Canada’s most valuable brands bounce back, growing 49% since 2020

Leading Canadian brands outpace global averages on perceptions of sustainability.
19 October 2022
Bank learning against a fence with a Canadian maple leaf
Scott Megginson

President, Insights Division, Canada

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Canada’s biggest brands have bounced back from the pandemic, with a 49% rise in total value in the 2022 Kantar BrandZ Top 40 Most Valuable Canadian Brands report, published today. The total value of the ranking is worth $201 billion this year, well ahead of the pre-pandemic total value of $144 billion in 2019.

This rapid pace of growth reflects a combination of pent-up demand and the use of savings accrued by many Canadians during lockdown. The rise in value has been deep and broad with 37 of the 40 brands showing growth, and Banks (+68%), Insurance (+60%) and Telecom Providers (+41%) leading sector growth.

RBC retained its title as Canada’s most valuable brand, growing its brand value by 74% over the last two years to $37.7 billion. RBC is the world’s 57th most valuable brand, according to Kantar BrandZ’s annual global ranking, and the second most valuable bank globally. New digital initiatives over the past year have extended to the release of a new brand platform, ‘Ideas Happen Here.’ Sustainability initiatives, including a roadmap to support RBC and its clients achieve net zero carbon emissions have helped RBC improve its scores on a range of corporate responsibility metrics.

Mary de Paoli, EVP CMO, RBC commented on the results, saying, “As a purpose-driven brand, we’re deeply committed to helping our clients and communities realize their goals and thrive in a rapidly changing world. There is nothing more inspiring than being part of making their great ideas happen. This is what lies at the heart of our brand’s strength and the trust our clients place in us. We are incredibly grateful to our employees for the dedication and creativity they put into delivering exceptional value every day, and the steady resolve to keep reaching higher. You don’t get to be one of the world’s most valuable brands without having one of the world’s best teams behind you.”

TD ($28.7 billion) retained its position as the second-most valuable Canadian brand, up 67% and remains in the global top 10 of banks. This has been an excellent two years for Canadian banks, in which they benefited from significant macroeconomic factors, including strong government support for consumers and rising interest rates on variable rate loans.

Telecom Provider Bell also retained its place on the podium at No.3 ($17.1 billion; +25%). Since 2021, Bell has increased its commitment to corporate social responsibility, through its ‘Bell for Better’, initiative, which includes significant funding for community care and access, research and workplace leadership initiatives throughout the country.

The fastest-growing Canadian brand is Aritzia (No.29; $1.4 billion), with a rise of 102% on the back of its expansion in the US. It has adopted a strong social positioning in its initiatives and campaigns to empower women, and donated 4000 coats, valued at over $1 million, to help keep communities in Canada and the USA warm over the coldest months.

Going dark is a risk

The brand success stories from this year’s ranking highlight the dangers for brands that have chosen to reduce marketing budgets, as the economic outlook returns to more challenging conditions in the months ahead.

While drops in household spending power might tempt some marketers to slash their advertising budgets, exposure and convenience are even more important in Canada than they are in other global markets. The Top 10 brands and the 10 fastest growing brands in this year’s ranking all index highly on Saliency – a measure of mental availability.

The real challenge lies in perceptions of value. Canadian consumers rated only 13% of the top brands as great value. They saw more than 50% of the brands as either high-priced, overpriced, or at risk of being overpriced. These brands need to communicate their value better or create value-added services and experiences that justify the extra cost.

One exception that has been successful on this score is Lululemon (No.4; $16 billion). The sports apparel brand was the only brand in the ranking identified as having a justified premium, helping its brand value grow 32% since 2020.

The post-pandemic surge in brand value demonstrates just how much protection strong brands provide from crises and economic shocks. The rapid growth strong brands typically see in the recovery phase creates huge opportunities for gains in market share as well. The power of brands will prove just as important in the current era of higher inflation if they also have strong perceptions of value. Brands that can demonstrate both premium positioning and value benefits will continue to grow their equity over the next year when supported by strong consumer messaging.

The Kantar BrandZ Top 10 Most Valuable Canadian Brands 2022

Rank 2022



Brand Value 2022 ($M USD)











Telecom Providers








Telecom Providers







Bank of Montreal









Telecom Providers



Tim Hortons

Fast Food


Sustainability is rising in importance

While sustainability currently only makes a small direct contribution to brand value, in Canada they are strongly correlated. The 10 most valuable Canadian brands and the 10 fastest growing brands all outpace the averages for sustainability, brand purpose and responsible behavior towards the environment. Sustainability, which has grown 300% in importance in the past decade and accounts for nearly half of all corporate reputation, matters.

Newcomer Canada Dry (No.30, $1.3 billion) stands out because its parent company, Keurig Dr Pepper, which habitually makes lists of best employers in Canada, has adopted an ambitious sustainability plan that includes specific targets for 100% recyclable or compostable packaging, use of post-consumer recycled content, and zero waste to landfills. Such efforts contribute to Canada Dry’s improved scores for environmental responsibility, fair dealing with suppliers and leading the way.

Other key trends highlighted in the Kantar BrandZ Canadian brand ranking include:

  • Five new joiners to the ranking: Canada Dry, HomeSense (No.32; $895 million), iA Financial Group (No.34; $715 million), Freedom Mobile (No.38; $615 million), and Chatr (No.39, $554 million). These brands come from four different categories, reflecting the broad nature of growth seen in this year’s ranking.
  • Brands with purpose: Tim Hortons (No.10; $5 billion), Canadian Tire (No.23; $1.7 billion) and Shoppers Drug Mart (No.22; $2.2 billion) have topped Canadian brands for measures of trust and purpose. Tim Hortons has pledged that its menus will be free from artificial colors, flavors and preservatives and has introduced new plant-based meat items, such as the ‘Impossible Sausage’. Canadian Tire’s Jumpstart Charities are committed to helping children overcome barriers to sports and recreation. Shoppers Drug Mart has recently strengthened its commitment to sustainable packaging, pledging to eliminate plastic bags from stores by the start of 2023, and has launched ‘Quo Beauty’, an innovate vegan, cruelty-free beauty collection.

Find the 2022 Kantar BrandZ Top 40 Most Valuable Canadian Brands ranking, report and extensive analysis now at

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