This Brand Is Crowned World's Strongest Food Brand For 2024; Check Details

Ajimon Francis, Managing Director at Brand Finance India, explained that brand strength is evaluated based on more than 35 parameters, including various aspects of brand development

Amul, with its legacy spanning over seven decades, has been named the world's strongest food brand in Brand Finance’s Global Food & Drinks Report 2024. The report highlights Amul's impressive Brand Strength Index (BSI) score of 91 out of 100, earning it an AAA+ rating.

In the latest rankings, Amul’s brand value has surged 11 per cent from the previous year, reaching $3.3 billion. It's important to note that this brand value differs from turnover. For the fiscal year 2022-23, Amul reported its highest-ever sales of Rs 72,000 Crore (approximately $8.5 billion), marking an 18.5 per cent increase from the prior year. The report credits Amul’s improved BSI to higher scores in key areas such as brand familiarity, consideration, and recommendation, according to a report by Business Standard.

Amul shares its AAA+ brand strength rating with Hershey’s. However, Hershey’s saw a minor 0.5 per cent decline in brand value, bringing it to $3.9 billion and positioning it second after leading the list the previous year. On the other hand, Amul maintains a dominant presence in India’s dairy market, commanding nearly 75 per cent of the milk market, 85 per cent of the butter market, and 66 per cent of the cheese market.

Ajimon Francis, Managing Director at Brand Finance India, explained that brand strength is evaluated based on more than 35 parameters. These parameters encompass various aspects of brand development, including the effectiveness of advertising, product diversity, consumer perceptions of quality, social media impact, and web traffic. The assessment also considers brand equity factors such as sustainability initiatives, community engagement, and governance. For a brand to achieve high equity, it must translate into positive business outcomes such as revenue growth, increased profitability, and enhanced customer loyalty.

Savio D’Souza, valuation director at Brand Finance, said, “The food and beverage industry is undergoing a rapid transformation driven by evolving consumer preferences. While the decline in brand value is a challenge, it also presents opportunities for innovation. Brands that successfully adapt to these trends by demonstrating strong brand purpose and delivering exceptional consumer experiences will be the ones to thrive in this new landscape.”