Corona still world’s most valuable beer brand, despite name association
Despite images of Corona bottles languishing on supermarket shelves due to its association with the pandemic, the beer brand remains the world’s most valuable, says new Brand Finance report
With the Mexican brand’s name meaning ‘crown’ in Spanish, it’s perhaps apt that Corona has retained its status as king of the beer world, despite significant challenges faced by the brand since the start of the pandemic.
According to findings from the new Brand Finance Alcoholic Drinks 2021 report, Corona has managed to hang onto the title of the world’s ‘most valuable’ beer brand, in spite of recording a 28% drop in brand value to the tune of $2.243 billion, bringing its current brand value in at $5.8billion.
During the last year, Corona has been met with consumer hesitancy, particularly in one of its biggest markets, the US, where some Americans have been apprehensive about purchasing Corona products due to the similarity in name to that of coronavirus. This blot on public opinion is likely to be behind the beer’s dip in brand value, though Corona’s extraordinary resilience speaks to the strength of the global brand.
Part of the Mexico-based Grupo Modelo, Corona recently announced an initiative to help the restaurant industry recover from the effects of the pandemic. This week also saw the beer brand open the UK’s first ever 100% natural beach bar, made from all-natural materials including sand, wood, clay and bamboo, on Porthminster beach in Cornwall. Both moves seem to clearly signify the brand’s continued commitment to rebuilding its standing within public perception.
Overall, the world’s top 50 beer brands lost 16% of cumulative value last year due to COVID-19, according to the report. However, there is a smattering of considerable success stories with silver linings for many brands, including another top Mexican brew, Victoria, being declared the ‘strongest beer brand’, awarded AAA-rated brand strength.
The Belgian-brewed Michelob won plaudits for becoming the fastest growing brand, climbing 13 spots in the ranking following an impressive 39% brand value growth to $1.2 billion. Over the last year, the brand has cemented its position through innovative campaigns such as its “Ultra Beer Run” campaign, which offered free beer as a reward for exercising. While Australian brew, XXXX, and Spain’s Estrella Damm are the second and third fastest growing beer brands, up 37% and 31% respectively.