The recently-released Top 50 Non-Alcoholic Drinks 2026 brand value and strength list by Brand Finance saw US brands Coca-Cola and Pepsi maintain their positions as the top two most valuable beverage companies in the world.
Coca-Cola continues to reign supreme with a brand value of US$46.1bn, followed by Pepsi at US$16.8bn and then China’s Nongfu Spring at US$15.3bn.
But what is striking about this year’s report lies not so much in the rankings, but the actual numbers: Compared to 2025 value numbers, Coca-Cola has shown a -US$243mn drop (from US$46.3mn in 2025) and Pepsi dipped by -US$5.74bn (from US$22.5bn in 2025), whereas Nongfu Spring grew an astounding 38% or US$4.24bn in value (from US$11.1bn in 2025).
“Nongfu Spring is one of this year’s standout performers, with strong growth driven by continued demand across its bottled water, ready-to-drink tea and no-sugar beverage portfolio,” Brand Finance Director Henry Farr stated.
“Beyond its financial performance, Nongfu Spring has also overtaken Coca-Cola in terms of brand strength to become the strongest non-alcoholic drink brand in 2026, securing an impressive 89.8/100 BSI score.”
Brand strength here is measured in terms of the Brand Strength Index (BSI) which is used to evaluate a brand on its non-financial health, consumer influence and competitive power. It is based on a full score of 100, and combines scores from marketing investment, stakeholder equity and business performance.
Brand strength, risk and future potential are combined by Brand Finance to generate a brand rating that is similar to a credit rating format, ranging from AAA+ to D.
Notably, despite Coca-Cola’s top-ranking brand value position, it has slipped in terms of its brand rating, dropping from AAA+ in 2025 to AAA in 2026.
A similar situation can be seen for Pepsi, which has dropped in brand ranking from AAA to AAA-.
On the other hand, Nongfu Spring has maintained the highest rating of AAA+, and is the only brand in the Top 10 listings to hold this rating this year, holding its own against not only the top two but also other big names such as Red Bull (AA), Monster (AA-), Gatorade (AAA-) and Nescafe (AA-).
“This demonstrates Nongfu Spring’s ability to pair rapid commercial growth with exceptionally strong consumer perceptions,” Farr added.
This is also why Nongfu Spring Founder and Chairman Zhong Shanshan has made it onto our Top 25 list of powerful individuals impacting the global food and drink industry, alongside names like Nestle CEO Philipp Navratil, PepsiCo CEO Ramon Laguarta and Coca-Cola Executive Chairman James Quincey.
Quantity versus growth
This of course does not mean that Coca-Cola or Pepsi hold any less sway on the global beverages market currently, as in terms of value and overall quantity, these two brands still rule the roost.
“Coca-Cola remains the world’s most valuable non-alcoholic drinks brand, and its value remains stable largely due to its enduring global presence, extensive distribution network and iconic brand identity,” he added.
“The continued success of its wider portfolio, including strong growth for Coca-Cola Zero Sugar, highlights the company’s ability to evolve alongside changing consumer preferences as demand shifts towards reduced-sugar alternatives.”
Pepsi saw the largest decline in brand value among the top 10 brands, which Farr attributed to a ‘more challenging outlook as consumers become increasingly value conscious and competition intensifies across key markets’.
Brand Finance’s Top 10 Non-Alcoholic Drink Brands 2026
- Coca-Cola
- Pepsi
- Nongfu Spring
- Red Bull
- Monster
- Gatorade
- Dr Pepper
- Nescafe
- Sprite
- Eastroc
Source: Brand Finance
Another major player to watch
Ranked tenth on this list is Eastroc, which also hails from China, and comes with a US$4.99bn brand value and AAA brand rating.
Eastroc is a clear player to watch on this list, mainly because it successfully grew its brand value by an amazing 62% (from US$3.08bn in 2025) within just one year, having revamped its export strategy and portfolio with immense efficiency in recent years.
“Eastroc is one of the biggest growth stories in this year’s ranking, having expanded beyond its core energy drinks franchise into fast-growing functional beverage categories, particularly electrolyte drinks, helping it capture rising consumer demand for hydration, wellness and performance-focused products,” Farr said.
“It also showed strong financial performance and distribution expansion to South East Asia, the Middle East and the US, and all of this has supported substantial brand value growth while also strengthening consumer perceptions, leading to an improved BSI score from 82.8/100 in 2025 to 85.4/100 this year, placing it among the sector’s strongest brands.”
