Mexican beer Modelo Especial is one of the world’s 500 most valuable brands, according to consulting firm Brand Finance.

The firm’s annual “Global 500” brand list ranked Modelo in 455th place, with a value of $5.2 billion. It is the second most valuable brand in Mexico after fellow beer brand Corona Extra, which came in 207th place. It is also one of only five Latin American brands in the top 500, alongside the Brazilian banks Itaú (263), Banco do Brasil (431) and Bradesco (477).

“Beer brands of Mexican origin are recognized and appreciated around the world,” said Laurence Newell, Americas director at Brand Finance. He highlighted that Modelo Especial’s value “continues to grow, far exceeding pre-pandemic data, driven by the North American consumer.”

Modelo Especial’s brand value leaped by 24% last year. It became the top-selling beer in the United States in May, with an 8.4% share of U.S. retail sales, temporarily displacing longtime leader Bud Light.

Analysts attributed Modelo’s success not only to controversies affecting Bud Light’s owner Anheuser-Busch, but also to Modelo’s brand diversification and a growing affinity for Mexican alcoholic beverages in the U.S.

Brand Finance gave Modelo Especial a brand score of 78.9 out of 100 and an AA+ rating, reflecting not only its value, but also its reputation and perception of sustainability.

However, it still lagged behind Corona Extra — long the most valuable brand in Latin America — which performed even more strongly in 2023, seeing its overall value surge by 40%, to $10.4 billion.

Meanwhile, Mexican telecommunications brand Claro dropped off Brand Finance’s top 500 list for the first time since 2009.

Overall, the combined value of Latin American brands on the list increased by 9% from 2023, to reach $34 billion.

With reports from Aristegui Noticias