On September 27, 2024, China National Association for Liquor and Spirits Circulation released the Research Report on the Value of the Seventh Global Top 100 Liquor and Spirits at Beijing Media Center.
The brand values of several international giants, including Smirnoff, Captain Morgan, and Hennessy, have taken a hit, signaling that the global premium liquor market is starting to feel the pinch of the economic downturn. Vodka, in particular, has seen a notable decline in brand value, while the rum and brandy markets have also encountered some turbulence. Nevertheless, it’s comforting to observe that Chinese Baijiu is still riding a wave of growth, with the significance of top liquor brands’ values being further amplified.
I. Brand Values of Top Three Vodka Brands All Declined
In 2024, the global vodka brand values experienced a significant overall decline. Among the top three, Smirnoff’s brand value decreased by RMB 15.723 billion (all brand values in this article are in RMB 100 million , the same below), Absolut’s dropped by RMB 6.746 billion, and Żubrówka’s fell by RMB 2.864 billion.
|
No.
|
Region
|
Variety
|
Brand Owner
|
Brand Name
|
Brand Value in 2023
|
Brand Value in 2024
|
Annual Growth (%)
|
|
1
|
England
|
Vodka
|
Diageo
|
Smirnoff
|
2150.29
|
1993.05
|
-7.31
|
|
2
|
France
|
Vodka
|
Pernod Ricard Group
|
Absolut
|
1026.99
|
958.53
|
-6.67
|
|
3
|
Poland
|
Vodka
|
Polmos Bialystok Distillery
|
Żubrówka
|
483.44
|
454.79
|
-5.93
|
|
4
|
America
|
Vodka
|
Global Spirits Company
|
Khortytsa
|
437.77
|
454.32
|
3.78
|
|
5
|
India
|
Vodka
|
United Spirits
|
Morosha
|
407.76
|
425.62
|
4.38
|
|
6
|
Ukraine
|
Vodka
|
Dragonfly Group
|
Mule
|
403.77
|
422.18
|
4.56
|
|
7
|
India
|
Vodka
|
Radico Khaitan
|
Magic Moments
|
287.12
|
389.21
|
35.56
|
|
8
|
India
|
Vodka
|
Bacardi
|
Grey Goose
|
302.82
|
350.99
|
15.91
|
|
9
|
England
|
Vodka
|
Fine Wine Reserve
|
Żołądkowa
|
309.57
|
327.59
|
5.82
|
|
10
|
Poland
|
Vodka
|
Sino-European International Distribution Company
|
Soplica
|
289.45
|
314.74
|
8.74
|
The primary reason lies in the decline of consumption in Russia, the country with the highest vodka sales. In recent years, Russia has kept increasing consumption taxes, leading to a rise in vodka prices.
However, vodka sales continue to climb among emerging countries. In 2024, the Indian vodka brand Magic Moments witnessed a surge in its brand value by 10.209 billion, with a growth rate of 35.54%. Likewise, Grey Goose, another Indian vodka brand, enjoyed a brand value boost of 4.8 billion that same year. Moreover, Soplica, a vodka brand distributed by Sino-European International Distribution Company, also experienced an increase of RMB 2.529 billion.
China and India, the two most populous nations globally, have experienced a significant rise in spirits consumption alongside the enhancement of people’s living standards. They have consistently maintained a robust growth rate in recent years. For liquor brands aiming to boost sales, profits, and brand value, the Chinese and Indian markets stand out as crucial regions that warrant close attention.
II. Whisky Brands ExperiencedMixed Performances
Among the world’s top 100 liquor brands, whisky holds the highest proportion, accounting for 17%, trailing only behind Chinese Baijiu. In 2024, whisky brands exhibited an overall upward trajectory, with the leading brands experiencing particularly swift growth.
|
No.
|
Region
|
Variety
|
Brand Owner
|
Brand Name
|
Brand Value in 2023
|
Brand Value in 2024
|
Annual Growth (%)
|
|
1
|
England
|
Whisky
|
Diageo
|
Johnnie Walker
|
1896.14
|
2223.94
|
17.29
|
|
2
|
India
|
Whisky
|
Allied Blenders & Distillers
|
Officer’s Choice Whisky
|
732.23
|
1898.49
|
159.28
|
|
3
|
France
|
Whisky
|
Pernod Ricard
|
Royal Stag
|
1725.8
|
1790.37
|
3.74
|
|
4
|
America
|
Whisky
|
Brown-Forman
|
Jack Daniel’s
|
1002.34
|
1293.35
|
29.03
|
|
5
|
India
|
Whisky
|
Radico Khaitan
|
8PM
|
768.09
|
800.21
|
4.18
|
|
6
|
France
|
Whisky
|
Pernod Ricard
|
Ballantine’s
|
573.48
|
664.46
|
15.86
|
|
7
|
India
|
Whisky
|
Global Spirits Company
|
McDowell’s No.1 Whisky
|
631.87
|
658.69
|
4.24
|
|
8
|
England
|
Whisky
|
Diageo
|
Crown Royal
|
680.01
|
636.34
|
-6.42
|
|
9
|
France
|
Whisky
|
Pernod Ricard
|
Imperial Blue
|
643.27
|
625.33
|
-2.79
|
|
10
|
France
|
Whisky
|
Pernod Ricard
|
Jameson
|
636.27
|
599.72
|
-5.74
|
The British whisky brand Johnnie Walker has long held the top spot in the whisky category. However, this year, the Indian whisky brand Officer’s Choice Whisky has rapidly risen to pose a strong challenge.
Officer's Choice Whisky is a young whisky brand from India, established in 1988. Leveraging the increasingly mature Indian domestic market, its precise branding aligns with Indian consumers’ aspirations for high-end products. The brand encourages consumers to make the right choices in life and awakens the “righteous” officer within them. It is this brand philosophy that has enabled Officer’s Choice to swiftly ascend as the world’s top-selling whisky brand.
Changes in the Brand Value of Top Five Whisky Giants
Changes in the Brand Value of Top Five Whisky Giants
III. Brandy Market FacedChill
The French brandy brand Hennessy suffered a drastic drop in its brand value by RMB 13.103 billion in 2024! This decline can be primarily attributed to a slump in sales. In 2023, Hennessy sold 6.5 million cases, marking an 18% decrease from the previous year. The brand has seen a steady decline in sales over recent years, resulting in a consistent diminution of its brand value.
The surge in Remy Martin’s sales can be attributed to robust demand in the Chinese market, effective brand marketing strategies, and an uptick in consumer purchasing power. These elements have fueled the expansion of foreign liquor brands like Remy Martin in China. Conversely, in the North American market, sales have exhibited a downward trajectory owing to inflation and diminished purchasing power.
|
No.
|
Region
|
Variety
|
Brand Owner
|
Brand Name
|
Brand Value in 2023
|
Brand Value in 2024
|
Annual Growth (%)
|
|
1
|
France
|
Brandy
|
Remy Cointreau
|
Remy Martin
|
654.62
|
723.74
|
10.56
|
|
2
|
France
|
Brandy
|
LVMH
|
Hennessy
|
812.89
|
681.85
|
-16.12
|
|
3
|
India
|
Brandy
|
Tilaknagar Industries
|
Mansion House Brandy
|
476.39
|
569.62
|
19.57
|
|
4
|
Italy
|
Brandy
|
Gruppo Campari
|
Dreher
|
|
159.61
|
--
|
IV. Rum Giants Plunged
Among the top five rum brands, four saw a dip in their brand values, with three enduring double-digit declines. Even the famous Captain Morgan wasn’t immune, as its brand value fell by almost 5%.
The most significant decline was witnessed in the England rum brand, McDowell’s No.1 Rum, as its brand value crashed by RMB 12.548 billion in 2024. The rum industry is broadly encountering a shrinkage, with the global rum market undergoing a rapidly declining trend. During the year ending January 2024, rum sales tumbled by 10%, while sales revenue dropped by 5.3%!
|
No.
|
Region
|
Variety
|
Brand Owner
|
Brand Name
|
Brand Value in 2023
|
Brand Value in 2024
|
Annual Growth (%)
|
|
1
|
Cuba
|
Rum
|
Bacardi Company
|
Bacardí
|
1336.64
|
1380.51
|
3.28
|
|
2
|
England
|
Rum
|
Diageo
|
Captain Morgan
|
1002.07
|
952.11
|
-4.99
|
|
3
|
Philippine
|
Rum
|
Tanduay
|
Tanduay
|
640.14
|
560.78
|
-12.40
|
|
4
|
England
|
Rum
|
Diageo
|
McDowell’s No.1 Rum
|
532.08
|
406.60
|
-23.58
|
|
5
|
France
|
Rum
|
Pernod Ricard Group
|
Havana Club
|
313.47
|
280.73
|
-10.44
|
V.SouthKorean and Japanese Soju MaintainedSlight Growth
In both South Korea and Japan, soju reigns supreme in the market. Notably, Jinro from South Korea has shown strong performance on the global stage, while Japanese soju has also shone brightly. What’s truly striking is that, amidst the current global landscape, two fresh South Korean and Japanese soju companies have secured their spots on the list, and out of the seven previously listed firms, six have managed to grow. This is genuinely impressive.
|
Region
|
Variety
|
Brand Owner
|
Brand Name
|
Brand Value in 2023
|
Brand Value in 2024
|
Annual Growth (%)
|
|
South Korea
|
Local – Soju
|
Hite-Jinro Company
|
Jinro
|
774.4
|
788.3392
|
1.79%
|
|
Japan
|
RTD
|
Beam Suntory
|
Suntory Lemon
|
|
666.3911654
|
--
|
|
Japan
|
Whisky
|
Beam Suntory
|
Jim Beam
|
533.46
|
561.9982962
|
5.34%
|
|
Japan
|
Local – Soju
|
Sanwa Shurui
|
Iichiko
|
463.24
|
479.360752
|
3.47%
|
|
South Korea
|
Local – Soju
|
Lotte Liquor
|
Chum Churum
|
426.27
|
451.984368
|
6.03%
|
|
Japan
|
Whisky
|
Beam Suntory
|
Canadian Club
|
429.7
|
430.0850112
|
Slight growth
|
|
Japan
|
RTD
|
Beam Suntory
|
‐196°C Strong Zero
|
371.78
|
397.8075742
|
7%
|
|
Japan
|
RTD
|
Beam Suntory
|
Horoyoi
|
375.62
|
368.9318605
|
-1.7%
|
|
Japan
|
Whisky
|
Beam Suntory
|
Kakubin
|
|
314.761936
|
--
|
VI. Other Spirits ExhibitedVaried Performances
Impacted by the contracting global market, other spirits have similarly faltered, with the majority of brands encountering shrinkage. Even those that have managed to grow have done so only marginally. Overall, the erstwhile trend of unilateral and substantial growth has been succeeded by a varied landscape of both gains and losses. Amidst the growth hurdles confronted by global spirits companies, Chinese Baijiu has distinguished itself, spearheading the growth among top global liquors.
VII.China and India as the Growth Engines of the Market
Although the global wine industry is experiencing a slump, China and India, as the two most populous countries in the world, still exhibit strong growth momentum in their wine markets. Among them, 29 Chinese enterprises were listed in 2023 with a total brand value of RMB 3153.739 billion. By 2024, the number of listed enterprises increased to 36, with a total brand value of RMB 4043.995 billion , representing an increase of 28.22%! Although the number of listed enterprises in India decreased from 11 to 9, their total brand value increased from RMB 485.736 billion to 587.084 billion , an increase of 20.86%. Both markets experienced growth rates exceeding 20%, which may be attributed to the large populations and substantial consumer bases in these countries, where the demand for wine continues to grow rapidly and consumer enthusiasm remains high.
Values for Seventh Global Top 100 Liquor and SpiritsBrands
|
No.
|
Region
|
Variety
|
Brand Owner
|
Brand Name
|
2024 Brand Value (RMB 100 million)
|
|
1
|
China
|
Baijiu
|
China Kweichow Moutai (Group) Distillery Co., Ltd.
|
Flying Apsaras Moutai
|
4759.77
|
|
2
|
China
|
Baijiu
|
Sichuan Yibin Wuliangye Group Co., Ltd.
|
Ordinary Wuliangye
|
4147.14
|
|
3
|
America
|
Beer
|
Budweiser
|
Budweiser
|
2763.59
|
|
4
|
China
|
Baijiu
|
Jiangsu Yanghe Winery Co., Ltd.
|
Mengzhilan Handcrafted
|
2718.47
|
|
5
|
China
|
Baijiu
|
Gujing Group
|
Gujing Nianfenyuanjiang
|
2540.75
|
|
6
|
China
|
Baijiu
|
Shanxi Xinghua Village Fenjiu Group Co., Ltd.
|
Xinghuafenjiu
|
2448.12
|
|
7
|
England
|
Whisky
|
Diageo
|
Johnnie Walker
|
2223.94
|
|
8
|
England
|
Vodka
|
Diageo
|
Smirnoff
|
1993.05
|
|
9
|
China
|
Beer
|
China Resources Beer (China) Co., Ltd.
|
CR Snow
|
1958.19
|
|
10
|
India
|
Whisky
|
Allied Blenders & Distillers
|
Officer’s Choice Whisky
|
1898.49
|
|
11
|
China
|
Baijiu
|
Luzhou Laojiao Co., Ltd.
|
National Cellar 1573
|
1863.12
|
|
12
|
Denmark
|
Beer
|
Carlsberg
|
Carlsberg
|
1833.97
|
|
13
|
France
|
Whisky
|
Pernod Ricard
|
Royal Stag
|
1790.37
|
|
14
|
China
|
Baijiu
|
Shaanxi Xifeng Liquor Co., Ltd.
|
China Red, Red Phoenix
|
1747.04
|
|
15
|
Netherlands
|
Beer
|
Heineken
|
Heineken
|
1681.79
|
|
16
|
China
|
Baijiu
|
Guizhou Xijiu Investment Holding Group Co., Ltd.
|
Junpin Xijiu
|
1384.14
|
|
17
|
Cuba
|
Rum
|
Bacardi Company
|
Bacardí
|
1380.51
|
|
18
|
America
|
Whisky
|
Brown-Forman
|
Jack Daniel’s
|
1293.35
|
|
19
|
China
|
Beer
|
Tsingtao Beer Co., Ltd.
|
Tsingtao Beer
|
1215.07
|
|
20
|
China
|
Baijiu
|
Sichuan Langjiu Group Co., Ltd.
|
Qinghualang
|
1208.68
|
|
21
|
China
|
Beer
|
Anheuser-Busch InBev
|
Harbin Beer
|
1128.44
|
|
22
|
China
|
Baijiu
|
Guizhou Guotai Liquor Co., Ltd.
|
Guobiao Liquor
|
1103.90
|
|
23
|
China
|
Beer
|
Beijing Yanjing Beer Group Corporation
|
Yanjing
|
1078.88
|
|
24
|
China
|
Baijiu
|
Guizhou Jinshajiao Liquor Industry Co., Ltd.
|
Zhai Yao
|
980.03
|
|
25
|
China
|
Healthcare wine
|
Jinbrand Co. Ltd.
|
Jinjiu
|
972.52
|
|
26
|
France
|
Vodka
|
Pernod Ricard Group
|
Absolut
|
958.53
|
|
27
|
England
|
Rum
|
Diageo
|
Captain Morgan
|
952.11
|
|
28
|
China
|
Baijiu
|
Jiangsu King’s Luck Brewery Joint-Stock Co., Ltd.
|
Guoyuan
|
913.96
|
|
29
|
India
|
Whisky
|
Radico Khaitan
|
8PM
|
800.21
|
|
30
|
South Korea
|
Local – Soju
|
Hite-Jinro Company
|
Jinro
|
788.34
|
|
31
|
France
|
Brandy
|
Remy Cointreau
|
Remy Martin
|
723.74
|
|
32
|
France
|
Brandy
|
LVMH
|
Hennessy
|
681.85
|
|
33
|
Japan
|
RTD
|
Beam Suntory
|
Suntory Lemon Cocktail
|
666.39
|
|
34
|
France
|
Whisky
|
Pernod Ricard
|
Ballantine’s
|
664.46
|
|
35
|
India
|
Whisky
|
Global Spirits Company
|
McDowell’s No.1 Whisky
|
658.69
|
|
36
|
England
|
Whisky
|
Diageo
|
Crown Royal
|
636.34
|
|
37
|
France
|
Whisky
|
Pernod Ricard
|
Imperial Blue
|
625.33
|
|
38
|
America
|
RTD
|
E&J Gallo
|
Noon
|
621.85
|
|
39
|
France
|
Whisky
|
Pernod Ricard
|
Jameson
|
599.72
|
|
40
|
China
|
Baijiu
|
Henan Yangshao Liquor Co., Ltd.
|
Caitaofang
|
584.36
|
|
41
|
India
|
Brandy
|
Tilaknagar Industries
|
Mansion House Brandy
|
569.62
|
|
42
|
France
|
Wine
|
Chateau Lafite Rothschild
|
Lafite
|
568.83
|
|
43
|
Japan
|
Whisky
|
Beam Suntory
|
Jim Beam
|
562.00
|
|
44
|
France
|
Wine
|
Chateau Cheval Blanc
|
Chateau Cheval Blanc
|
561.47
|
|
45
|
Philippine
|
Rum
|
Tanduay
|
Tanduay
|
560.78
|
|
46
|
England
|
Bitters
|
Bacardi
|
Martini
|
560.25
|
|
47
|
China
|
Baijiu
|
Hebei Hengshui Laobaigan Liquor Co., Ltd.
|
1915
|
556.44
|
|
48
|
China
|
Baijiu
|
Shunxin Agriculture Co., Ltd. Niulanshan Distillery
|
Bainiuer
|
550.16
|
|
49
|
England
|
Bitters
|
Bacardi
|
Martini Vermouth
|
543.73
|
|
50
|
China
|
Baijiu
|
Anhui Kouzi Group
|
5-Year Kouzi Cellar
|
533.20
|
|
51
|
China
|
Baijiu
|
Shede Spirits Co., Ltd.
|
Shede Classic
|
531.66
|
|
52
|
China
|
Baijiu
|
Beijing Hongxing Co., Ltd.
|
Blue Bottle
|
526.32
|
|
53
|
America
|
RTD
|
Brown‐Forman
|
Jack Daniel’s Country Cocktail
|
524.28
|
|
54
|
Australia
|
Wine
|
Penfolds
|
Penfolds
|
509.05
|
|
55
|
England
|
Gin
|
Diageo
|
Tanqueray
|
493.61
|
|
56
|
America
|
RTD
|
Mark Anthony Brands
|
White Claw Hard Seltzer
|
487.90
|
|
57
|
Italy
|
Bitters
|
Gruppo Campari
|
Aperol
|
482.89
|
|
58
|
Japan
|
Local – Soju
|
Sanwa Shurui
|
Iichiko
|
479.36
|
|
59
|
France
|
Whisky
|
Pernod Ricard Group
|
Chivas Regal
|
469.14
|
|
60
|
England
|
Gin
|
Diageo
|
Gordon’s
|
468.44
|
|
61
|
France
|
Whisky
|
Pernod Ricard
|
Blenders Pride
|
464.90
|
|
62
|
Poland
|
Vodka
|
Polmos Bialystok Distillery
|
Żubrówka
|
454.79
|
|
63
|
America
|
Vodka
|
Global Spirits Company
|
Khortytsa
|
454.32
|
|
64
|
South Korea
|
Local – Soju
|
Lotte Liquor
|
Chum Churum
|
451.98
|
|
65
|
France
|
Wine
|
Romanee-Conti Group
|
Romanee-Conti
|
451.72
|
|
66
|
China
|
Baijiu
|
Shandong Guojing Group
|
Guo6
|
451.19
|
|
67
|
China
|
Baijiu
|
Jinbrand Co. Ltd.
|
Jinjiu
|
448.68
|
|
68
|
China
|
Baijiu
|
Jiugui Liquor Co., Ltd.
|
Neican
|
447.39
|
|
69
|
America
|
RTD
|
Brown‐Forman
|
New Mix
|
443.94
|
|
70
|
China
|
Wine
|
COFCO Winery Co., Ltd.
|
Five-Star
|
436.67
|
|
71
|
Japan
|
Whisky
|
Beam Suntory
|
Canadian Club
|
430.09
|
|
72
|
China
|
Wine
|
Yantai Changyu Grape Wine Co., Ltd.
|
Changyu Afip
|
429.44
|
|
73
|
India
|
Vodka
|
United Spirits
|
Morosha
|
425.62
|
|
74
|
China
|
Baijiu
|
Sichuan Shuijingfang Co., Ltd.
|
Jingtai
|
425.15
|
|
75
|
Mexico
|
Tequila
|
Becle
|
Jose Cuervo
|
423.94
|
|
76
|
Ukraine
|
Vodka
|
Dragonfly Group
|
Mule
|
422.18
|
|
77
|
India
|
Whisky
|
United Spirits
|
Royal Challenge
|
415.83
|
|
78
|
England
|
Rum
|
Diageo
|
McDowell’s No.1 Rum
|
406.60
|
|
79
|
England
|
Liqueurs
|
Diageo
|
Baileys
|
401.56
|
|
80
|
Japan
|
RTD
|
Beam Suntory
|
‐196°C Strong Zero
|
397.81
|
|
81
|
France
|
Wine
|
Chateau Margaux
|
Chateau Margaux
|
395.62
|
|
82
|
India
|
Vodka
|
Radico Khaitan
|
Magic Moments
|
389.21
|
|
83
|
England
|
Local – Soju
|
Diageo
|
Yeni
|
387.97
|
|
84
|
America
|
Wine
|
Screaming Eagle Group
|
Screaming Eagle
|
387.78
|
|
85
|
China
|
Baijiu
|
She Dian Lao Jiu Co., Ltd.
|
Yuanqinghua
|
372.79
|
|
86
|
Japan
|
RTD
|
Beam Suntory
|
Horoyoi
|
368.93
|
|
87
|
India
|
Gin
|
Bacardi
|
Bombay Sapphire
|
362.18
|
|
88
|
France
|
Liqueurs
|
Pernod Ricard
|
Malibu
|
354.86
|
|
89
|
China
|
Wine
|
Yantai Changyu Grape Wine Co., Ltd.
|
Changyu
|
354.56
|
|
90
|
India
|
Vodka
|
Bacardi
|
Grey Goose
|
350.99
|
|
91
|
Scotland
|
Whisky
|
William Grant & Sons
|
Grant
|
350.44
|
|
92
|
Germany
|
Bitters
|
Mast-Jägermeister
|
Jägermeister
|
346.51
|
|
93
|
China
|
Baijiu
|
China Kweichow Moutai (Group) Distillery Healthcare Liquor Co., Ltd.
|
Taiyuan
|
345.61
|
|
94
|
China
|
Baijiu
|
Sitir Liquor Co., Ltd.
|
Dongfangyun
|
332.57
|
|
95
|
China
|
Beer
|
Guangzhou Zhujiang Brewery Co., Ltd.
|
Pearl River
|
330.22
|
|
96
|
England
|
Vodka
|
Fine Wine Reserve
|
Żołądkowa
|
327.59
|
|
97
|
Poland
|
Vodka
|
Sino-European International Distribution Company
|
Żubrówka
|
314.74
|
|
98
|
England
|
Cachaca
|
Diageo
|
Ypioca
|
306.65
|
|
99
|
England
|
Whisky
|
Diageo
|
J&B
|
304.59
|
|
100
|
China
|
Wine
|
Gansu Mogao Industrial Development Co. , Ltd.
|
Mogo Pinot noir
|
210.15
|
|
