Amul, with a history of more than 70 years, has been named the strongest food brand globally in Brand Finance’s Global Food & Drinks Report 2024.
The research showcases Amul’s remarkable 91 out of 100 Brand Strength Index (BSI) score, which secures a AAA+ rating for the company.
Amul’s brand worth increased by 11% from 2023 to $3.3 billion according to the most recent rating. But turnover and brand value are not the same thing.
Amul recorded its highest-ever sales in 2022–2023 of Rs 72,000 crore (about $8,5 billion), up 18.5% from the year before.
According to the research, improved scores in familiarity, consideration, and recommendations matrices are mostly responsible for Amul’s BSI improvement
The only other company to share Amul’s AAA+ brand strength grade is Hershey’s, whose brand value has dropped to $3.9 billion, a 0.5% fall.
The latter, who topped the list the previous year, is currently in second place. Amul holds a nearly 75% market share in milk, an 85% market share in butter, and a 66% market share in cheese in the nation.
Brand equity amidst industry shift
The managing director of Brand Finance India, Ajimon Francis, clarified that more than 35 criteria are used to evaluate a brand’s strength.
They include a range of aspects of brand development, including the influence of social media, web traffic, product diversification, advertising, and consumer perceptions of quality.
Brand equity through community involvement, governance, and environmental initiatives is also taken into account in the evaluation.
Positive company results like revenue growth, profitability, and customer loyalty must follow from the ensuing brand equity.
Francis notes, “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.”
Nestlé continues to be the most valuable food brand in the world with a valuation of $20.8 billion, which is 7% less than the previous year followed by Lay’s, which is now valued at $12 billion.
According to the report, this year has seen a 4% decline in brand value for the food and beverage industry, or about $268 billion.
It stated that smaller, private label brands are becoming more popular among consumers who want unique, customized goods than well-known ones.
Date : 24 & 25 August 2024 (2 Days)
Time : 10 AM to 05 PM
To get regular Food Industry updates, feel free to join our WhatsApp group: Joining link