BASF has once again been named as the world’s most valuable chemical brand for the ninth consecutive year with a brand value estimated at US$8.4 billion.
Syngenta was shown to be the fastest-growing chemicals brand, up 37% to US$1.4 billion.
Both Corteva and Nutrien also featured inside the top 10 brands based on ‘brand value’ with Sumitomo also being named as being perceived as being the most ‘sustainable’ brand.
Syngenta, Corteva and Nutrien were among the fastest growing chemical brands in 2023.
‘Brand value’ is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors.
Every year, brand valuation consultancy Brand Finance puts 5000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries.
David Haigh, chairman of London based Brand Finance said: “Brand value growth within the chemicals industry has been steady but it has slowed this past year. Historically, the industry has relied heavily on Russian gas.
“Chemicals brands are facing further macro-economic and supply chain challenges. Brands need to have greater creativity and flexibility to manage these obstacles, both in the short-term and long-term. This includes brands maintaining strong relationships with their suppliers to gain that competitive advantage.”
Syngenta’s continued promotion of regenerative agriculture practices and an increased demand for sustainable farming products has driven the brand’s 19% year-on-year increase in sales. Alongside increased productivity, Syngenta has been able to raise prices of its products and services, offsetting raw materials costs.
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.
Two ag sector brands ranked inside the top 10 on brand strength: Corteva which was spun off from The Agriculture Division of DowDuPont in June 2019 was ranked in 8th place and Nutrien 10th.
Former Corteva parent company, US-based brand DuPont (brand value down 2% to USD1.8 billion) remains the world’s strongest chemicals brand, with a Brand Strength Index (BSI) score of 83.7 out of 100 and corresponding AAA- brand rating.
Since exciting the agriculture space, DuPont has benefited from continued demand across its industrial-end markets, with healthcare and aerospace helping maintain brand strength.
Sustainability ranking
As part of its analysis, Brand Finance assesses the role that specific brand attributes play in driving overall brand value. One such attribute, growing rapidly in its significance, is sustainability. Brand Finance assesses how sustainable specific brands are perceived to be, represented by a ‘Sustainability Perceptions Score’.
Sumitomo Chemicals (brand value up 8% to USD1.7 billion) was founded with two goals, one being the elimination of pollution. The report states it is unsurprising that the brand finds itself with the highest Sustainability Perceptions Score, at 5.14, of any brand included in the ranking.
“Perceived by stakeholders to uphold its founding principles, Sumitomo Chemicals supports a variety of areas of life, including resources, food and energy. Sumitomo Chemicals’ commitment to the environment has created strong brand recognition and trust amongst the brand and its stakeholders, resulting in positive perceptions of sustainability.
