The Selecao last won the competition in 2002 and Low believes home-advantage gives them a good chance of winning their sixth World Cup in history, although he has made it clear that Luiz Felipe Scolari's men face stiff competition for the trophy.
"Brazil are the biggest favourites for me. Their strength and energy on home soil gives them something extra," Low told ZDF.
"The team is more important than individual class and playing at home is a big advantage for Brazil.
"However, Argentina have become quite strong again, too, while Colombia are one of the best in the world as well.
"And of course there are teams like Spain, Italy and Netherlands. Belgium are one of the dark-horses, while Japan are Asia's strongest team."
Germany will find out their opponents in the group stages during Friday's draw in Costa do Sauipe, with the tournament kicking off on June 12.
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