The most valuable Mexican brands have a total combined value of $68.3 billion, according to the Kantar BrandZ Top 30 Most Valuable Mexican Brands 2023 report released today.
The Mexican brand valuation ranking is the most extensive study to date, covering more brands across a more diverse range of categories including diapers, beverages and payments.
The new Top 30 identifies telecoms provider Telcel as Mexico’s most valuable brand, worth $12.8 billion, thanks to its innovation efforts to bring superfast connectivity to the country via 5G. The use of Formula 1 superstar Checo Pérez as a brand icon has helped project its leadership in the industry, whilst it continues to support consumers and businesses to make their digital transformation. Beyond serving its customers, Telcel has a mission to narrow Mexico’s digital divide, and uses its charity foundation to help provide services to those currently without access to connectivity.
Corona, the best-selling Mexican beer both domestically and worldwide, is at number 2, with a brand value of $8.3bn. During the COVID-19 pandemic, Corona switched its production in order to make sanitiser. Its brand communications have encouraged Mexicans to show perseverance in the face of tough challenges; its 2021-22 campaign “Mexicanos Que Brillan” used celebrities who are outstanding in their field to underline this message. In 2022, Corona celebrated the diversity of modern Mexico in a challenge to stereotypes with its “Mexico Manda” campaign.
The ranking is dominated by one category, alcohol, literally giving the Mexican Top 30 ranking a unique flavor. The category is made up of six brands together accounting for more than a quarter of the ranking’s total value. Beer brands Corona, Tecate (No.4; $4.2bn) and Victoria (No.8; $2.6bn) have taken advantage of Mexican pride by supporting activities with mass appeal, including the country’s main music festivals, and sports championships, such as soccer, baseball and tennis.
The only non-beer brand in the alcohol category is Jose Cuervo, which places at No.22, with a brand value of $726m. It is the biggest-selling brand of tequila in the world and has been made in Mexico since 1795. Its products are sold in over 85 countries, and sales are estimated to have topped $2 billion in 2021. The portfolio caters to a range of tastes and budgets, and the brand promotes new ways in which to mix its products, linking heritage with the latest consumption moments and flavour trends.
The Kantar BrandZ Top 10 Most Valuable Mexican Brands 2023
Rank 2023 |
Brand |
Category |
Brand Value 2023 ($M USD) |
|---|---|---|---|
1 |
Telcel |
Telecom Providers |
12,786 |
2 |
Corona |
Alcohol |
8,291 |
3 |
Bodega Aurrera |
Retail |
6,270 |
4 |
Tecate |
Alcohol |
4,213 |
5 |
Telmex |
Telecom Providers |
3,503 |
6 |
Bimbo |
Food and Beverages |
3,313 |
7 |
Oxxo |
Retail |
3,308 |
8 |
Victoria |
Alcohol |
2,563 |
9 |
Banorte |
Banks |
2,283 |
10 |
Del Valle |
Food and Beverages |
2,188 |
A big weakness is difference
While most Mexican brands are good at generating salience among consumers and ensuring they come to mind when people think of a category, an opportunity to drive further growth and build stronger connections with consumers is by increasing perceptions of meaningful difference.
This ability to stand apart from the status quo in a way that consumers find relevant and appealing can leave big brands vulnerable for newcomers to win market share and brand value. The brands in the Top 30 that have high meaningful difference are worth, on average, more than double the brand value of those with low Meaningful Difference.
One of those successfully standing out through meaningful difference is the flag carrier airline, AeroMéxico (No.13; $2.0bn) which operates scheduled services to more than 90 destinations in Mexico, North, South and Central America, the Caribbean, Europe and Asia. While the COVID-19 pandemic deeply affected the global aviation industry, AeroMéxico has seen a strong recovery, and in 2022 its total seat offering was more than 320% above June 2020 figures.
Performing well on innovation is Clip (No.17; $981m), a digital payments and commerce platform offering software and hardware to support shoppers, as well as Mexico’s thousands of small and medium-sized businesses. By democratising card payments across the country, it has grown to become the first payments unicorn from Mexico.
Market conditions continue to present unpredictable challenges, but Mexican brands that invest in being distinctive and standing apart from competitors in a way that consumers find relevant and appealing, will continue to thrive. Meaningful Difference is a key ingredient in the recipe for strong brands and this can be pivotal for brands with global ambitions.
Social justice is key for sustainability
Another factor driving brand value growth is the need to address the challenge of sustainability. Kantar research shows that in Mexico, 42% of people are concerned about climate change and the environment, which compares to a global average of 35%. They are also worried about social justice and the impact of business on communities.
Brands performing well on sustainability include both Del Valle (No.10; $2.2bn) and Bimbo (No.6; $3.3bn). Del Valle’s support for farmers in Mexico helps it achieve a strong performance in this area, while Bimbo is regarded as being one of the most socially responsible brands in Mexico. Bimbo champions a range of social and environmental causes and supports almost 300 non-profit community organisations, as well as developing wind farms to power its factories.
Other key highlights from the Kantar BrandZ report include:
- Opportunities for international expansion. Most of the value that comes from Mexican brands is domestic income. Few brands generate strong international revenue, with the exceptions being: Corona, Aeromexico, Sol (No.28; $487m) and Maseca (No.24; $599m). Mexican brands generate 11% of the value in the Top 30 from outside Mexico – a tiny share when compared to the likes of France (42%), the UK (52%), and Germany (80%).
- The most valuable Mexican brands reflect everyday life. The diversity of brands in the Top 30 reflects the most popular brands supporting Mexican daily life. The breadth of products and services across nine categories paint a lively image of the modern Mexican economy, but it also gives the ranking a distinctive Mexican flavour, covering banks and beer as well as travel and phone services.
- Brands need to justify their premium. Only 27% of Mexican brands are seen by consumers as justifying their prices. Brands can show that they are worth paying for, by continuing to demonstrate meaningful difference, so that their premium feels justified. The most successful brands justifying their premium, are Bimbo, along with Telcel, Modelo (No.11; $2.0bn) and Lala (No.29; $487m).
See the full list of Kantar BrandZ Most Valuable Mexican Brands in the full report, with extensive analysis on how brands can continue to find growth at www.kantar.com/campaigns/brandz/mexico
