2025年全球酒精饮料品牌价值排行榜报告

BrandFinance

AlcoholicDrinks

2025

Theannualreportonthemostvaluableandstrongestalcoholicdrinkbrands

About

BrandFinance

BridgingthegapbetweenMarketingandFinance

BrandFinancewassetupin1996withtheaimof'bridgingthegapbetweenmarketingandfinance'.Formorethan25years,we

havehelpedcompaniesandorganisationsofalltypestoconnecttheirbrandstothebottomline.

Quantifyingthe

financialvalueofbrands

Weputthousandsoftheworld’sbiggestbrandstothetesteveryyear.Ranking

brandsacrossallsectorsandcountries,wepublishover100reportsannually.

Uniquecombinationofexpertise

Ourteamshaveexperience

acrossawiderangeofdisciplines

frommarketingandmarketresearch,tobrandstrategyandvisualidentity,totaxandaccounting.

Pridingourselves

ontechnicalcredibility

BrandFinance,acharteredaccountancy

firmregulatedbytheInstituteofCharteredAccountantsinEnglandandWales,isthefirstbrandvaluationconsultancytojointheInternationalValuationStandardsCouncil.Ourexpertscraftedstandards(ISO10668andISO20671)andourmethodology,

certifiedbyAustrianStandards,isofficiallyapprovedbytheMarketingAccountabilityStandardsBoard.

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BrandFinanceAlcoholicDrinks2025/alcoholic-drinks3

Contents

Foreword

5

DavidHaigh,Chairman&CEO,BrandFinance

SectorOverview6

BrandValue&BrandStrengthAnalysis9

Beers

10

MostValuableBeerBrand:CoronaExtra12

Spirits

13

SpiritsSegmentRanking

16

Champagne&Wines

26

SustainabilityAnalysis29

BrandSpotlight31

Wuliangye3

2

Insights34

Baileys:HowBabyGuinnessisDrivingGrowth35

butMissingaKeyConnectionintheUK

FinbarKneen,SeniorAnalyst,BrandFinance

Guinness:AClassicBrandReimaginedforaNewGeneration36

HenryFarr,ValuationDirector,BrandFinance

Tequila:Mexico'sBrandsAdapttoGlobalTaste37

LaurenceNewell,ManagingDirector,BrandFinanceAmericas

No-andLow-alcoholDrinks’GrowthFuelledby38

Sport-engagedConsumers

HenryFarr,ValuationDirector,BrandFinance

ScottMoore,ManagerSportsServices,BrandFinance

BehindtheBottle:TheComplexityoftheGlobalWineIndustry39

JeremySampson,Chairman,BrandFinanceAfrica

BrandValueRanking(USDm)41

Beers41

Spirits

42

Champagnes&Wines

43

Methodology44

OurServices

50

©2025Allrightsreserved.BrandFinancePlc.

Continuedrise

ofNoLoalcoholic

drinks;non-alcoholicbeerdrinkerstwiceaslikelytobeinterestedinrunning

+$13.4billion:CoronaExtramaintainspositionasworld’smostvaluablebeerbrand

+10yearsontop:ChineseBaijiubrandMoutairetains

positionasworld’smostvaluablespiritsbrand

+AAA+:DonJuliobecomesstrongestspiritsbrandglobally+Sixyearsontop:Moët&Chandonremainsworld’smost

valuablechampagne&winebrand

BrandFinanceAlcoholicDrinks2025/alcoholic-drinks5

Foreword

DavidHaigh

Chairman&CEO,BrandFinance

Theglobalbusinesslandscapeisconstantlyevolving,shapedbyeconomicshifts,technologicaladvancements,andchangingcustomerexpectations.Inthisdynamicenvironment,strongbrandscontinuetostandaskeydriversofbusinesssuccess,enablingorganisationstodifferentiatethemselves,attractloyalcustomers,

andbuildresilienceinanincreasinglycompetitiveworld.

TheenduringimportanceofbrandstrengthissupportedbyBrandFinance’sextensiveresearch.Awell-managedbranddeliversmeasurablevaluebeyondcustomerattractionandretention–itenhancestalentacquisition,investorconfidence,andorganisationalagility.Intoday’smarketplace,astrongbrandisnotjustanassetbutastrategicimperative.

BrandFinancehasdeepeneditsinvestmentinunderstandingcustomer

perceptionslikeneverbefore.Thisyear,theBrandStrengthIndexhasevolved

toincludemetricsbasedonfamiliarityandperceptionsofbothfunctionalcredibilityandemotionalappealversuscompetitors.Thisupdatedmodelisdesignedtobe

predictiveofgrowth,capturingthedriversofvaluesuchasincreaseddemand,higherwillingnesstopay,andstrongercustomeradvocacy.Theinsightsgatheredfrom

over170,000respondentsacross41sectorsand31countriesinthisyear’sGlobal500reporthighlighttheimportanceofthesefactorsinshapingtheworld’s

strongestandmostvaluablebrands.

ApersistentchallengeistheassumptionthatChiefFinancialOfficers

(CFOs)areopposedtoinvestinginbrands,butwebelievethisisamisconception.

AmbitiousCFOsunderstandthatastrongbrandsupportsbusinesssuccessbutmanyarereluctanttoallocateresourcestowardlong-termbrand-buildingwithoutdata

supportingthisapproach,oftenresultinginaprioritisationofshort-termperformancemarketing.Thefindingsfromthisyear’sreportunderscoretheimportanceofdatainaligningtheprioritiesofcorporateleaders.BrandvaluationempowersCFOstoinvestinbrandwithconfidence,resultinginbusinessdecisionsfocusedongrowingand

enduringbrandvalueandstrength.

Whetheryouareaimingtostrengthenyourbrandorquantifyitscontribution

toyourbusiness’ssuccess,theBrandFinanceteamisheretosupportyouwithbrandvaluationsthatalignmarketingandfinancetoaccelerategrowth.Weinviteyoutoexploretheinsightswithinthisreportandcollaboratewithusinshapingamoreprofitableandsustainablefutureforyourbrand.

Sector

Overview

BrandFinanceAlcoholicDrinks2025/alcoholic-drinks7

SectorOverview

Thealcoholicdrinkssectorremainscyclical,currentlyshapedbyevolvingconsumerhabits,economicconditions,andshiftingattitudes

towardshealthandalcoholconsumption.

The2025BrandFinanceAlcoholicDrinks

reportidentifieskeytrendsacrossthealcoholicdrinkssector,includingthecontinuedrise

ofno-andlow-alcohol(NoLo)alternativesandpremiumisation.

NoLocontinuestoproveamajorgrowthareaacrossthesectorasmoreconsumerschoosetomoderatetheiralcoholintakeinlinewith

ahealthierlifestyle.BrandsthatexpandtheirportfoliostoincludeNoLooptionsarebetterpositionedtoretainconsumerswhomightotherwisereduceorstopdrinkingalcohol

entirely,particularlyamongyoungergenerations.

BrandFinancedatarevealsthatdrinkersof

non-alcoholicbeerare68%morelikelytobeinterestedinsport,andtwiceaslikely(106%)tobeinterestedinrunning.Non-alcoholicbeerdrinkersareover-indexedversusthegeneralpopulationacrossallsportingactivity.

In2023,MillennialsandGenZaccountedfor

62%

ofallNoLoproductconsumption.Inthe

UK,NoLobeershavebecomethefastest-growingbeercategoryandbyearly2024,

86%

ofpubs

intheUKofferedatleastoneNoLobeer.

Similarly,intheUS,theNoLomarkethas

expanded,withproductlaunchesincreasing

by

11%

overthepastfiveyears,outpacingthe

overallalcoholicbeveragemarket.Thatsaid,

whilebeerleadstheNoLolandscape,champagne-&wine-basedalternativeshavegainedless

tractionandremaincomparativelyniche.

Ashabitsshift,premiumisationcontinues

toshapethesector.Consumersaredrinkinglessfrequentlybutchoosinghigher-quality,premium-pricedproducts.Premiumspirits,particularlyatthesuper-premiumend,notestrongdemand,supportedby

younger,more

gender-diversegroups

.Premiumbeersarealsogainingmomentum.

Top10MostValuable©BrandFinancePlc.2025

AlcoholicDrinksPortfolios2025

#1

ABInBev

$52.5bn

#2

HEINEKEN

Heineken

$24.8bn

#3

DIAGEO

Diageo

$22.5bn

#4

constellation

Brands

ConstellationBrands

$14.8bn

#5

Asahi

$14.7bn

#6

pernodRicαrd

PernodRicard

$11.9bn

#7

LVMHMOET*$9.5bn

#8

Bacardi$9.1bn

BACARDI

#9

MLSOCOORS

N

beveragecompany

MolsonCoors$7.9bn

#10Carlsberg$7.9bn

*LVMHMOEThereincludesonlyitsSpiritsandChampagne&Winebrands

BrandFinanceAlcoholicDrinks2025/alcoholic-drinks8

SectorOverview

IntheU.S

.,premiumbeerisincreasinglyperceivedasanaffordableluxury,positionedbetweenmass-marketbrandsandmoreexpensivechampagne&wineorspirits.

Asaresultoftheseshifts,manyalcoholicdrinks

companiesareconsolidatingtheirbrandportfolios.Inbeer,forexample,thishasmeantlessinvestmentinmid-sizedornicheofferingsandagreaterfocusoncorebrands.

Wherethesectorhaspreviouslyseenarise

inacquisitionsofcraftbreweries,thishasnow

slowed,reflectingashiftinprioritiestostrengthenflagshipbrands.

In2025,ABInBevholdsthetopspotasthemost

valuablealcoholportfoliobrand,withavalueof

USD52.5billion.HeinekenrankssecondwithanalcoholportfoliobrandvalueofUSD24.8billion,followedby

DiageointhirdplaceatUSD22.5billion.

Beers

BrandValue&BrandStrengthAnalysis

BrandFinanceAlcoholicDrinks2025/alcoholic-drinks10

Beers

BrandValueandBrandStrengthAnalysis

Thetotalbrandvalueoftheworld’stop50most

valuablebeerbrandshasreachedUSD117.6billionin2025.Thetopthree,CoronaExtra,Heineken,andBudweiser,remainsunchangedfrom2024intermsofranking.Mexico’sModeloEspecialhassurpassedBudLighttoclaimfourthplace,pushingittofifth.

MichelobandTsingtaohaveenteredthetop10forthefirsttime,andGuinnesshasre-enteredthetop10forthefirsttimesince2018,nowrankingeighthtotenth,respectively.Notably,allbrandsinthe2025top10recordedbrandvaluegrowth.

Tsingtaomaintainsitspositionastheworld’s

strongestbeerbrand,withaBrandStrengthIndex(BSI)scoreof95.6outof100andaAAA+brandstrengthrating,reflectingitsrobustmarket

presenceandenduringappeal.

AsoneofChina’smosticonicbeerbrands,

Tsingtaoremainsastapleinthecountry'sbeveragesector.Thebrand'srichheritageandongoingeffortstoinnovateandexpanditsinternationalfootprint

haveenabledittosustainitsstrongbrandrecognition,evenamidmarketchallenges.

Filippinobeerbrandshaveemergedassomeof

thestrongestamongthetop50brandsin2025,

drivenbygrowingdisposableincomesinthecountry,productinnovation,andayoungadultdemographicincreasinglydrawntopremiumofferings.

RedHorseisthesecondstrongest,withaBSIscoreof95.0outof100.Itsbrandstrengthcanlargelybe

attributedtoitshugeappealandfamiliarityamongstextra-strongbeerdrinkersinthePhilippines.Red

Horsehasalsoenhanceditsbrandimageviainclusivemarketingcampaignsthatconnectwithalargearrayofaudiencesacrossthecountry.

Similarly,SanMiguelBeernowrankssixthwith

aBSIscoreof91.4outof100.AccordingtoBrandFinance’smarketresearchdatainthePhilippines,

thebrandishighlyfamiliartoitsFilipinoconsumers,andengageswiththemregularly,withanationwidepresence.Itskeystrengthsincludeanextensive

nationwidedistributionnetwork,adiverseproductlineofflavouredbeersandlowalcoholvariants,andmarketinginitiativessuchassports

sponsorshipsandcelebrityendorsements.

Top10MostValuable©BrandFinancePlc.2025

BeerBrands2025

$13.4bn

CoronaExtra

#1

#2

Heineken

$12.9bn

#3

Budweiser

$11.9bn

#4

ModeloEspecial

$7.1

bn

#5

BudLight

$5.8bn

#6

Snow

$4.7bn

#7

Asahi

$4.6bn

#8

Michelob

$4.0bn

#9

Tsingtao

$3.6bn

#10

Guinness

$3.4bn

BrandFinanceAlcoholicDrinks2025/alcoholic-drinks11

Beers|BrandValue&BrandStrengthAnalysis

GlobalTop10©BrandFinancePlc.2025

StrongestBeerBrands2025

95.6

#1

Tsingtao

青島啤酒

#2

V

BEER

十

RedHorse

95.0

#3

Leffe

94.7

#4

Mahou

93.2

#5

Snow

92.5

#6

SanMiguelBeer

91.4

#7

CarlingBlackLabel

86.9

#8

Brahma

86.4

#9

Sagres

85.2

83.6

CoronaExtra

rQ

#10

Extra

BrandFinanceAlcoholicDrinks2025/alcoholic-drinks12

MostValuableBeerBrand

CoronaExtra

CoronaExtraretainsitspositionastheworld’s

mostvaluablebeerbrandin2025forthesecond

consecutiveyear,withitsbrandvalueincreasing

29%toUSD13.4billion.Corona’sstrongperformancewassupportedbystronginternationalgrowth,

withrevenuesoutsidetheUSrisingnearly10%andvolumesalesintheEMEAregionincreasingbyover30%.

AkeyinitiativeforCoronain2024wasitsongoingcommitmenttopromotingno-alcoholbeers,notablythroughitslandmarkpartnershipwiththeOlympicGames.ForthefirsttimeinOlympichistory,abeerbrand–thealcohol-freeCoronaCero-became

theofficialglobalbeersponsorfortheSummerOlympicsinParis.

ThispartnershipunderscoredbothCorona’sand

theInternationalOlympicCommittee’scommitmenttoresponsibleconsumption,withmessagingcentredoncelebrating“goldenmoments”attheGamesandineverydaylife.Thecampaignemphasisedthateverymoment,bigorsmall,canbespecialandworthyofcelebration,furthersolidifyingthebrand’sassociationwithenjoymentandmeaningfulmoments.

CoronaExtraBrandValueTrendLine|2017-2025(USDbn)©BrandFinancePlc.2025

15

10

5

0

201720182019202020212022202320242025

Spirits

BrandValue&BrandStrengthAnalysis

BrandFinanceAlcoholicDrinks2025/alcoholic-drinks14

Spirits

BrandValueandBrandStrengthAnalysis

ChinesebaijiubrandMoutai,whosebrandvalue

reachedUSD58.4billionin2025,retainsitspositiontheworld’smostvaluablespiritsbrand.Thiscan

beattributedtodomesticculturalinitiativessuchastheMoutaiWineFestivalandRedSorghum

HarvestSeason.Atthesametime,internationally,its"OneCountry,OneStrategy"approachexpandsitsreachto66countries.

Moutaialsomaintainsitspositionastheworld’ssecond-strongestspiritsbrand,withaBrand

StrengthIndex(BSI)scoreof92.4outof100

andanAAA+rating.BrandFinanceresearch,conductedsolelyinitshomemarketofChina,showsthatMoutaiishighlyratedacrosstheboard,earningnear-perfectscoresformetricslikereliability,reputation,andlikeability.

InadditiontoMoutai,fiveotherbaijiubrands

–Wuliangye,LuzhouLaojiao,andXinghuacunFenWine,Yanghe,andGujingGongJiu–rankamongtheworld’smostvaluablespiritsbrands,placingsixbaijiubrandsintheglobaltopeight.

Leadingbaijiubrandshaveacceleratedashifttowardspremiumisationinthecategorybutasdomesticgrowthslows,duetoongoing

post-

pandemicdownturnandstrictergovernment

regulations

inChina,globalmarketspresent

anotableopportunityforChinesebaijiubrandstoexpand.Wuliangyeranksastheworld’sthird-strongestspiritsbrand,withaBSIscoreof91.0outof100.

BrandFinanceresearchshowsthatalthough

ChineseconsumersaremorefamiliarwithbaijiubrandsthanwithWesternspirits,theyaremore

likelytoconsideranduseWesternspirits.This

highlightsthepolarisationwithinthebaijiumarket,wherepremiumbrandsdominatebutmaybelessaccessibletotheaverageconsumer,making

Westernspiritsamoreattractiveoraffordablealternative.

MexicantequilabrandDonJulioranks15thglobally

intermsofbrandvaluebuthasemergedastheworld’sstrongestspiritsbrand.ItachievedaBSIscoreof

94.2outof100andaAAA+rating.Eightofthetop

50mostvaluablespiritsbrandsgloballyholdatopAAA+rating,accordingtoBrandFinanceresearch.

Top10MostValuable©BrandFinancePlc.2025

SpiritBrands2025

$58.4bn

Moutai

#1

#2

Wuliangye

$27.8bn

#3

LuzhouLaojiao

$6.3bn

#4

XinghuacunFenWine

$5.9bn

#5

miwHennessy

$5.3bn

#6

Yanghe

$5.0bn

#7

KDAN

OLD

NQ

BRAND

lk

JackDaniel's$4.4bn

#8

GujingGongJiu

$3.6bn

#9

Bacardi

BACARDI

$3.3bn

#10JohnnieWalker$3.1bn

BrandFinanceAlcoholicDrinks2025/alcoholic-drinks15

SpiritsIBrandVaIue&BrandStrengthAnaIysis

GlobalTop10©BrandFinancePIc.2025

StrongestSpiritBrands2025

DonJuIio

94.2

#1

#2

Moutai

92.4

#3

Wuliangye

91.0

#4

McDoweIIIs91.0

#5

ChamisuI

90.9

#6

CrownRoyaI

90.7

#7

RoyaIStag

90.3

#8

Baileys

89.7

#9Martini89.4

JoséCuervo

86.4

#10Jose[ucruo

SpiritsSegmentRanking

BrandFinanceAlcoholicDrinks2025/alcoholic-drinks17

Spirits

SegmentRanking

Thetopthreewhiskybrandshavemaintainedtheirpositionssince2024.JackDaniel’scontinuestobetheworld’smostvaluablewhiskybrand,withabrandvalueofUSD4.4billion.Followingclosely,JohnnieWalkerholdssecondplacewithavalueofUSD3.1billion,whileCanadianbrandCrownRoyalranks

third,valuedatUSD2.4billion.

©BrandFinancePlc.2025

Top10MostValuable

WhiskeyBrands2025

KDANE

$4,437m

JackDaniel's

D

N

#1

BRAND

#2

JohnnieWalker

$3,066m

#3CrownRoyal$2,407m

#4

MAciLAN

TheMacallan

$1,463m

#5

CHIVAS

ChivasRegal

$1,317m

#6

RoyalStag$1,205m

#7

shMESOW

Jameson$1,147m

#8

Ballantine's$1,144m

#9

EST1923

SUNTORYWHISKY

THEFOUNDINGHOUSEOFJAPANESEWHISKY

SuntoryWhisky$928m

#10

$892m

McDowell's

BrandFinanceAlcoholicDrinks2025/alcoholic-drinks18

Spirits|SegmentRanking

Inthevodkacategory,Smirnoff(brandvalueUSD2.9

billion)retainsitsleadingposition,whileAbsolut

movesuptosecondposition,valuedatUSD1.4billion.GreyGoose,Belvedere,andFinlandiarankthird,fourth,reflectingongoingchallengesamidacompetitive

marketlandscapeandshiftingconsumerpreferences.

Top5MostValuable©BrandFinancePlc.2025

VodkaBrands2025

#1Smirnoff$2,934m

#2

ABSOLUT,

Absolut

$1,444m

#3

OROSE

VODKA

GreyGoose

$1,221m

#4

BELVEDERE

V0DKA

Belvedere

$307m

#5Finlandia$176m

BrandFinanceAlcoholicDrinks2025/alcoholic-drinks19

Spirits|SegmentRanking

Mexico’sPatróntopsthetequilaranking,withabrandvalueofUSD1.8billion.DonJulioretainssecond

position,withabrandvalueofUSD1.8billion,whileAmericanbrandCasamigosmovesuptothird,

itsbrandvaluereachingUSD1.1billion.

Top5MostValuable©BrandFinancePlc.2025

TequilaBrands2025

TEQUILA

$1,759m

Patrón

#1

#2

DonJulio

$1,584m

#3

CASAMIGOS

Casamigos

$1,142m

#4

JoséCuervo

$1,022m

#5

1800

$306m

BrandFinanceAlcoholicDrinks2025/alcoholic-drinks20

Spirits|SegmentRanking

MoutaiisthemostvaluableChinesebaijiubrand,withabrandvalueofUSD58.4billion,followedbyWuliangye(brandvalueUSD27.8billion).LuzhouLaojiaoisthethirdmostvaluablebaijiubrand

withabrandvalueofUSD6.3billion,followedbyXinghuacunFenWine(brandvalueUSD5.9billion)andYanghe(brandvalueUSD5.0billion)infourthandfifthplace,respectively.

Top5MostValuable©BrandFinancePlc.2025

BaijiuBrands2025

$58,377m

Moutai

#1

#2

Wuliangye

$27,778m

#3

LuzhouLaojiao

$6,347m

#4

XinghuacunFenWine

$5,873m

#5

$4,978m

Yanghe

BrandFinanceAlcoholicDrinks2025/alcoholic-drinks21

Spirits|SegmentRanking

Aperol(USD1.2billion)leadsasthemostvaluableaperitif,itsbrandvaluedrivenlargelybyitssoaring

globalpopularityamongGenZandmillennials

.ItssignatureAperolSpritzcocktailhasbecomeastapleinbarsandsocialgatheringsworldwide,solidifyingitspositionasatrendyanddesirablechoiceintheaperitifmarket.

Top5MostValuable©BrandFinancePlc.2025

AperetifBrands2025

#1Aperol$1,210m

#2

Martini

$690m

#3

Campari

$554m

#4

Ricard

$523m

#5

Cointreau

$196m

BrandFinanceAlcoholicDrinks2025/alcoholic-drinks22

Spirits|SegmentRanking

Frenchbrandscontinuetodominatethebrandysegment;Hennessy(brandvalueUSD5.3billion)leadsinfirstplace,whileMartell(brandvalue

|USD867million)andRémyMartin(brandvalueUSD843million)takethirdandfourthspots.

©BrandFinancePlc.2025

Top5MostValuable

BrandyBrands2025

$5,334m

Hennessy

#1

#2Emperador$1,369m

#3

MARTELL

COGNAC

FONDE-EEN17l5

Martell

$867m

#4

RfMYMARTIN

RémyMartin

$843m

#5Gru问我arnier"GrandMarnier$183m

BrandFinanceAlcoholicDrinks2025/alcoholic-drinks23

Spirits|SegmentRanking

Thetopfiverumbrandshaveallmaintained

theirpositionssince2024,despitemixedmarket

performance.Bacardi(brandvalueupUSD3.3billion)leads,followedbyThaibrandRuangKhao(brand

valueUSD1.3billion)andCaptainMorgan(brandvalueUSD987million)inthirdplace.

Top5MostValuable©BrandFinancePlc.2025

RumBrands2025

#1

$3,320m

Bacardi

BACARDI

#2

RuangKhao

$1,274m

#3(aptainNorgalCaptainMorgan$987m

#4

Malibu

$351m

$279m

#5

HavanaClub

BrandFinanceAlcoholicDrinks2025/alcoholic-drinks24

Spirits|SegmentRanking

BombaySapphire,withabrandvalueofUSD883million,isthetopginbrandin2025.FilipinobrandGinebra

SanMiguelisanewentrantthisyearinsecondplace,valuedatUSD732million.ThreeUKbrandsroundoutthetopthree:Gordon’s,(brandvalueUSD731million)Hendrick’s,(brandvalueUSD337m