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Sips not shots: Premium tequila category continues to grow

- Tequila is on the rise with 1800 and Casamigos as fastest-growing Spirit brands, more than doubling in value
- Moutai retains title as most valuable Spirit brand, valued at USD49.7 billion
- Moutai also becomes world’s strongest Spirits brand; Both Moutai and Wuliangye boast a prestigious AAA+ rating with the latter improving in brand rating


View the full Brand Finance Alcoholic Drinks 2023 report here

Tequila is on the rise with 1800 and Casamigos as fastest-growing Spirit brands, more than doubling in value

1800 (brand value up 111.5% to USD424 million) claims the title of the fastest-growing Spirit brand, more than doubling since last year. In connection with tequila’s category growth and the brands improved standing among next-generation tequila drinkers, 1800 grew very quickly.

Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 50 most valuable and strongest Spirits brands are included in the annual Brand Finance Spirits 50 2023 ranking.

Closely behind, Casamigos (brand value up 108.5% to USD934 million) also more than doubles its brand value. Since its inception, Casamigos has seen significant growth by following an organic word-of-mouth marketing strategy, Sales have continued to grow exponentially, with organic net sales for 2022 almost doubling, up 90%. Casamigos’ growth is a direct result of improved market share, highlighting brand quality, authenticity, and innovation.

Henry Farr, Associate Director at Brand Finance said:

’’The tequila sector has really grown in recent years. It is outpacing other spirits, leaving tequila brands well-positioned to capture evolving preferences of consumers, where many are opting for higher quality, premium-branded product and this is what Casamigos, especially, has done so well, given that its entire inception was based on creating a product they wanted to drink and enjoy.”

Moutai retains title as most valuable Spirit brand, valued at USD49.7 billion

Elite baijiu brand Moutai (brand value up 16% to USD49.7 billion) is the world’s most valuable spirit brand for the eighth consecutive year. Hailed as China’s national liquor, Moutai’s deep heritage and association with Chinese tradition has led to its market dominance. Moutai has continued to prioritise innovation within its home market. In 2022, ahead of Chinese New Year, Moutai hosted its first online sale, auctioning some of the brand’s rarest Chinese baijiu. The auction was exclusive to China-based consumers, aligning with the brand’s perceptions of scarcity and exclusivity.

Moutai also becomes world’s strongest Spirits brand; Both Moutai and Wuliangye boast a prestigious AAA+ rating with the latter improving in brand rating

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in 38 countries and across 31 sectors.

In addition to being the most valuable brand, Moutai is now also the world’s strongest Spirits brand. It boasts a Brand Strength Index (BSI) score of 90.8 out of 100 with a corresponding brand rating of AAA+. With a highly respectable BSI of 89.8 out of 100, Wuliangye’s(brand value up 5% to USD30.3 billion) score sees the brand promoted to the maximum AAA+ rating alongside Moutai. Following COVID-19, China’s baijiu brands have experienced increased competition as production rates have reduced significantly. Although baijiu remains China’s dominant spirit, brands must consider consumer perceptions and maintain brand equity and as a result, market share.

View the full Brand Finance Alcoholic Drinks 2023 report here

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance is a regulated accountancy firm, leading the standardisation of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671, and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

MethodologyDefinition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance’s proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

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