Amul Tops Global Food Brand Rankings in 2024 [Current Affairs]
Amul has been named the world’s strongest food brand in Brand Finance’s Global Food & Drinks Report 2024. With a Brand Strength Index (BSI) score of 91 and a valuation of $3.3 billion, Amul achieved an 11% increase in brand value from 2023. The company’s dominance in India’s dairy market and strong metrics in familiarity, consideration, and recommendation contributed to its AAA+ rating. Hershey’s, which shared the AAA+ rating with Amul, saw a slight dip in its brand value, placing it second.
Brand Strength and Value
Amul’s impressive BSI score of 91 out of 100 and brand value of $3.3 billion reflect its significant market presence and strong performance in key metrics. The company controls 75% of India’s milk market, 85% of its butter market, and 66% of the cheese market. Despite Hershey’s slight decline, it remains a key player with a valuation of $3.9 billion.
Brand Evaluation Criteria
Brand Finance assesses brand strength using over 35 parameters including advertising impact, product diversity, consumer quality perceptions, social media influence, and web traffic. The evaluation also incorporates sustainability efforts, community involvement, and governance.
Market Trends and Challenges
The broader food and beverage sector saw a 4% drop in overall brand value, totaling approximately $268 billion. The report highlights a shift towards smaller, private-label brands with personalized offerings, posing challenges for established brands. However, convenience foods are gaining value due to rising consumer demand, presenting opportunities for brands that adapt to these trends.
Top Food Brands
In addition to Amul and Hershey’s, the report notes that Nestlé remains the most valuable food brand globally at $20.8 billion, despite a 7% decline. Lay’s has moved up to the second position with a $12 billion valuation. In the non-alcoholic beverage sector, Coca-Cola leads, followed by Pepsi.
Source: currentaffairs by adda247
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