In this article, we will be taking a look at the 12 most expensive restaurants in the world. If you want to skip our detailed analysis of the global food service market, you can go directly to see the 5 Most Expensive Restaurants In the World.
The global food service industry is a large, diverse, and dynamic industry that encompasses a wide range of businesses, including fine dining restaurants, fast food chains, cafes, and even food trucks. The industry is constantly changing because of evolving consumer needs as well as new trends.
The Global Food Service Market: An Analysis
In one of our previous articles about the most expensive fast food and fast casual restaurants, we discussed the surge in food prices and looked at the factors that caused an increase in the overall cost of food. Despite rising costs and inflation, the food service market is expected to reach new heights in the coming years.
According to a report by Fortune Business Insights, the global food service market size was valued at $2.64 trillion in 2023. Looking forward, the market is expected to grow at a compound annual growth rate (CAGR) of 10.79% during 2023-2030, pushing the market to reach above $5.42 trillion by the end of the forecasted period. While the majority of the millennial population is spending more on quick-service restaurants and fast food chains, a growing number of restaurants are now offering healthier food options, which is appealing to consumers who are interested in eating healthier. The rising personal disposable income of the population combined with the growing variety of food restaurants is a key factor creating a positive outlook for the global food service market. Moreover, with the rise in the number of working women, an increasing number of families in developing regions visit restaurants, order food, or eat out more frequently.
Emergence of full-service and fine dining restaurants around the world is augmenting market growth. Due to the increase in leisure domestic and international travel, restaurants and hotels are introducing various new types of cuisines to attract tourists as well as domestic consumers who may want to try new international cuisine styles. This is fueling further growth in the global food service market.
Major Players in the Food Service Market
Some of the top companies operating in the food service market include Restaurant Brands International Inc. (NYSE:QSR), Dine Brands Global, Inc. (NYSE:DIN), and On June 14, Darden Restaurants, Inc. (NYSE:DRI). Let’s take a look at these companies in detail.
Restaurant Brands International Inc. (NYSE:QSR) is one of the world’s largest quick service restaurant companies and it owns some of the world’s most prominent and iconic quick service restaurant brands. On June 22, Restaurant Brands International Inc. (NYSE:QSR) reported that one of its brands, Firehouse Subs, opened its first location in Switzerland while also announcing the signing of a development agreement to roll out Firehouse Subs in Mexico later this year. These announcements mark the beginning of Firehouse Subs’ global expansion, with Switzerland being the first country outside of North America to receive a Firehouse Subs restaurant.
Many food service companies and businesses are branching out and introducing new food items to attract more customers. Dine Brands Global, Inc. (NYSE:DIN) is one of the world’s largest full service restaurant companies in the world. It also franchises two iconic brands, namely Applebee’s and IHOP. IHOP ranks among the most popular fast food restaurants in the world. On September 27, Dine Brands Global, Inc. ‘s (NYSE:DIN) IHOP announced a new menu featuring new sweet and savory options that are perfect for any time of day. The latest IHOP menu innovations include a variety of updated favorites, including new entrées, Belgian Waffles with new toppings, new beverages, as well as new biscuits and new sides.
On June 14, Darden Restaurants, Inc. (NYSE:DRI) announced that it has completed its acquisition of Ruth’s Hospitality Group Inc, and that since after the completion of the acquisition, Ruth’s Hospitality Group Inc’s common stock ceased trading on NASDAQ. Darden Restaurants, Inc. (NYSE:DRI) has added the Ruth’s Chris Steak House brand to its portfolio of differentiated brands which includes Olive Garden, Season 52, The Capital Grille, Cheddar’s Scratch Kitchen, and LongHorn Steakhouse, among others.
Here are some comments from Darden Restaurants, Inc. (NYSE:DRI) Q1 2024 earnings call:
“Next, we want to maintain and even strengthen the guest experience. Ruth’s Chris is an incredibly strong brand and it ranks as one of the top brands across multiple metrics within Technomic’s industry tracking tool. We now expect to realize more synergies than we originally anticipated and we plan to reinvest some of them in the guest and team member experience.”
On September 21, Darden Restaurants, Inc. (NYSE:DRI) reported strong earnings for the fiscal first quarter of 2024. The company reported earnings per share (EPS) of $1.78, surpassing EPS estimates by $0.04. The company reported a revenue of $2.73 billion and outperformed revenue estimates by $22.35 million.
Now that we have looked at what some of the major players in the food service market are up to, let’s take a look at the 12 most expensive restaurants in the world.
12 Most Expensive Restaurants In the World
Methodology
For this article, we compiled a list of 12 most expensive restaurants in the world using a consensus approach. We analyzed rankings of most expensive restaurants in the world using 4 different sources – Luxe Digital, Edoaffairs, KTCHNrebel, and Luxatic. We counted the number of times each restaurant is listed in these sources. We also calculated the average ranking of each of these restaurants by adding up their rankings in each of the sources and then dividing that figure by the number of times each restaurant’s name came up. We then ranked the 12 most expensive restaurants in the world based on how many times their name came up in the sources as well as their average rankings.
The rankings are based on the hypothesis that a restaurant is more expensive if it is ranked higher among our sources. The number of mentions is our primary metric and the average ranking is our secondary metric. A lower average ranking is better since it means the restaurant had a better overall ranking among our sources. In the case where multiple restaurants had the same number of mentions across our sources, tie breaking was done on the basis of average rankings. The 12 most expensive restaurants in the world are listed below in ascending order.
12 Most Expensive Restaurants In the World
12. Ciel Bleu Restaurant
Number Of Mentions: 2
Average Ranking: 11.5
First up on our list of 12 most expensive restaurants in the world is the Ciel Bleu restaurant. Located on the 23rd floor of Hotel Okura in the Netherlands, the restaurant gives a magnificent view of the city of Amsterdam while also offering a spectacular range of international cuisines. It has been a two Michelin-star restaurant since 2008. The menu at Ciel Bleu can cost anywhere between EUR 195 to EUR 475 per person. Due to its rich menu of the most expensive and high quality caviar, fish and shellfish, it is a popular choice for people that enjoy fine dining.
Companies that are expected to benefit from the growing food service market include Darden Restaurants, Inc. (NYSE:DRI), Restaurant Brands International Inc. (NYSE:QSR), and Dine Brands Global, Inc. (NYSE:DIN).
11. Kikunoi Honten
Number Of Mentions: 2
Average Ranking: 10.5
Established in 1912, Kikunoi Honten is one of the oldest and most expensive restaurants in the world. It is currently run by Yoshihiro Murata, the third generation chef since his grandfather birthed this restaurant. Besides the tranquil green setting it is surrounded by, the restaurant’s menu offers the most exquisite Japanese cuisine. Kikunoi Honten is a three Michelin-star restaurant. The lunch and dinner courses start from JPY 29,000 and can be as expensive as JPY 74,000.
10. Piazza Duomo
Number Of Mentions: 2
Average Ranking: 9.5
The Piazza Duomo offers the most exquisite combination of Italian dishes paired with fine wines. Enrico Crippa, the chef, opened the restaurant in 2005 by teaming up with the Ceretto Family, who are pioneers of winemaking. Situated almost on the corner of Alba’s beautiful main Piazza in Italy, the Piazza Duomo is a three Michelin-star restaurant. All the dishes at the restaurant incorporate herbs and vegetables from the chef’s own kitchen garden. A complete dish course paired with wine can cost over EUR 1000.
9. Alchemist
Number Of Mentions: 2
Average Ranking: 9
Based in Copenhagen, Denmark, the Alchemist restaurant does not offer simple meals at a dining table but takes the experience to the next level. The Alchemist is a 2 Michelin-star restaurant with about 50 courses. The menus can cost DKK 4600 per person, excluding drinks. With a vibrant setting and a menu that is put together with the best ingredients, Alchemist offers a surreal experience for the privileged few who can afford to dine here.
8. Restaurant de L’Hôtel De Ville
Number Of Mentions: 2
Average Ranking: 9
Located in Crissier, Switzerland, Restaurant de L’Hôtel De Ville is a three Michelin-star restaurant. Its menu consists of dishes made from fresh vegetables and produce paired with 40 varieties of cheese. While the whole tasting menu can cost $390, the average meal costs around $360 per person. Restaurant de L’Hôtel De Ville is run by a long line of extremely talented chefs and its exquisite menu and setting makes it one of the most expensive restaurants in the world.
7. Maison Pic Valence
Number Of Mentions: 2
Average Ranking: 8
Based in Paris, France, Maison Pic Valence is a 3 Michelin-star restaurant due to its exceptional cuisine and special atmosphere. It is run by Anne-Sophie Pic who prefers serving the food in porcelain dishes under a cloche. It is not run as a restaurant alone but is part of a grander hotel offering the most splendid services. All in all, the Maison Pic Valence ranks among the most expensive restaurants in the world.
6. Per Se
Number Of Mentions: 3
Average Ranking: 2.67
Per Se in New York is a 3 Michelin-star restaurant that ranks high among the most expensive restaurants in the world. It is owned and run by Thomas Keller and offers an American-French menu. Facing Central Park, the starting price for a meal per person at Per Se can be around $350 and goes over $1500 for more deluxe courses.
Some of the most popular food service stocks to consider investing in include Darden Restaurants, Inc. (NYSE:DRI), Restaurant Brands International Inc. (NYSE:QSR), and Dine Brands Global, Inc. (NYSE:DIN).
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Disclosure: None. 12 Most Expensive Restaurants In the World is published on Insider Monkey.