Alcoholic
Beverages
2017
The annual report on the world’s most valuable alcoholic beverages brands
March 2017
Brand Finance Alcoholic Beverages March 2017 Finance Australia 100 March 2016 2. Finance Global 500 February 2016 2. Brand Finance Airlines 30 30 February 2015 2. Brand Finance Alcoholic Beverages March 2017 2.
Foreword
Foreword 2
Definitions 4
Methodology 6
Executive Summary - Spirits 50 8
Full Table - Spirits 50 (USDm) 13
Executive Summary - Beers 25 14
Full Table - Beers 25 (USDm) 17
How We Can Help 18
Contact Details 19
Contents
David Haigh, CEO, Brand Finance
What is the purpose of a strong brand; to attract
customers, to build loyalty, to motivate staff? All
true, but for a commercial brand at least, the first
answer must always be ‘to make money’.
Huge investments are made in the design, launch
and ongoing promotion of brands. Given their
potential financial value, this makes sense.
Unfortunately, most organisations fail to go beyond
that, missing huge opportunities to effectively make
use of what are often their most important assets.
Monitoring of brand performance should be the
next step, but is often sporadic. Where it does take
place it frequently lacks financial rigour and is
heavily reliant on qualitative measures poorly
understood by non-marketers.
As a result, marketing teams struggle to
communicate the value of their work and boards
then underestimate the significance of their brands
to the business. Skeptical finance teams,
unconvinced by what they perceive as marketing
mumbo jumbo may fail to agree necessary
investments. What marketing spend there is can
end up poorly directed as marketers are left to
operate with insufficient financial guidance or
accountability. The end result can be a slow but
steady downward spiral of poor communication,
wasted resources and a negative impact on the
bottom line.
Brand Finance bridges the gap between the
marketing and financial worlds. Our teams have
experience across a wide range of disciplines from
market research and visual identity to tax and
accounting. We understand the importance of
design, advertising and marketing, but we also
believe that the ultimate and overriding purpose of
brands is to make money. That is why we connect
brands to the bottom line.
By valuing brands, we provide a mutually intelligible
language for marketers and finance teams.
Marketers then have the ability to communicate the
significance of what they do and boards can use
the information to chart a course that maximises
profits.
Without knowing the precise, financial value of an
asset, how can you know if you are maximising your
returns? If you are intending to license a brand, how
can you know you are getting a fair price? If you are
intending to sell, how do you know what the right
time is? How do you decide which brands to
discontinue, whether to rebrand and how to arrange
your brand architecture? Brand Finance has
conducted thousands of brand and branded
business valuations to help answer these questions.
Brand Finance’s recently conducted share price
study revealed the compelling link between strong
brands and stock market performance. It was found
that investing in the most highly branded companies
would lead to a return almost double that of the
average for the S&P 500 as a whole.
Acknowledging and managing a company’s
intangible assets taps into the hidden value that lies
within it. The following report is a first step to
understanding more about brands, how to value
them and how to use that information to benefit the
business. The team and I look forward to continuing
the conversation with you.
Brand Finance Alcoholic Beverages March 2017 Finance Alcoholic Beverages March 2017 4.
Definitions
Definitions
+ Enterprise Value – the value of the
entire enterprise, made up of
multiple branded businesses
+ Branded Business Value – the
value of a single branded business
operating under the subject brand
+ Brand Contribution– The total
economic benefit derived by a
business from its brand
+ Brand Value – the value of the
trade marks (and relating
marketing IP and ‘goodwill’
attached to it) within the branded
business
‘Branded
Business’
‘Branded
Enterprise’
.
Diageo
.
Johnnie
Walker
.
Johnnie
Walker
‘Brand
Value’
‘Branded
Business’
‘Branded
Enterprise’
‘Brand’
Contribution’
.
Johnnie
Walker
Branded Business Value
A brand should be viewed in the context of the
business in which it operates. For this reason
Brand Finance always conducts a Branded
Business Valuation as part of any brand valuation.
Where a company has a purely mono-branded
architecture, the business value is the same as
the overall company value or ‘enterprise value’.
In the more usual situation where a company
owns multiple brands, business value refers to
the value of the assets and revenue stream of the
business line attached to that brand specifically.
We evaluate the full brand value chain in order to
understand the links between marketing
investment, brand tracking data, stakeholder
behaviour and business value to maximise the
returns business owners can obtain from their
brands.
Brand Contribution
The brand values contained in our league tables
are those of the potentially transferable brand
asset only, but for marketers and managers
alike. An assessment of overall brand
contribution to a business provides powerful
insights to help optimise performance.
Brand Contribution represents the overall uplift
in shareholder value that the business derives
from owning the brand rather than operating a
generic brand.
Brands affect a variety of stakeholders, not just
customers but also staff, strategic partners,
regulators, investors and more, having a
significant impact on financial value beyond
what can be bought or sold in a transaction.
Brand Value
In the very broadest sense, a brand is the focus
for all the expectations and opinions held by
customers, staff and other stakeholders about an
organisation and its products and services.
However, when looking at brands as business
assets that can be bought, sold and licensed, a
more technical definition is required.
Brand Finance helped to craft the internationally
recognised standard on Brand Valuation, ISO
10668. That defines a brand as “a marketing-
related intangible asset including, but not limited
to, names, terms, signs, symbols, logos and
designs, or a combination of these, intended to
identify goods, services or entities, or a
combination of these, creating distinctive images
and associations in the minds of stakeholders,
thereby generating economic benefits/value”.
Brand Strength
Brand Strength is the part of our analysis most
directly and easily influenced by those
responsible for marketing and brand
management. In order to determine the strength
of a brand we have developed the Brand
Strength Index (BSI). We analyse marketing
investment, brand equity (the goodwill
accumulated with customers, staff and other
stakeholders) and finally the impact of those on
business performance.
Following this analysis, each brand is assigned
a BSI score out of 100, which is fed into the
brand value calculation. Based on the score,
each brand in the league table is assigned a
rating between AAA+ and D in a format similar
to a credit rating. AAA+ brands are exceptionally
strong and well managed while a failing brand
would be assigned a D grade.
Effect of a Brand on Stakeholders
Potential
Customers
Existing
Customers
Influencers
. Media
Trade
Channels
Strategic
Allies &
Suppliers Investors
Debt
providers
Sales
Production
All Other
Employees
Middle
Managers
Directors
Brand
Brand Finance Alcoholic Beverages March 2017 Finance Alcoholic Beverages March 2017 6.
Brand Finance calculates the values of the
brands in its league tables using the ‘Royalty
Relief approach’. This approach involves
estimating the likely future sales that are
attributable to a brand and calculating a royalty
rate that would be charged for the use of the
brand, . what the owner would have to pay for
the use of the brand—assuming it were not
already owned.
Brand strength
expressed as a BSI
score out of 100.
BSI score applied to an
appropriate sector
royalty rate range.
Royalty rate applied to
forecast revenues to
derive brand values.
Post-tax brand
revenues are
discounted to a net
present value (NPV)
which equals the
brand value.
The steps in this process are as follows:
1 Calculate brand strength on a scale of 0 to 100 based
on a number of attributes such as emotional
connection, financial performance and sustainability,
among others. This score is known as the Brand
Strength Index, and is calculated using brand data
from the BrandAsset® Valuator database, the world’s
largest database of brands, which measures brand
equity, consideration and emotional imagery
attributes to assess brand personality in a category
agnostic manner.
Strong brand
Weak brand
Brand strength
index
(BSI)
Brand
‘Royalty rate’
Brand revenues Brand value
Forecast revenues
Brand
investment
Brand
equity
Brand
performance
2 Determine the royalty rate range for the respective
brand sectors. This is done by reviewing comparable
licensing agreements sourced from Brand Finance’s
extensive database of license agreements and other
online databases.
3 Calculate royalty rate. The brand strength score is
applied to the royalty rate range to arrive at a royalty
rate. For example, if the royalty rate range in a brand’s
sector is 0-5% and a brand has a brand strength
score of 80 out of 100, then an appropriate royalty
rate for the use of this brand in the given sector will
be 4%.
4 Determine brand specific revenues estimating a
proportion of parent company revenues attributable
to a specific brand.
5 Determine forecast brand specific revenues using a
function of historic revenues, equity analyst forecasts
and economic growth rates.
6 Apply the royalty rate to the forecast revenues to
derive brand revenues.
7 Brand revenues are discounted post tax to a net
present value which equals the brand value.
League Table Valuation Methodology
Methodology Understand Your Brand’s Value
$707
$6,265
$3,031 $2,328 $1,913
213
275
320
607
729
650
0
100
200
300
400
500
600
700
800
2011 2012 2013 2014 2015 2016
58%
37%
4%
Nutrition
Performance Materials
Other Activities
Brand Value Dashboard
$707m AA+
78/100
$10,216m
Peer Group Comparison (USDm)Historic brand value performance
Brand Value by Product Segment
7%
Brand Value
€650m
Enterprise Value
€9,399m
(EUR) (EUR)
(EURm)
$882m
Brand Value
€729m
(EUR)[XXX]
[XXX]
A Brand Value Report provides a complete
breakdown of the assumptions, data
sources and calculations used to arrive at
your brand’s value. Each report includes expert
recommendations for growing brand value to
drive business performance and offers a cost-
effective way to gaining a better understanding of
your position against competitors. It includes:
Brand Valuation Summary
+ Internal understanding of brand
+ Brand value tracking
+ Competitor benchmarking
+ Historical brand value
Brand Strength Index
+ Brand strength tracking
+ Brand strength analysis
+ Management KPI’s
+ Competitor benchmarking
Royalty Rates
+ Transfer pricing
+ Licensing/ franchising negotiation
+ International licensing
+ Competitor benchmarking
Cost of Capital
+ Independent view of cost of capital for internal
valuations and project appraisal exercises
Trademark Audit
+ Highlight unprotected marks
+ Spot potential infringement
+ Trademark registration strategy
For more information regarding our League
Table Reports, please contact:
Alex Haigh
Director of League Tables, Brand Finance
@
Drivers of Change
Three key areas impact Brand Value (EURm)
Brand Strength
[XXX]’s brand strength has increased compared to last year.
As the brand continues its sustainability drive, [XXX] has
been improving across all CSR scores. It now has the
highest CSR scores it has had in the last four years across
Environment, Employees and Governance.
The premium approach is also leading to significant margin
advantages – positively affecting “performance”.
Business Outlook
Brands drive higher revenues. An investor would therefore
pay more for a brand that makes more money.
[XXX]’s revenue base and the 5 year forecast growth have
fallen this year, resulting in a loss of $177m USD to total
brand value.
However, it is important to note that this has arisen as a
result of the company divesting a number of divisions.
Economic Outlook
All future returns are subject to risk. If the risk of not
receiving the forecast returns is higher (increasing the
discount rate), the brand’s market is not growing as quickly
as expected (lower long term growth rate) or the tax rate in
the brand’s regions of operation is higher, then the brand’s
value is reduced and vice versa.
2016 2015
Discount Rate % %
Long Term Growth % %
Tax % %
2016 2015
5 Year Forecast
Growth % %
Base Year
Revenue (EURm) 8,205 9,570
2016 2015
Brand
Strength 78 76
729 729 616 616 650
18 131
34
2015 Brand Strength Business Performance External Changes 2016
Brand Investment
Proven inputs that drive the Brand Equity and financial results
Relative quality of the brand’s investment in
its products. The measure can include R&D
spend and capital expenditure.
Relative quality of a brand’s distribution
network. It can include the quality of
logistical infrastructure available to the
brand, the quality of its online presence, or
the number and quality of its retail outlets.
Relative quality of the human network
supporting the brand. This may include the
size of the support network, its likely future
growth or the investment in workforce
training and human resources.
Relative quality of the brand’s promotions.
Marketing investment, the quality of visual
identity and the effectiveness of the
brand’s social media is covered by this
measure.
Product Place People Promotion
Brand Investment
Brand Strength Index
% % %
Du Pont Multiple Akzo Nobel
Effective
Weighting
Best in
Class
%
[XXX]
DSM Best in Class Competitor Average[XXX]
Brand Strength Index 2016
An ideal balanced scorecard of fundamental brand related measures
Widely recognised factors deployed by
Marketers to create brand loyalty and
market share. We therefore benchmark
brands against relevant input measures by
sector against each of these factors.
How do stakeholders feel about the brand
vs. competitors?
• Brand equity accounts for 50% to reflect
the importance of stakeholder
perceptions to behaviour
• Brand Equity is important to all
stakeholder groups with customers being
the most important
Quantitative market, market share and
financial measures resulting from the
strength of the brand.
BSI
Attributes
Product: R&D expenditure,
Capital expenditure
Place: Website Ranking
People: Number of Employees,
Employee Growth
Promotion: Marketing expenditure
Familiarity
Consideration
Preference
Satisfaction
Recommendation/NPS
Employee Score
Credit Rating
Analyst Recommendation
Environment Score
Community Score
Governance Score
Revenue
% Margin
% Forecast Margin
% Forecast Revenue Growth
B
ra
nd
S
tr
en
gt
h
In
de
x
35%
25%
5%
5%
5%
Effective
Weighting
25%
Brand
Investment
25%
Brand
Equity
50%
Brand
Performance
25%
Customer
Outputs
Inputs
Staff
Financial
External
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
Brand Finance Alcoholic Beverages March 2017 Finance Alcoholic Beverages March 2017 8.
Spirits
50
Executive Summary - Spirits 50
Rank 2017: 2 2016: 2
BV 2017: $ 4,548m
BV 2016: $ 4,630m
Brand Rating: AAA-
Rank 2017: 5 2016: 3
BV 2017: $ 2,711m
BV 2016: $ 2,874m
Brand Rating: AA
1
2
5
+60%
-2%
Rank 2017: 6 2016: 9
BV 2017: $ 2,509m
BV 2016: $ 1,449m
Brand Rating: AA+
Rank 2017: 7 2016: 8
BV 2017: $ 2,185m
BV 2016: $ 1,894m
Brand Rating: AA+
Rank 2017: 9 2016: 14
BV 2017: $ 1,975m
BV 2016: $ 1,063m
Brand Rating: AA
6
7
8
9
+73%
+15%
+86%
-6%
Rank 2017: 3 2016: 3
BV 2017: $ 4,281m
BV 2016: $ 2,850m
Brand Rating: AA
3
4 +22%
Rank 2017: 10 2016:10
BV 2017: $ 1,759m
BV 2016: $ 1,437m
Brand Rating: AA+
10
+22%
+50% +0%
Rank 2017: 1 2016: 1
BV 2017: $ 11,548m
BV 2016: $ 7,211m
Brand Rating: AAA-
Rank 2017: 4 2016: 5
BV 2017: $ 3,055m
BV 2016: $ 2,504m
Brand Rating: AAA-
Rank 2017: 8 2016: 7
BV 2017: $ 2,033m
BV 2016: $ 2,025m
Brand Rating: AAA-
2017 is the year of Baijiu brands. For the fi rst time,
the fi ery Chinese drink now accounts for a greater
share of brand value than any other spirit type. In
2016, Baijiu accounted for 23% of the total brand
value of the Brand Finance Drinks 50 behind
Whisky on 37%. However this year, the tables have
turned. Whisky’s share has dropped to 28% while
Baijiu’s has surged to %. The world’s top Baiju
brands have a combined value of over US$22
billion.
Moutai maintains its position as the world’s most
valuable spirits brand with an outstanding 60%
increase in brand value to US$ million. The
Chinese brand has been performing well with a
19% year-on-year increase in revenue and 7%
increase in net profi t, driving up its share price.
50% of all sales in 2012 were to government
entities so Moutai’s brand value and future success
appeared to have been seriously threatened by a
government crackdown on excess and gift-giving
that might be construed as bribery. However the
gap has been fi lled by individual consumers and
private enterprise. Demand is now stronger than
ever, with the price of a bottle recently rising to
1,200 yuan. Moutai is even tentatively expanding
outside China, celebrating the one year anniversary
of Moutai Day in San Francisco in 2016 as well as
launching in Germany.
Other Baijiu brands are performing extremely well
too. Gujing Gong Jiu is the fastest growing brand
this year, nearly doubling its brand value to US$
billion. Wuliangye, Luzhou Laojiao and Yanghe
follow suit, with 86%, 73% and 50% increases
respectively. These rates of growth support
existing evidence to suggest that consumers are
trading up to more premium Baijius. The Baijiu
market is resurgent but some have suggested this
may only be temporary and that Chinese
consumers’ tastes will diversity without
corresponding growth internationally to
compensate. In such a situation, strong brands
will therefore be essential to maintain market
share.
Johnnie Walker remains the world’s most valuable
Whisky/Whiskey brand by a considerable margin
despite a 2% brand value drop this year. Its US$
billion brand value keeps it in second place within
the sector as a whole. Demand for whisky remains
robust and blended whiskies such as Johnnie
Walker account for three quarters of the market.
However that share is declining, so the brand
building that Johnnie Walker is famous for is more
important than ever before.
The last 18 months has seen the rollout of the ‘Joy
Will Take You Further’ slogan, a fresh take on its
17-year-old “Keep Walking” campaign. The new
slant is intended to convey a more cheerful and
optimistic message than the serious tone struck
previously which emphasized Johnnie Walker as a
reward for years of hard work and personal
success.
Towards the end of the year Diageo risked
controversy with its ‘This Land Is Your Land’
advertisement on the night before Election Day,
signaling a rejection of Trump’s anti-immigrant
campaign. Though Diageo came out against
Brexit, Britain’s decision to leave the EU may be a
blessing for Johnnie Walker. Europe is an important
market, but it is a saturated one and far less
important than for many UK brands. The fall in the
value of the pound on the other hand provides a
major benefi t with Diageo estimating a £460m
profi t boost as a result.
Brand Finance Alcoholic Beverages March 2017 Finance Alcoholic Beverages March 2017 10.
Executive Summary - Spirits 50
Brand Value Over Time Brand Value Change 2016-2017 (USDm) Brand Value Change 2016-2017 (%)
0
1
2
3
4
5
6
7
8
9
10
11
12
Hennessy
Jack Daniel's
Yanghe
Johnnie Walker
Moutai
2017201620152014201320122011
B
ra
n
d
v
a
lu
e
(
U
S
$
b
n
)
Hennessy
Jim Beam
Johnnie Walker
Malibu
Baileys
Famous Grouse
Havana Club
Captain Morgan
McDowell's
Jagermeister
Grey Goose
Ruang Khao
Bacardi
Absolut
Gujing Gong Jiu
Jack Daniel's
Wuliangye
Luzhou Laojiao
Yanghe
Moutai $4337
$1431
$1060
$912
$551
$524
$322
$291
$243
$215
-30 -15 0 15 30 45 60 75 90 105 120
Malibu
Jim Beam
Baileys
Famous Grouse
Beefeater
Captain Morgan
Havana Club
Jagermeister
Hennessy
McDowell's
Jameson
Absolut
Remy Martin
Imperial Blue
Seagram
Yanghe
Moutai
Luzhou Laojiao
Wuliangye
Gujing Gong Jiu
$-42
$-43
$-44
$-44
$-48
$-56
$-57
$-81
$-98
$-163
-5%
-6%
-6%
-8%
-9%
-9%
-11%
-12%
-15%
-17%
91%
86%
73%
60%
50%
40%
31%
24%
22%
22%
Hennessy
Jim Beam
Johnnie Walker
Malibu
Baileys
Famous Grouse
Havana Club
Captain Morgan
McDowell's
Jagermeister
Grey Goose
Ruang Khao
Bacardi
Absolut
Gujing Gong Jiu
Jack Daniel's
Wuliangye
Luzhou Laojiao
Yanghe
Moutai $4337
$1431
$1060
$912
$551
$524
$322
$291
$243
$215
-30 -15 0 15 30 45 60 75 90 105 120
Malibu
Jim Beam
Baileys
Famous Grouse
Beefeater
Captain Morgan
Havana Club
Jagermeister
Hennessy
McDowell's
Jameson
Absolut
Remy Martin
Imperial Blue
Seagram
Yanghe
Moutai
Luzhou Laojiao
Wuliangye
Gujing Gong Jiu
$-42
$-43
$-44
$-44
$-48
$-56
$-57
$-81
$-98
$-163
-5%
-6%
-6%
-8%
-9%
-9%
-11%
-12%
-15%
-17%
91%
86%
73%
60%
50%
40%
31%
24%
22%
22%
Colour Spirit Type Value (USD million) %
Baijiu 22,037
Whisky/Whiskey 16,262
Vodka 6,968
Rum 4,959
Brandy 4,725
Liqueur 2,062
Gin 1,266
Soju 441
Total 58720 100%
2017
Baijiu
%
Vodka
%
Rum
%
KEY
Brandy
8%
Whisky/
Whiskey
%
Total Brand Value by Spirit Type
Malibu has fallen more than any brand this year,
mainly as a result of falling sales. Brand value is
down 17% to US$273m. Part of this decline has
been blamed on inappropriate brand extension
into too many flavored variants. Consolidating and
strengthening the brand will therefore be a priority.
Malibu’s demographic is skewed much younger
than most spirit brands so it is moving marketing
budgets online (to follow its millennial consumers).
75% will now be spend online, up from 60%.
A perennial problem for owners Pernod Ricard
has been Malibu’s seasonality with sales spiking
in July and spiking in September/October. To
counter this, Malibu black has been introduced.
With a less sweet taste and packaging more akin
to a traditional dark rum, it is hoped that it will help
to keep the brand top of mind and maintain market
share through the winter months.
Brand Finance Alcoholic Beverages March 2017 Finance Alcoholic Beverages March 2017 12.
Top 50 most valuable spirits brands 1 - 50.
Rank
2017
Rank
2016
Brand name Domicile Brand
value (USDm)
2017
%
change
Brand
value (USDm)
2016
Brand
rating
2017
Brand
rating
2016
1 1 Moutai China 11,548 60% 7,211 AAA- AA+
2 2 Johnnie Walker United Kingdom 4,548 -2% 4,630 AAA- AAA-
3 4 Yanghe China 4,281 50% 2,850 AA AA-
4 5 Jack Daniel's United States 3,055 22% 2,504 AAA- AAA-
5 3 Hennessy France 2,711 -6% 2,874 AA AA
6 9 Luzhou Laojiao China 2,509 73% 1,449 AA+ AA+
7 8 Bacardi United States 2,185 15% 1,894 AA+ AA+
8 7 Smirnoff United Kingdom 2,033 0% 2,025 AAA- AA+
9 14 Wuliangye China 1,975 86% 1,063 AA A+
10 10 Absolut France 1,759 22% 1,437 AA+ AA
11 11 Ruang Khao
12 13 Grey Goose
13 12 Chivas Regal
14 26 Gujing Gong Jiu
15 21 Jameson
16 20 Offi cer's Choice
17 17 McDowell's
18 16 Ricard
19 18 Ballantine's
20 30 Remy Martin
21 23 Grant's
22 22 Jagermeister
23 27 Martell
24 New Ciroc
25 38 Imperial Blue
26 New Jim Beam
27 28 Havana Club
28 39 Crown Royal
29 34 Royal Stag
30 32 Captain Morgan
31 35 Chamisul
32 New Skyy Vodka
33 33 Baileys
34 New Seagram
35 60 Belvedere
36 37 Famous Grouse
37 New Glenlivet
38 50 Bell's
39 78 Han Jiang
40 49 J&B
41 52 Bombay Sapphire
42 145 Blend 285
43 57 Glenfi ddich
44 128 Swellfun
45 59 Finlandia
46 43 Malibu
47 48 Beefeater
48 150 Hong Thong
49 54 Southern Comfort
50 64 Tanqueray
Brand Finance
Spirits 50 (USDm) } Executive Summary - Spirits 50
}
Brand Finance Alcoholic Beverages March 2017 Finance Alcoholic Beverages March 2017 14.
Rank 2017: 2 2016: 2
BV 2017: $ 5,863m
BV 2016: $ 4,503m
Brand Rating: AAA-
Rank 2017: 5 2016: 4
BV 2017: $ 3,071m
BV 2016: $ 3,432m
Brand Rating: AAA
1
2
5
+34%
+30%
Rank 2017: 6 2016: 5
BV 2017: $ 3,044m
BV 2016: $ 3,345m
Brand Rating: AA-
Rank 2017: 7 2016: 10
BV 2017: $ 2,394m
BV 2016: $ 1,972m
Brand Rating: AA+
Rank 2017: 9 2016: 7
BV 2017: $ 2,286m
BV 2016: $ 2,359m
Brand Rating: A-
6
7
8
9
-9%
+21%
-3%
-11%
Rank 2017: 3 2016: 3
BV 2017: $ 5,237m
BV 2016: $ 4,326m
Brand Rating: AA
3
4 +24%
Rank 2017: 10 2016:11
BV 2017: $ 2,195m
BV 2016: $ 1,826m
Brand Rating: AA-
10
+20%
+21% +5%
Rank 2017: 1 2016: 1
BV 2017: $ 6,608m
BV 2016: $ 4,922m
Brand Rating: AAA-
Rank 2017: 4 2016: 6
BV 2017: $ 3,148m
BV 2016: $ 2,543m
Brand Rating: AAA
Rank 2017: 8 2016: 8
BV 2017: $ 2,299m
BV 2016: $ 2,185m
Brand Rating: AAA-
Executive Summary - Beers 25
Beers
25
A handful of major brand portfolio owners dominate
the industry with AB InBev, Heineken NV, Molson
Coors and Asahi Group taking the lion’s share. AB
InBev is first amongst them, controlling 11 of the
world’s 25 most valuable beer brands. Following
its high profile merger with SABMiller, for over
US$100 billion, AB InBev commands a 46% market
share.
Bud Light remains at the top of the table and is the
biggest riser with a 34% brand value growth to
US$ billion. It is currently relaunching in the
UK, a significant moment for the brand. Although
its ‘Bud Light Party’ campaign featuring Seth
Rogen and Amy Schumer didn’t manage to
reverse slowing sales, they are hoping that their
next campaign, ‘Famous Among Friends’, will.
Sister brand Budweiser is in second place at
US$ billion. Anheuser Busch courted
controversy with its Superbowl ad, ‘Born the Hard
Way’. The cinematic spot emphasized Budweiser’s
heritage and the perseverance of its founder, but
drew the ire of Trump supporters who called for a
boycott of the brand for what they saw as thinly
veiled pro-immigrant propaganda. This does not
appear to have had any lasting damage however,
with brand value up 30%.
Heineken is in 3rd place again with a brand value
growth of 22% to US$ billion. Heineken is a
major global sponsor, particularly of sports. It has
a longstanding relationship with the UEFA
Champions League. However Heineken is slowly
shifting its focus away from football which it sees
as ‘totally overcrowded’ with competitors brands
making differentiation difficult. Heineken is instead
developing its involvement with F1 and has
renewed its association with Rubgy by announcing
that it will be the headline sponsor of the 2019
Rugby World Cup.
Left: ‘Bud Light Party’ campaign with Seth Rogen and Amy Schumer.
Right: Budweiser’s ‘Born the Hard Way’ Superbowl ad.
Brand Finance Alcoholic Beverages March 2017 Finance Alcoholic Beverages March 2017 16.
Executive Summary - Beers 25
Brand Value Over Time
Brand Finance
Beers 25 (USDm)
Top 25 most valuable beer brands 1 - 25.
Rank
2017
Rank
2016
Brand name Domicile Brand
value (USDm)
2017
%
change
Brand
value(USDm)
2016
Brand
rating
2017
Brand
rating
2016
1 1 Bud Light United States 6,608 34% 4,922 AAA- AA+
2 2 Budweiser United States 5,863 30% 4,503 AAA- AA+
3 3 Heineken Netherlands 5,237 21% 4,326 AA AA-
4 6 Brahma Brazil 3,148 24% 2,543 AAA AAA
5 4 Skol Belgium 3,071 -11% 3,432 AAA AAA-
6 5 Asahi Beer Japan 3,044 -9% 3,345 AA- A
7 10 Corona Extra Belgium 2,394 21% 1,972 AA+ AA+
8 8 Guinness United Kingdom 2,299 5% 2,185 AAA- AAA-
9 7 Kirin Japan 2,286 -3% 2,359 A- A-
10 11 Miller Lite United States 2,195 20% 1,826 AA- AA
11 13 Coors Light
12 9 Harbin
13 12 Snow
14 16 Antarctica
15 21 Stella Artois
16 15 Busch
17 14 Tecate
18 New Peroni
19 19 Carlsberg
20 New Amstel
21 24 Natural
22 22 Cass
23 20 Tsingtao
24 New Carling
25 25 Sol
Brand Value Change 2016-2017 (USDm) Brand Value Change 2016-2017 (%)
Skol
Asahi Beer
Tecate
Tsingtao
Kirin
Busch
Cass
Carlsberg
Stella Artois
Miller Lite
Corona Extra
Coors Light
Brahma
Heineken
Budweiser
Bud Light
$-12
$-23
$-54
$-73
$-131
$-239
$-300
$-361
$1687
$1360
$911
$605
$515
$422
$369
$336
-25 -18 -11 -4 3 10 17 24 31 38 45
Tecate
Tsingtao
Skol
Asahi Beer
Busch
Kirin
Cass
Carlsberg
Miller Lite
Heineken
Corona Extra
Brahma
Budweiser
Stella Artois
Coors Light
Bud Light
-1%
-2%
-3%
-4%
-9%
-11%
-12%
-16%
34%
32%
32%
30%
24%
21%
21%
20%
Skol
Asahi Beer
Tecate
Tsingtao
Kirin
Busch
Cass
Carlsberg
Stella Artois
Miller Lite
Corona Extra
Coors Light
Brahma
Heineken
Budweiser
Bud Light
$-12
$-23
$-54
$-73
$-131
$-239
$-300
$-361
$1687
$1360
$911
$605
$515
$422
$369
$336
-25 -18 -11 -4 3 10 17 24 31 38 45
Tecate
Tsingtao
Skol
Asahi Beer
Busch
Kirin
Cass
Carlsberg
Miller Lite
Heineken
Corona Extra
Brahma
Budweiser
Stella Artois
Coors Light
Bud Light
-1%
-2%
-3%
-4%
-9%
-11%
-12%
-16%
34%
32%
32%
30%
24%
21%
21%
20%
0
1
2
3
4
5
6
7
Skol
Brahma
Heineken
Budweiser
Bud Light
20172016201520142013
B
ra
n
d
v
a
lu
e
(
U
S
$
b
n
)
Brand Finance Alcoholic Beverages March 2017 Finance Alcoholic Beverages March 2017 18.
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Brand Finance has produced this study
with an independent and unbiased
analysis. The values derived and
opinions produced in this study are
based only on publicly available
information and certain assumptions
that Brand Finance used where such
data was deficient or unclear . Brand
Finance accepts no responsibility and
will not be liable in the event that the
publicly available information relied
upon is subsequently found to be
inaccurate.
The opinions and financial analysis
expressed in the report are not to be
construed as providing investment or
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