Starbucks has been named the world's most valuable restaurant brand, according to independent brand valuation consultancy, Brand Finance.
2023 marks the sixth year Starbucks has held this top spot.
Beating out McDonald's, the coffee chain giant was given this title after Brand Finance evaluated the most valuable restaurant brands across the globe in 2023, using factors like market share, loyalty rates and brand strength.
Although many restaurant brands have faced challenges like rising inflation and supply chain issues, Starbucks has succcessfully overcome these difficulties and continued to achieve solid brand value growth.
In 2022, the coffee chain giant's brand value increased by 17 percent, reaching 53.4 billion dollars, widening the gap between itself and McDonald's, which Brand Finance named as the second most valuable restaurant brand.
As a result of its-reinvention strategies, which saw the investment of 450 million dollars into its existing U.S stores and further investment into growth opportunities in cafe, pick-up, drive-through and delivery concepts, Starbucks' value has grown by 30 percent when compared to its pre-pandemic levels.
The brand's efforts in catering to the increased demand for customisable cold beverages has also been pivotal for its growth. Cold beverage sales accounted for nearly 75 percent of its total beverage sales in its U.S. stores.
Looking ahead, Starbucks' customisable cold beverage offerings is expected to bring in additional growth for the brand.