The latest report from Kantar Brandz has revealed the most valuable food and drink brands in 2024. At the top of the list is Coca-Cola, with an impressive brand value of $98.7bn, not far behind tech giants such as Apple, Google, and Microsoft. Following closely are Red Bull in second place and Nongfu Spring in third, with brand values of $22.15bn and $19.96bn, respectively.
Pepsi and Lay’s occupy the fourth and fifth spots, with brand values of $17.7bn and $12.3bn, demonstrating their continued influence in the global market. The complete list of the top 20 most valuable food and drink brands can be found in the report.
Despite their prestigious status, these top brands have encountered significant challenges, including cost pressures, the aftermath of the COVID-19 pandemic, and the ongoing conflict in Ukraine. As they navigate these economic uncertainties, they are also facing competition from their own-label counterparts, which have gained prominence amidst the cost-of-living crisis.
In response to these challenges, James May, CPG sector lead at Kantar, emphasizes the need for food and beverage businesses to refocus on the core fundamentals to drive volume growth. He also anticipates a surge in acquisitions as large companies seek to counter the emergence of challenger brands in the market.
To maintain a competitive edge in this landscape, Kantar recommends three key action points for food and drink brands. The first is to embrace tradition by incorporating traditional flavours and functionalities into their products. Another strategy involves collaborating with influencers to infuse authenticity into their brands, as evidenced by successful partnerships with celebrities. Lastly, brands are encouraged to harness the power of social media, particularly platforms like TikTok, to engage users and inspire innovative content creation.
In addition to these insights, it is noteworthy that Coca-Cola Europacific Partners has recently finalized the acquisition of Coca-Cola Beverages Philippines in a joint deal with Aboitiz Equity Ventures, further solidifying its position as a leading global brand.
The global food and drink market is constantly evolving, and these top brands are continuously adapting to meet the changing demands of consumers. As they confront new challenges and opportunities, their ability to innovate and connect with their audience will be critical in sustaining their brand value and influence in the years to come.