Brazilian beer brand Skol has overtaken Corona for the first time to become Latin America’s biggest brand in terms of value, according to new rankings published today.
Skol’s brand value grew to an estimated $8.5bn in the past year, putting it one place above the $8.48bn valuation of Mexico’s Corona. The pair are among five beer brands to appear in WPP and Millward Brown’s list of the most valuable Latin American brands; they are joined in eighth, ninth and tenth places respectively by Brahma of Brazil, Colombia’s Aguila and another Mexican beer brand, Modelo.
The middle places of the top ten were dominated by financial, communications and retail groups, as the value of the 50 largest brands increased 2% in spite of the region’s economic difficulties.
The research also found that, while premium brands such as Budweiser, Heineken and Stella Artois are making an impression, the most value and scale is still seen by local brands in the middle class and low-end consumer groups. In the beer sector – where multinational ownership has enabled brands to combine very precise segmentation and targeting – the value of local traditions and a place in the local culture has proved strong.
Four of the five brands – Skol, Corona, Brahma and Modelo – are owned by Anheuser-Busch, with the region’s beer sector representing almost 30% of the combined brand value of the top 50 Latin American brands.
Gonzalo Fuentes, CEO LatAm for Millward Brown, said: “What we are seeing in this year’s BrandZ listing is the power of a strong brand proposition that delivers meaningful difference to consumers. Given the economic circumstances in many markets, that means creating strong emotional connections that resonate with the growing middle class as well as low income families. Such an approach is essential if companies want to grow great brands.”
“The economy has not been kind to Latin America in the last year outside Colombia but the region’s strongest brands have found a way to thrive and prosper. The ability to anticipate consumer needs and build strong connections by satisfying or helping them solve problems is the hallmark of the most successful brands in this year’s BrandZ top 50 for Latin America,” added Eduardo Tomiya, managing director of Millward Brown Vermeer for Brazil and South America.
© FoodBev Media Ltd 2023