India’s Amul is strongest food brand in the world

Amul is now the strongest food brand in the world, according to the Global Food and Drinks Report 2024 of Brand Finance, a leading independent brand valuation and strategy consultancy. Nestlé retains its position as the world’s most valuable food brand while Coca-Cola tops the non-alcoholic drinks chart.

Amul, India’s popular dairy products manufacturer, has been awarded an AAA+ rating by Brand Finance, with Hershey’s being the only other company to achieve the feat. The Brand Strength Index (BSI) of Amul is 91 out of 100, and the company’s brand value is $3.3 billion in the 2024 ranking, up by 11 per cent compared to where it stood in 2023.

Amul currently holds around 85 per cent share of the butter market in India, 75 per cent share of the milk market and 66 per cent share of the country’s cheese market.

Compared to Amul the brand value of Hershey’s has fallen to $3.9 billion, by about 0.5 per cent. While Hershey’s had topped the list in the last report, the brand has slipped to the second spot this time.

The report says Amul’s “brand BSI improvement was most visible in terms of the familiarity consideration and recommendation metrics”.

NESTLE, COCA-COLA ON TOP

Nestlé, valued at $20.8 billion, is the most valuable food brand in the world, although the company’s brand value dropped 7 per cent year on year. Lay’s has moved up to the second spot in this category according to Brand Finance’s latest report, with a brand value of $12 billion.

Coca-Cola tops the segment of non-alcoholic drinks while rival brand Pepsi is at position number two.

Brand Finance analyses brand strength of a company using over 35 yardsticks including consumer opinion of the brand’s quality, product range, and advertising and social media impact. Brand equity is also analysed taking into account strategies for sustainability, governance practices and community engagement, besides profits and customer loyalty.

The tally of the 35 parameters is 100 and attaining a score more than 90 is considered excellent, achieved in the past by brands as Taj Hotels, Ferrari and Hershey’s.

The Brand Finance report says that the food and beverage market has seen a slump of around $268 billion this year, which comes to 4 per cent, with customers lately preferring local labels to known brands.