New data from Brand Finance reveals fossil fuel and seafood brands are 2024 standouts as the region shows early signs of economic recovery
- Equinor remains Norway’s most valuable brand for ninth consecutive year
- Dynamic shifts in top ten strongest brands: SalMar, Lerøy Seafood, and MOWI rise through the ranks
- Statkraft makes debut, securing third position in ranking at NOK33.1 billion
7 August 2024, London – Oil and gas brands are driving Norway’s brand value growth, according to new data from Brand Finance, the world’s leading brand valuation consultancy. With a brand value increase of 37% to NOK178.7 billion, Equinor stands as Norway’s most valuable brand, and this year’s second fastest-growing brand in the ranking. Just ahead in terms of brand value growth, Vår Energi is the world’s fastest-growing Norwegian brand with its brand value up 82% NOK7 billion.
With inflation reportedly gradually slowing, Norwegian oil and gas brands have played a significant role in driving Norway’s economic recovery, with the sector benefiting from windfall profits because of Russian sanctions.
Cristobal Pohle Vazquez, Regional Manager of Scandinavia, Brand Finance, commented:
«As Norway’s largest export and a significant contributor to its economy, the nation’s oil and gas sector continues to bolster its brand presence on the global stage. With Vår Energi’s brand value soaring 82% and Equinor’s value increasing 37%, these brands are setting new benchmarks for growth, underscoring Norwegian brands’ strategic position in the global energy market and the Norwegian economy’s upward growth trajectory.»
Norwegian seafood brands have also significantly boosted Norway’s exports. Brand Finance data underscores this, revealing that seafood brands are among the strongest and fastest-growing Norwegian brands in 2024.
SalMar, now Norway’s fourth strongest brand, recorded a Brand Strength Index (BSI) score increase of more than four points to 71.8 out of 100 and a corresponding AA rating. SalMar’s brand value also increased by 31% to NOK4.1 billion, making it Norway’s third-fastest growing brand. Lerøy Seafood (brand value NOK14.8 billion) ranks eighth among Norway’s strongest brands, also recording a more than four-point rise in its BSI to 70.1 out of 100. MOWI‘s brand value increased by 13% to NOK648 million, rising in the BSI ranking to ninth place, with a BSI of 67.7 out of 100 and an AA- rating. Brand Finance data shows Norwegian seafood brands all excel in product quality and their ability to command a price premium, underscoring the importance of fish production for the Norwegian economy and global demand.
Note to Editors
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 25 most valuable and strongest Norwegian brands are included in the Brand Finance Norway 25 2024 ranking.
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.
The full ranking, additional insights, charts, more information about the methodology, and definitions of key terms are available in the Brand Finance Norway 25 2024 ranking.
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About Brand Finance
Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations 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 also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.
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.
Brand Finance is a regulated accountancy firm, leading the standardization 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.
Disclaimer
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 if 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 individual, 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.
