Anand: Leading dairy product brand based in India, Amul has been named the world’s strongest food brand as per the Brand Finance’s Global Food & Drinks Report 2024. Amul has a Brand Strength Index (BSI) score of 91 out of 100 and an AAA+ rating, according to the report. Its brand value increased 11% over 2023, to stand at $3.3 billion in the 2024 ranking.
Amul is an acronym of the Indian Multinational cooperative society named Gujarat Milk Marketing Federation based in Anand, Gujarat. It is under the ownership of Gujarat Cooperative Milk Marketing Federation Limited, Department of Cooperation, Government of Gujarat. It is controlled by 3.6 million milk producers.
Amul has a close to 75% share in the country’s milk market, 85% share in the butter market and 66% share in cheese. It was founded in 14 December 1946 by Verghese Kurien and Tribhuvandas Kishibhai Patel.
Amul’s brand strength rating at AAA+ is a distinction shared only with Hershey’s (whose brand value has decreased by 0.5% to $3.9 billion). The latter led last year’s list and now holds the second position.
The brand strength is evaluated across more than 35 parameters. These include various aspects of brand development, such as the effectiveness of advertising campaigns, product range, consumer perceptions of quality, social media presence, and web traffic. Additionally, brand equity is assessed through the brand’s sustainability efforts, community engagement, and governance practices. This brand equity must then translate into strong business outcomes, including revenue growth, profitability, and customer loyalty.
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‘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,’ said Ajimon Francis, managing director at Brand Finance India.
Meanwhile, Nestlé remains the world’s most valuable food brand at $20.8 billion (down 7% vis-a-vis last year) while Lay’s has risen to second place, valued at $12 billion. Coca-Cola leads the non-alcoholic drinks market followed by Pepsi at the No 2 spot.
The report noted that the food and beverage sector has experienced a 4% decrease in brand value this year, amounting to approximately $268 billion.
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