Amul tops global food brand rankings

Amul is named as the world’s strongest food brand in 2024, with a BSI score of 91 and an AAA+ rating, boosting its brand value to US $3.3 billion. It leads in India’s milk, butter, and cheese markets. Hershey’s now ranks second, while the global food sector saw a 4% brand value decline as consumers shifted towards smaller, personalized brands.

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Amul has been recognized as the world’s strongest food brand by Brand Finance’s Global Food & Drinks Report 2024. With a Brand Strength Index (BSI) score of 91 out of 100 and an AAA+ rating, Amul’s brand value surged by 11% from 2023, reaching US $3.3 billion in the latest rankings. The report states, “Its brand BSI improvement was most visible in terms of the familiarity consideration and recommendation metrics.”

Amul’s AAA+ rating is a rare distinction, shared only with Hershey’s, whose brand value saw a slight decline of 0.5% to US $3.9 billion. Hershey’s, which led the previous year’s rankings, now holds the second position. Amul dominates the Indian market with nearly 75% of the milk market, 85% of the butter market, and 66% of the cheese market.

Ajimon Francis, managing director at Brand Finance India, elaborates that brand strength is measured across more than 35 parameters. These include the effectiveness of advertising campaigns, product diversity, consumer perceptions of quality, social media presence, and web traffic. Additionally, brand equity is evaluated through sustainability efforts, community engagement, and governance practices. Francis emphasizes that this brand equity must translate into strong business outcomes, such as revenue growth, profitability, and customer loyalty.

Francis remarks, “The culmination of 35 such parameters results in a score indexed to 100. Achieving a score above 90 is exceptional globally, with only a few brands like Accenture, Ferrari, Taj Hotels, and Hershey’s reaching such heights. This level of success is the result of years of disciplined brand building and a comprehensive brand strategy.”

In the broader market, Nestlé remains the world’s most valuable food brand at US $20.8 billion, despite a 7% decline from the previous year, while Lay’s has climbed to second place, valued at US $12 billion. Coca-Cola continues to lead the non-alcoholic drinks market, followed by Pepsi in second place.

The report also highlights a 4% decline in brand value across the food and beverage sector, totaling around US $268 billion. Consumers are increasingly turning to smaller, private label brands, seeking unique and personalized products over well-established names. The report concludes, “These shifts challenge established brands to adapt, while new brands capitalize on changing consumer preferences.”