The soft drinks firm had a reported brand value of $98.7bn in 2024 and was the 15th most valuable global brand in Kantar Brandz 2024 most valuable global brands report behind the likes of tech giants Apple, Google and Microsoft.
Trailing in second place was energy drinks brand Red Bull with a brand value of $22.15bn, followed closely by Nongfu Spring – China’s largest bottled water and soft drinks producer –with a value of $19.9bn.
Fourth place was occupied by Pepsi, while snack brand Lay’s took home fifth place in this year’s ranking, with a brand value of $17.7bn and $12.3bn respectively. A full list of the top 20 can be found in the box below.
Cost pressures
After a string of macroeconomic pressures, the top brands are gearing up for growth again. But as they navigate rising costs, the fallout of the COVID-19 pandemic and the war in Ukraine, they emerge into a market much different from pre-2020.
Inflation may have begun to ease, but consumer sentiment still lags – the prices of goods haven’t gotten any lower just because they’ve stopped increasing.
These brands are also at constant threat from their own-label counterparts which have risen to prominence as consumers struggle through the cost-of-living crisis.
While Kantar found that that in many categories the average own-label offering remained largely undifferentiated and ‘uninspiring’ to consumers, there are product categories, regions and consumer segments where they have begun to break through.
What’s next?
James May, CPG sector lead at Kantar, said: “What’s next for the food and beverages business? We’re reaching the end of a period of pricing-led growth. And now, the big story for the coming year will be of businesses going back to the core fundamentals in hopes of driving volume growth.
“That’s going to take focus, so we shouldn’t be surprised if big companies continue to prune their portfolios and ranges. But it’s also going to take investment in innovation too – in some cases, innovation though acquisition.
“This could be a busy year for acquisitions as the big companies seek to counteract some of the challenger brands we’ve seen emerge this decade.”
Kantar offered three key action points to help build food and drink brands.
Embrace tradition
As brands continue to localise their offerings worldwide, they should consider not only introducing traditional flavours, but also traditional functionalities.
An example given by Kantar involved a Chinese herbal tea drink that introduced durian as a key flavour component.
Integrate Influencers
After several successful instances of celebrities collaborating with food and drink brands, businesses should be on the lookout opportunities to work with influencers.
It’s hard to ignore the likes of drinks brand Prime which shot to success thanks to influencers Jake Paul and KSI. Established names can also build authenticity into brands by partnering with celebrities that love their products – see Heinz’s collaboration with Ed Sheeran to launch the hot sauce line Tingly Teds.
Reward the Remix
Social media remains king and the top platform is Tik Tok. But rather than presenting their products as an ‘end state’ in and of themselves, brands should offer themselves up as platforms for experimentation.
Users on the platforms should be given the opportunity to use your products in new and innovative ways that help promote the brand while inspiring others to remix their content.
Meanwhile, Coca-Cola Europacific Partners has completed the acquisition of Coca-Cola Beverages Philippines as part of a joint deal with Aboitiz Equity Ventures.
