Top 75 Indian brands experience 4% decline in combined value in 2023
Kantar report says supply chain challenges, rising interest rates, and market uncertainty contribute to decline, while TCS maintains top spot
The top 75 most valuable Indian brands have seen a 4 per cent decrease in their combined value amounting to $379 billion in 2023, compared to the previous year, according to a comprehensive brand report released by marketing data and analytics firm Kantar.
The report highlights the challenges faced by businesses and consumers in recent times, including supply chain disruptions, increasing interest rates, and market instability.
The Kantar BrandZ Top 75 Most Valuable Indian Brands Report said, "The Kantar BrandZ Top 75 Most Valuable Indian Brands this year has a combined value of USD 379 billion. This is 4 per cent lower than the value of the Top 75 a year earlier and reflects the strain that businesses and consumers have been under in recent times.”
In a comparative analysis, the report noted that the top 100 most valuable global brands experienced a significant 20 per cent decrease in value between 2022 and 2023.
Tata Consultancy Services (TCS) maintained its position as the number one brand in Kantar’s BrandZ Top 75 Most Valuable Indian Brands report for the second consecutive year. With a brand value of $43 billion, TCS successfully capitalised on the global demand for digital transformation, despite the challenges faced in the business technology category.
HDFC Bank secured the second spot on the list for the second consecutive year, following its dominance of the ranking table from 2014-20. Infosys and Airtel claimed third and fourth positions, respectively, while State Bank of India (SBI) advanced one rank to enter the top five this year.
Kantar’s annual global and local brand valuation rankings combine financial data with extensive brand equity research.
The automotive category showed impressive growth, with TVS and Mahindra emerging as the top 75's fastest risers, gaining 51st and 47th positions, respectively. This category achieved the second-highest growth rate at 19 per cent. Kantar attributed this success to India’s automotive brands' rapid response to changing consumer preferences, such as the shift from hatchbacks to SUVs and the growing demand for electric vehicles.
Financial services brands contributed significantly to the top 75's total value, with a 6 per cent growth rate driven by the digital banking boom. Notably, Axis Bank (17th position) recorded a 28 per cent increase in brand value, and ICICI Bank (6th position) witnessed an 18 per cent growth.
Telecom providers also demonstrated robust performance, resulting in a 17 per cent rise in total brand value.
The 2023 Indian brand ranking saw four newcomers and two re-entrants. PhonePe made the highest entry in 21st position, followed by fintech brand Cred (48th), photo and video sharing app ShareChat (67th), and entertainment platform Star (71st).
Deepender Rana, executive managing director - South Asia, insights division, Kantar, said, “It has been India’s decade. Our GDP has almost doubled with an 82 per cent growth, while world GDP has grown at 30 per cent. This delta is even bigger when it comes to the most valuable Indian brands, which have almost quintupled in value (4.9 times), compared to the most valuable global brands, which have grown 2.4 times. So Indian brands are significant value creators for our economy.”
Rana added, “We expect this trend to accelerate in the next decade as Indian brands don’t just thrive in India but also explore growth overseas in their quest to become true multinational giants. Our IT services brands have already done that, with TCS and Infosys featuring in the Top 100 Most Valuable Global Brand list. The strongest Indian brands have forged powerful connections by consistently adding value to people’s lives, and consumers see them as different from their rivals in ways that really matter.”
The Kantar BrandZ Top 75 Most Valuable Indian Brands report provides insights into the evolving landscape of Indian brands and their global impact, reflecting both the challenges and opportunities they face in today's dynamic business environment.