This archive report was first published on 2 November 2021.
Published on November 2, 2021, a report by Brand Finance revealed that the total value of Africa's top 150 most valuable brands declined by $5.5 billion in 2021, from $45.5 billion in 2020 to $40.0 billion.
The decline was attributed to the Covid-19 pandemic, which led to lockdown measures and travel bans across the continent, creating uncertainty and impacting brands' ability to do business as usual.
Jeremy Sampson, managing director of Brand Finance Africa, stated that it was not surprising to see top African brands decline in value due to the pandemic.
"African brands will need to search for opportunities to make up lost ground. By embracing new technologies and collaboration, the continent can propel its recovery and bounce back from the extraordinary situation the world has found itself in," said Mr Sampson.
The top 10 brands are from South Africa, with a cumulative brand value of $29 billion, representing 73 per cent of the total brand value in the ranking.
Nigeria is second on the ranking, with 17 brands featured, accounting for six per cent of the cumulative brand value.
Kenya's brand value has risen eight per cent to $67 billion in the past year, with seven Kenyan brands represented, including one of the country's most popular beer brands, Tusker, which made its debut appearance in the ranking.
Kenya's financial services brands grew in brand value, with Walter Serem, regional manager for East Africa, stating that this trend could produce Kenya's next pan-African brand, following in Safaricom's footsteps.
Safaricom retained its most valuable brand title at a value of $716 million, despite falling three places to 15th and recording a 26 percent year-on-year drop in brand value.
