MEXICO CITY: Mexican beer brand Corona has overtaken Petrobras, the Brazilian energy giant, to become the most valuable brand in Latin America, according to new analysis, which ranked two other brewers among the top ten.
The BrandZ Top 50 Most Valuable Latin American Brands, compiled by BrandAnalytics, the brand consultancy division of research agency Millward Brown, also noted that Mexican brands now have the highest percentage of total brand value, having dislodged Brazil from the top spot.
Mexico, benefiting from proximity to the US, accounted for 32% of the total value while Brazil fell to second place at 28%.
Corona increased its brand value by +29% in the last year to $6.6bn while the overall beer segment increased by +96% with Skol, Brazil's most valuable brand, growing +39% to become the region's third most valuable brand at $6.5bn.
Aguila, the Colombian beer, was ranked tenth – the first time it has entered the top ten – with a valuation of $3.9bn.
Other beer brands also performed strongly with Modelo of Mexico and Brahma of Brazil achieving the strongest growth at 85% and 61% respectively.
Rapid growth in the beer segment compared starkly with significant falls experienced in other sectors.
Petrobras, which topped the list last year, fell -45% to fourth place while Telcel, the Mexican communications group, declined -22% to be ranked second.
Eduardo Tomiya, managing director of BrandAnalytics, concluded that the most successful brands managed to increase their value by differentiating themselves to achieve high levels of customer loyalty.
This enabled them to charge a premium, sustain sales and generate exceptional profits, he explained.
With several local brands, especially beer brands, now competing on the global stage, he said this emphasised "the growing importance of the region".
The survey covered brands from Argentina, Brazil, Chile, Colombia, Mexico and Peru and assessed their total value at $135.3bn.
Data sourced from Millward Brown; additional content by Warc staff