UK)
Established- 1996
