The Coca-Cola(KO) brand -- which includes all versions of Coca-Cola Light, Diet and Zero -- has been a member of the Top 10 list since BrandZ began its ranking 10 years ago.
However, the value of Coke's brand increased only 4% last year, lagging other top performers. Therefore, it fell in the rankings by two spots.
Cheung said the company simply hasn't seen a lot of growth this year in developed markets and emerging markets, a trend that has has held back the brand.
First published May 27, 2015: 4:11 AM ET
Methodology: This 2015 BrandZ ranking of the most valuable brands in the world was carried out by brand consultancy Millward Brown, which is part of the advertising firm WPP. It calculates brand value by using in-depth financial data alongside interviews with over three million consumers from around the world.
