Soy sauce maker Haitian Flavoring became the most valuable brand in China's food and beverage industry with its brand value jumping 95 percent to 120 billion yuan ($18.6 billion) on a yearly basis in 2020, according to the Hurun Most Valuable China Brands 2020 list, which was released on Jan 21.

The brand value of Hangzhou-based Nongfu Spring landed in second place, with its growth skyrocketing 1,675 percent to 71 billion yuan during the same period.

Wahaha, another beverager manufacturer from Hangzhou, ranked 7th on the list with a brand value of 14.5 billion yuan.

A total of 11 food and beverage brands made this year's list, with seven of them being privately owned companies.