Brazil’s largest bank, Itaú, leads the 2024 ranking with a brand value of $7.4 billion and accounts for 9% of the entire ranking. In the Top 50, eleven Financial Services brands contribute 30% of the total brand value, with Banco do Brasil (No.15; $1.6bn) being the fastest riser, up seven places and growing by 55% in two years.
The Financial Services sector in Brazil is undergoing huge transformation with the arrival of digital-first fintechs, like Nubank (No.5; $4.6bn), which has increased its brand value by $1 billion over two years and achieves the largest gain in brand value in the entire ranking in 2024. As a result, traditional banks like Itaú and Banco do Brasil are having to invest in new technology and customer experiences to keep up with the competition.
New entries shake up Top 50 ranking
There are nine newcomers to Brazil’s brand ranking in four categories, including the highest new entry Localiza ($3.1bn) at No.8. The 50-year-old car rental company has continued to innovate with new apps and services, constantly evolving its business model to remain relevant to Brazilian consumers, particularly customers who no longer want to own a car.With the rapid change of technological pace in banking and payments, there are four new Financial Services brands, including SulAmérica (No.19; $1.2bn), Rede (No.27; $1.0bn), PagBank (No.46; $359m) and C6 Bank (No.49; $314m). Two other new brands from the Consumer Technology and Services Platforms category enter the ranking for the first time, Unidas (No.21; $1.2bn) and Movida (No.33; $752m).
Global flip flop brand, Havaianas, which sells its products in more than 130 countries, also makes its first entry into the Top 50 at No. 35, with a brand value of $711m. Leão (No.44; $377m), a 120-year heritage brand that is synonymous with tea in Brazil, is the only new Food and Beverages brand this year.
The report highlights how resilient Brazil’s top brands have been after the disruption and uncertainty of the past few years, both in Brazil and across global markets. With 20 brands growing their value this year, this marks a return to pre-pandemic times with brands investing in new campaigns, events and festivals, to ensure they connect closely with consumers. The strongest Brazilian brands cover many different categories, from Apparel and Alcohol to Personal Care and Travel Services, which helps to balance out the ranking to ensure it is less susceptible to economic swings.
Kantar BrandZ Top 10 Most Valuable Brazilian Brands 2024
| Rank 2024 | Brand | Category | Brand Value 2024 (USD mil) |
| 1 | Itaú | Financial Services | 7,399 |
| 2 | Brahma | Alcohol | 6,659 |
| 3 | Skol | Alcohol | 5,859 |
| 4 | Claro | Telecom Providers | 5,708 |
| 5 | Nubank | Financial Services | 4,581 |
| 6 | Bradesco | Financial Services | 4,335 |
| 7 | Vivo | Telecom Providers | 3,348 |
| 8 | Localiza | Consumer Technology and Services Platforms | 3,051 |
| 9 | Petrobras/BR | Energy | 2,695 |
| 10 | Antarctica | Alcohol | 2,470 |
Strong brands are Meaningful, Different and Salient
Strong brands build value by excelling in three key areas: Meaningful (meeting people’s needs in relevant ways and/or building affinity), Difference (being unique and/or setting trends) and Salience (coming easily to mind). All three are important, but different combinations benefit brands in different ways – from driving consumer demand to supporting premium pricing.
Three brands are very meaningful to Brazilian consumers, Azul (No.16; $1.6bn), Havaianas and Leão, while Nubank is the only brand that performs well in all three metrics. Seen as being particularly different to the rest of the category, NuBank leads a new crop of fintechs that have shaken up the sector, becoming the largest fintech bank in Latin America and a unicorn just five years after launch. As well as innovating to stay at the cutting edge of where technology meets banking, Nubank also offers simplicity and has adopted a friendly way of communicating with customers that has helped it quickly build trust.
Growing concern around sustainability
While Brazilians want to be sustainable, it is a luxury for most. However, they still have high expectations of brands when it comes to treatment of workers and inclusivity, as well as environmental issues. Brands have an opportunity to connect with consumers by being sustainable and making sure consumers know about it without ‘greenwashing’. Natura (No.12; $1.7bn), Brazil's leading manufacturer and marketer of cosmetics, has the highest sustainability score, developing a reputation for social responsibility.
Read more analysis on the results in the Kantar BrandZ Top 50 Most Valuable Brazilian Brands 2024, available at: www.kantar.com/campaigns/brandz/brazil.
For an overarching view of brand performance, Kantar has launched a free interactive tool powered by BrandZ’s wealth of data and Meaningful Different Salient framework. Kantar BrandSnapshot delivers intelligence on 10,000 brands in 40+ markets, offering a quick read on a brand’s performance in a category. Explore for free on Kantar Marketplace today.
