Coca-Cola fizzled in 2013, falling two spots from its ranking as the world's most valuable brand, according to a closely watched report released Monday.
Coca-Cola was replaced by Apple in the 2013 report by Interbrand, a brand consulting company owned by the Omnicom Group.
The report ranks companies based on a factors including financial performance and brand loyalty. The global report ranks companies that have a presence on at least three major continents.
In its latest rankings, Interbrand estimated the worth of Apple's brand to be $98.3 billion, up 28% from the year before.
The introduction to Apple's description reads like a gushing tech review: "Every so often, a company changes our lives, not just with its products, but also with its ethos," the report begins. "Few brands have enabled so many people to do so much so easily, which is why Apple has legions of adoring fans, as evidenced by the record-breaking launch of the iPhone 5c/5s."
Coca-Cola's brand worth also rose, the report said, but not enough to keep it in the top spot. The soft drink maker's brand worth was estimated to be $79.2 billion, up 2% from the year before.
"Though the soft drink giant slips to #3 this year, Coca-Cola has enjoyed a long and illustrious reign as our #1 Best Global Brand for good reason," the report said. "An enduring classic that has evolved over its 127 years, Coca-Cola remains the most recognizable -- and one of the most valuable -- brands in the world."
The top 10 also include Google (No. 2, worth $93.2 billion), McDonald's (No. 7, worth $42 billion), and Toyota (No. 10, worth $35.3 billion).