Brand Finance logo

Corona Defies Unfortunate Name Association & is Crowned World’s Most Valuable Beer Brand

02 June 2021
This article is more than 2 years old.
  • World’s top 50 beer brands lose 16% of cumulative brand value due to COVID-19 pandemic
  • Despite unfortunate name association, Corona is once again world’s most valuable beer brand, brand value US$5.8 billion
  • Mexico’s Victoria is strongest beer brand, AAA brand strength rating
  • Chinese baijiu brands dominate spirits sector: Moutai, Wuliangye, Yanghe, Luzhou Laojiao and Gujing Gong Jiu make up top 5
  • Don Julio is strongest spirits brand with AAA brand strength rating
  • Moët et Chandon is most valuable and strongest wine & champagne brand
  • Dom Pérignon only brand in wine & champagne sector to increase brand value, up 2%

View the full Brand Finance Alcoholic Drinks 2021 report here

Brand Finance Beers 50

World’s top beer brands lose 16% of total brand value

The total value of the world’s top 50 most valuable beer brands has declined by 16%, from US$94.9 billion in 2020 to US$80.2 billion in 2021. Most brands in the Brand Finance Beers 50 2021 ranking have been negotiating the effects of social distancing measures brought about by the widespread global lockdowns over the last year, which severely diminished demand for beers and wider alcoholic drinks.

Richard Haigh, Managing Director, Brand Finance, commented:

“The pandemic has undoubtedly forced change upon the world’s beer brands, which have grappled with consumers’ significant lifestyle changes brought about by the limitations on social interaction. Brands with a strong existing reputation and good levels of familiarity amongst consumers are those most primed to weather the storm.”

Belgian beer brand, Michelob, bucks industry trends as the fastest growing brand, climbing 13 spots in the ranking following an impressive 39% brand value growth to US$1.2 billion. Over the last year, the brand has cemented its position as an innovative presence within the sector through its digital-based “Ultra Beer Run” campaign – an initiative that offers free beer as a reward for exercising.

Australian brand, XXXX (brand value US$743 million), and Spain’s Estrella Damm (brand value US$1.0 billion)are the second and third fastest growing brands, up 37% and 31% respectively. 

Corona remains most valuable

Corona has retained the title of the world’s most valuable beer brand, despite recording a 28% drop in brand value to US$5.8 billion. As the bestselling imported drink in the United States, with an additional presence in over 120 countries, the Mexican brand has also recently become one of the fastest growing grocery products in the United Kingdom.

Over the last year, the brand has been met with some hesitancy, particularly in the United States, as Americans are hesitant to purchase its products due to its similarity in name to coronaviruses. It is this area of public opinion that could be behind the beer’s slight dip in brand value this year, although it remains exemplary of the resilience of a strong and reputable global brand, recently announcing an initiative to help the restaurant industry recover from the effects of the pandemic.

Victoria is strongest beer brand

In addition to measuring overall brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Victoria (down 13% to US$4.0 billion) has jumped ten spots in the brand strength ranking to become the world’s strongest beer brand, with a Brand Strength Index (BSI) score of 87.8 out of 100 and a corresponding AAA brand strength rating.

As one of the oldest beers produced in Mexico, Victoria has become a firm favourite in its home country, where it is the most traditional out of Grupo Modelo’s brand portfolio. Owned by AB InBev, the Mexican beer brand has undoubtedly benefited from parent company’s positive reputation and the strength of its wider brand portfolio.

Brand Finance Spirits 50

Chinese Baijiu brands dominate top 5

The total value of the world’s top 50 most valuable spirits brands has increased by 5%, up from US$129.7 billion in 2020 to US$135.9 billion in 2021. Performing particularly well in the ranking this year are the Chinese brands, with the nine brands that feature growing 27% in brand value on average.

Once again, Chinese Baijiu brands dominate the Brand Finance Spirits 50 2021 ranking, claiming the top five spots. Moutai maintains a clear lead at the top with a brand value of US$45.3 billion, up 15% year-on-year. Moutai’s revenues have suffered recently with sales reaching a five-year low, as the brand grapples with the sharp decline in consumer spending, as a result of the pandemic. The brand has been working towards increasing its direct sales channels, however, so that it can control prices more effectively as well as expanding it production capacity.

Fellow Baijiu brand Wuliangye sits in second with a brand value of US$25.8 billion and celebrates a 24% brand value increase. Wuliangye has thrived since optimising its product structure, streamlining the business by demerging many sub brands, and focusing on the high-end spirits market.

Yanghe (down 8% to US$7.1 billion), Luzhou Laojiao (up 25% to US$7.0 billion) and Gujing Gong Jiu (up 22% to US$4.0 billion) make up the top five. Following its 22% brand value increase Gujing Gong Jiu – famous for using the oldest existing distilling technique in the world - has climbed four spots to break into the top 5, pushing whiskey giant Jack Daniels (down 17% to US$3.4 billion) into 6th spot.

Soaring into the Brand Finance Spirits 50 2021 ranking in 28th position is Jiugui Jiu following a staggering 96% brand value increase to US$760 million.

Richard Haigh, Managing Director, Brand Finance, commented:

“China is home to the largest spirits market in the world and it has been flourishing in recent years as alcohol consumption increases and purchasing power is on the up. Although we are beginning to witness a rise in popularity of international spirits across the country, the nation’s traditional Baijiu spirit still dominates on home soil with immense volumes sold each year, particularly by market leaders Moutai and Wuliangye. This dominance is reflected in their brand values being significantly ahead compared to other brands across the sector.”

Don Julio is strongest spirits brand

Don Julio (down 3% to US$933 million)is the world’s strongest spirits brand with a Brand Strength Index (BSI) score of 88.8 out of 100 and a corresponding AAA brand strength rating.

The focus on keeping the authenticity of the brand and maintaining the same processes and quality since it was first created by Don Julio Gonzalez in 1942 remains of paramount importance. Don Julio launched its biggest marketing campaign to date at the end of last year, celebrating its founder and showcasing its commitment to supporting communities, and the restaurant sector.

Riding on the wave of increased popularity in tequila particularly in the US market – where volume consumption has grown exponentially over the past five years in particular – Don Julio has celebrated strong sales over the previous year. The strong performance of the brand helped to offset losses made in other areas of parent company Diageo’s portfolio.

Brand Finance Champagne & Wine 10

Moët et Chandon fizzes in first place

The total value of the world’s top 10 most valuable champagne and wine brands has declined by 10%, decreasing from US$7.4 billion in 2020 to US$6.7 billion in 2021. This is a natural consequence of the COVID-19 pandemic, where restrictions on socialising and the shutdown of the hospitality sector limited opportunities for wine and champagne brands.

Despite recording an 11% drop in brand value to US$1.2 billion, Moët et Chandon has retained the title of the world’s most valuable champagne and wine brand for the 2nd consecutive year. While the brand continues to negotiate the fallout of the COVID-19 pandemic, Moët et Chandon remains one of the most renowned and prestigious luxury items in the world, aided by its numerous celebrity partnerships and association with high calibre events such as the Golden Globes and Royal Ascot.

Moët et Chandon is also the world’s strongest champagne and wine brand, with a Brand Strength Index (BSI) score of 77.9 out of 100 and corresponding AA+ brand strength rating. Over the last year, the brand has maintained its status as a symbol of luxury, continuing to enjoy a favourable reputation amongst consumers.

Richard Haigh, Managing Director, Brand Finance, commented:

Despite Moët et Chandon recording a drop in brand value, the brand has benefited from its positive image as an instantly recognisable luxury product. This places Moët et Chandon in an excellent position to benefit from its favourable reputation in order to navigate the fallout from the COVID-19 pandemic over the coming year.”

Dom Pérignon brand value bubbles up

Dom Pérignon is the only brand in the Brand Finance Champagne & Wine 10 2021 ranking to record a growth in brand value this year, following a 2% increase to US$820 million. Owned by the champagne house of Moët et Chandon, the prestigious vintage champagne has remained in the public eye over the last year, most recently through a campaign with Lady Gaga and Nicola Formichetti, where proceeds from sales of the limited-edition Dom Pérignon Rosé 2005 will be donated to charity.

Concha y Toro new entrant

Chilean wine brand, Concha y Toro, is a new entrant to the Brand Finance Champagne & Wine 10 2021 ranking, entering the ranking in 10th position with a brand value of US$293 million. With distribution in 135 countries, Concha y Toro is the largest wine producer and exporter in Latin America. Over the last year, the brand has benefited from a sizeable uptick in sales, particularly in the United Kingdom and Nordic countries. With plans to focus on its premium brands portfolio and further expand its Casillero del Diablo range, Concha y Toro is showing no signs of slowing down in the coming year.

View the full Brand Finance Alcoholic Drinks 2021 report here


Note to Editors

Every year, Brand Finance puts 5,000 of the biggest brands to the test, evaluating their strength and quantifying their value, and publishes nearly 100 reports, ranking brands across all sectors and countries. The 50 most valuable beer brands, the 50 most valuable spirits brands and 10 most valuable champagne & wine brands are included in the Brand Finance Alcoholic Drinks 2021 report.

The full rankings, additional insights, charts, more information about the methodology, as well as definitions of key terms are in the Brand Finance Alcoholic Drinks 2021 report.

Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Please see below for a full explanation of our methodology.

Media Contacts

Penny Erricker
Communications Executive
Brand Finance

About Brand Finance          

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes nearly 100 reports which rank brands across all sectors and countries.

Brand Finance is a regulated accountancy firm, leading the standardisation of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671, and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.


Definition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Value

Brand value refers to the present value of earnings specifically related to brand reputation. Organisations own and control these earnings by owning trademark rights.

All brand valuation methodologies are essentially trying to identify this, although the approach and assumptions differ. As a result, published brand values can be different.

These differences are similar to the way equity analysts provide business valuations that are different to one another. The only way you find out the “real” value is by looking at what people really pay.

As a result, Brand Finance always incorporates a review of what users of brands actually pay for the use of brands in the form of brand royalty agreements, which are found in more or less every sector in the world.

This is known as the “Royalty Relief” methodology and is by far the most widely used approach for brand valuations since it is grounded in reality.

It is the basis for our public rankings but we always augment it with a real understanding of people’s perceptions and their effects on demand – from our database of market research on over 3000 brands in over 30 markets.

Brand Valuation Methodology

For our rankings, Brand Finance uses the simplest method possible to help readers understand, gain trust in, and actively use brand valuations.

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668.

Our Brand Strength Index assessment, a balanced scorecard of brand-related measures, is also compliant with international standards (ISO 20671) and operates as a predictive tool of future brand value changes and a control panel to help business improving marketing.

We do this in the following four steps:

1. Brand Impact

We review what brands already pay in royalty agreements. This is augmented by an analysis of how brands impact profitability in the sector versus generic brands.

This results in a range of possible royalties that could be charged in the sector for brands (for example a range of 0% to 2% of revenue).

2. Brand Strength

We adjust the rate higher or lower for brands by analysing Brand Strength. We analyse brand strength by looking at three core pillars: “Investment” which are activities supporting the future strength of the brand; “Equity” which are real perceptions sourced from our original market research and other data partners; “Performance” which are brand-related measures of business results, such as market share.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+, in a format similar to a credit rating.

3. Brand Impact x Brand Strength

The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI 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. Brand Value Calculation

We determine brand-specific revenues as a proportion of parent company revenues attributable to the brand in question and forecast those revenues by analysing historic revenues, equity analyst forecasts, and economic growth rates.

We then apply the royalty rate to the forecast revenues to derive brand revenues and apply the relevant valuation assumptions to arrive at a discounted, post-tax present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based 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 study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

Get in Touch