Coca-Cola and Pepsi lead non-alcoholic drinks market

Nongfu Spring achieves the highest brand value growth, up 102 per cent to $8.3 billion

Coca-Cola (brand value up 5 per cent to $35 billion) retains its title as the world’s most valuable non-alcoholic drinks brand, according to a new report from leading brand valuation consultancy, Brand Finance.  

Coca-Cola also remains the strongest non-alcoholic drinks brand, holding the ranking’s only AAA+ brand strength rating and recording a Brand Strength Index (BSI) score increase of 0.8 points to 90.4 of 100. The brand’s memorable marketing campaigns, such as its 2023 Christmas advertisement, “The World Needs More Santas,” have further reinforced its emotional connection with consumers.  

The brand’s dynamic marketing investments during the 2023 financial year have facilitated growth and addressed various consumer needs. The brand’s strategic collaborations and innovative product launches, such as the “space-flavoured” cola and ready-to-drink canned cocktail with Jack Daniel’s, have bolstered its market position. 

Four of the top 10 most valuable non-alcoholic drink brands ranked this year are carbonated soft drinks. Apart from Coca-Cola leading, Pepsi (brand value up 10 per cent to $20.2 billion) is in second place while Dr Pepper (brand value up 8 per cent to $4.8 billion) and Sprite (brand value up 9 per cent to $4.5 billion) occupy the seventh and eighth positions, respectively. The top 10 list also includes three functional drink brands, two coffee and tea brands, and one bottled water brand. 

Nongfu Spring recorded the largest brand value growth by percentage of any non-alcoholic drinks brand ranked, increasing by 102 per cent to $8.3 billion. The brand’s expansion in the ready-to-drink (RTD) tea market, particularly with its Oriental Leaf product, has driven significant sales growth and popularity on social media platforms like Weibo. 

The 2024 Sustainability Perceptions Index finds that in the non-alcoholic drinks sector, Coca-Cola has the highest Sustainability Perceptions Value (SPV) at $5.2 billion and Pepsi has the highest positive gap value of $212 million among brands in the rankings.