Overview: The global spirits landscape shifted significantly in 2026 according to Brand Finance’s Alcoholic Drinks 2026 report. While the combined value of the world’s 50 most valuable spirits brands fell by almost four per cent to US$161bn, tequila emerged as the strongest-performing category. Leading brands recorded substantial increases in brand value despite softer consumer demand and trade disruption affecting other sectors.
The Full Story
José Cuervo recorded a 61 per cent increase in brand value to US$1.6bn, climbing 12 places to 17th overall. Don Julio increased its brand value by 57 per cent to US$2.5bn, while Patrón grew 36 per cent to US$2.4bn. Both brands are now more valuable than every Scotch whisky brand in the ranking except Johnnie Walker. The report found that the combined value of the world’s 50 most valuable spirits brands fell by almost four per cent to US$161bn in 2026, reflecting softer consumer demand, trade disruption and pressure on premium spirits categories.
Chinese baijiu continued to account for the world’s most valuable spirits brands. Moutai retained first place, increasing its brand value by two per cent to US$59.6bn, well ahead of second-placed Wuliangye at US$27.3bn. Xinghuacun Fen Wine climbed to third place following six per cent growth to US$6.2bn, overtaking Luzhou Laojiao, which declined 16 per cent to US$5.3bn. Canadian whisky brand Crown Royal was named the world’s strongest spirits brand in 2026, achieving a Brand Strength Index score of 96 out of 100 and an AAA+ rating. Its brand value increased 12 per cent to US$2.7bn, placing it ninth overall.
Cognac and Scotch brands experienced significant declines. Hennessy’s brand value fell 29 per cent to US$3.8bn, while Rémy Martin declined four per cent to US$806m. Martell was the only Cognac brand in the ranking to record growth, increasing seven per cent to US$925m. Scotch whisky brands also experienced significant declines, with Chivas Regal falling 32 per cent to US$900m and Johnnie Walker down 10 per cent to US$2.8bn. Glenfiddich bucked the trend, increasing its brand value by 13 per cent to US$493m.
What This Means
Brand Finance attributed Tequila’s performance to its continued expansion beyond traditional party occasions into premium sipping, celebrations and lifestyle-led consumption. The growth comes despite challenging conditions in the US spirits market, where supplier sales declined by more than two per cent to US$36.4bn in 2025, according to the Distilled Spirits Council of the United States. Spirits-based ready-to-drink cocktails were an exception, recording sales growth of more than 16 per cent. Brand Finance highlighted the impact of tariffs, inventory adjustments and weaker premium consumption in the US and China, the category’s two largest markets.
Consumer Takeaway
The data indicates a widening divide within the Chinese spirits category, with some established brands maintaining their value while others face weaker demand. Leading tequila brands have continued to build pricing power and loyalty, with Don Julio and Patrón now outranking almost every Scotch brand by value. This shift highlights the contrasting performance of spirits categories amid changing consumer demand.
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