Aug 21, 2024 11:57 AM IST
Amul’s brand value rose 11% reaching $3.3 billion in the ranking attributed to higher scores in familiarity, consideration and recommendation metrics.
Amul is the world’s strongest food brand in Brand Finance’s Global Food & Drinks Report 2024 owing to the company’s impressive Brand Strength Index (BSI) score of 91 out of 100 owing to which it got an AAA+ rating. The company’s brand value saw an 11 per cent increase from 2023, reaching $3.3 billion in the latest ranking attributed to higher scores in familiarity, consideration and recommendation metrics.
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Amul shares its AAA+ brand strength rating with Hershey’s which experienced a slight 0.5 per cent dip in brand value to $3.9 billion, placing it second after leading the list last year. At present, Amul dominates India’s dairy market with nearly 75 per cent of the milk market, 85 per cent of the butter market and 66 per cent of the cheese market.
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Ajimon Francis, managing director at Brand Finance India, explained that brand strength is assessed using over 35 parameters which include impact of advertising, product diversity, consumer quality perceptions, social media influence, and web traffic. Savio D’Souza, valuation director at Brand Finance said, “The food and beverage industry is undergoing a rapid transformation driven by evolving consumer preferences. 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.”
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In the broader market, Nestlé remains the most valuable food brand globally, valued at $20.8 billion. Lay’s rose to the second position with a valuation of $12 billion and in the non-alcoholic beverage sector, Coca-Cola remains the leader followed by Pepsi in second place.
