Filippino fried chicken fast-food chain Jollibee has been recognized as the second fastest-growing restaurant brand in the world, according to the 2024 annual brand ranking report by Brand Finance, an independent global brand valuation agency.

Jollibee ascended from rank 20 to rank 17 in this year’s global restaurant rankings, with its brand value surging 51% to US$2.3 billion.

The brand further solidified its position by achieving fifth place in the strongest restaurant brand category, elevating its rating from AA- to AAA. In addition, Jollibee is the only Philippine brand listed in the 2024 Top 25 Most Valuable Restaurant Brands and Top 10 Strongest Restaurant Brands.

Chinese coffee chain Luckin Coffee was named as the fastest-growing restaurant brand in the 2024 ranking, recording brand value growth of 96% to US$1.5 billion.

Jollibee, the flagship global brand within the Jollibee Group’s portfolio of 18 brands, originated in the Philippines in 1978. The brand has since grown to encompass 1,668 locations across 17 countries as of January 2024.

To sustain its growth momentum, the company says, it remains steadfast in expanding its store network in key markets such as the United States, Europe, Middle East, Asia and Australia, while sustaining market leadership in the Philippines.

“This valuation from Brand Finance gives us confidence that we are on the right track in our strategic goals for the brand,” adds Richard Shin, the group’s chief financial officer. “The company’s ability to resonate with consumers across diverse markets and cultures opens opportunities for further expansion and growth, enhancing the potential for better shareholder value to investors and franchisees.”