Unlike the rest of the world where technology brands are the most valuable, beer names are worth the most in Latin America and this year Brazilian beer Skol overcame Corona to become the brand with the biggest value in the six countries surveyed.
“The difference between both brands is minimal. One is worth $8.5 billion and the other $8.476 billion,” Fernando Alvarez, vice president at advertising research agency Millward Brown Vermeer, said in a telephone interview from Mexico with Latin Business Daily.
Skol came up first in the fourth annual BrandZ Top 50 Most Valuable Latin American Brands, jointly announced by advertising and marketing services provider WPP and Millward Brown Vermeer. Skol overcame Mexico´s Corona after gaining 20 percent in 2015. Corona gained 6 percent.
“The ranking reveals that Latin America's leading brands have continued to defy tough economic conditions, growing the Top 50's cumulative value to $132 billion, an increase of 2 percent in U.S. dollar terms,” according to a press release issued by the agency.
“All the brands have a superior purpose which connect them to consumers” Fernandez said. These top brands have learned to use all available media, can generate a particular sensation and are omnipresent.
The survey covered six markets: Argentina, Brazil, Chile, Colombia, Mexico and Peru. Other worldwide brands like Cuba´s Havana Club were not included.
Even after losing the top spot, Mexican brands are still very strong.
“The ranking is once again dominated by Mexican brands with their contribution by value rising from 33
percent last year to 37
in 2015, led by the strong performance of Corona, Telcel and Televisa,” according to the press release.
Brazilian brands took 24 percent of the value, with beer, food and care brands contributing 47 percent. Chile dropped to 15 percent from 20 percent in 2014. Colombia declined 1 point to 15 percent, while Peru and Argentina both gained a point to contribute 5 percent and 2 percent of the total, respectively.
"Latin America's strongest brands have been able to ride out the economic storm. Their value continues to rise and defy local market issues," WPP Chief Executive Officer Martin Sorrell said in the release.
Beer brands occupied five of the top 10 places, with four of them belonging to AB InBev: Skol, Corona, Brahma and Modelo. The sector contributed 29 percent of the total brand value.
The biggest growth in value of brands was in the financial sector with a strong performance of Bancolombia, which grew its brand value by 16 percent. One big loser was Brazilian oil company Petrobras, which was the top brand in 2012, but “could not even make the listing in 2015 as corruption allegations and operation problems hit value,” the release said.