Aberdeenshire-based craft brewing firm BrewDog said it has been named the most valuable craft beer brand in the world and the 19th most valuable global beer brand in the Brand Finance report on the most valuable and strongest beer brands.

The report said: “Innovative Scottish craft beer brand, BrewDog, is the highest new entrant in the ranking in 19th position, with a brand value of $1.5 billion.”

BrewDog co-founder James Watt tweeted: “Today @BrandFinance named us as the most valuable craft beer brand on the planet, and the 19th most valuable global beer brand. Just feels like yesterday it was 2 humans, a dog, a £30k bank loan & a big dream.”

Brand Finance said it calculates the values of the brands in its league tables using the “Royalty Relief” approach – a brand valuation method “compliant with the industry standards set in ISO 10668.”

Brand Finance said this involves “estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a licensor would achieve by licensing the brand in the open market.”

The report added: “Now 11 years old, the (BrewDog) brand is undertaking ambitious growth plans across key international markets, with new breweries and bars in the pipeline both at home in the UK and abroad.

“Its flagshipbeer, Punk IPA, is already the number one craft beer in the UK and the brand is striving to make it the beer of choice internationally.

“The brand is committed to expansion, with gin and vodka already in its portfolio, it is widening its reach further by entering into the whiskey market, in a bid to make it more playful.

“In 2018, BrewDog announced its foray into the hotels business, opening the doors to the world’s first craft beer hotel, The DogHouse.”