Nestlé has held on to its position as the world's most valuable food brand, with a brand value of $20.8 billion (€18.93 billion), however this value has declined 7% year-on-year, according to a new report from Brand Finance.
The Brand Finance Food & Drink 2024 report, which measures the most valuable food brands on a global level, notes that the overall food and beverage sector has seen a 4% decline in brand value this year, to the tune of around $268 billion (€243.88 billion), with consumers increasingly favouring smaller or private label brands.
In second place, behind Nestlé, is PepsiCo-owned Lay's, which sees its brand value rise 9% to $12.1 billion (€11.01 billion), overtaking Chinese brand Yili, which had a brand value of $11.6 billion (€10.56 billion), down 6%.
Other big names to appear include Tyson, which rises to fourth with a brand value of $8.3 billion (€7.55 billion); Danone, in fifth with a brand value of $8.0 billion (€7.28 billion); Quaker, which places sixth with a brand value of $7.5 billion (€6.83 billion); Kellogg's, ranked seventh with a brand value of $6.1 billion (€5.55 billion); Mars Wrigley in eighth on $6.0 billion (€5.46 billion); Mengniu in ninth on $5.4 billion (€4.91 billion); and Doritos in tenth, with a brand value of $4.6 billion (€4.19 billion).
'Evolving Consumer Preferences'
"The food and beverage industry is undergoing a rapid transformation driven by evolving consumer preferences," commented Savio D'Souza, valuation director at Brand Finance.
"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."
Big Movers
Overall, 100 food brands are included in the report, with big movers including Healthy Choice, which saw its brand value up 17% to $1.4 billion (€1.27 billion), and DiGiorno, which saw its brand value up 17% to $1 billion (€0.91 billion) – both are convenience foods brands that have successfully adapted to changing consumer preferences, Brand Finance noted.
Elsewhere, Viterra, with its brand value up 37% to $1.1 billion (€1 billion), has recorded the largest brand value growth by percentage in the rankings.
Finally, Indian dairy company Amul has been named the world's strongest food brand, meanwhile, with a brand strength index (BSI) score of 91 out of 100.
