Yahoo Finance 20 Most Expensive Foods In The World
In this article, we will be looking at the 20 most expensive foods in the world. If you want to skip our detailed analysis, you can go directly to the 5 Most Expensive Foods In The World.
Fine Dining: An Experience
Fine dining has regained its bearing in the food industry post-pandemic marked by a steadily increasing revenue stream. According to a report by IBISWorld, the fine dining industry in the United States has been growing at a compound annual growth rate (CAGR) of 2.7% over the past five years. The market is expected to reach $16.7 billion in 2024. The majority of the revenue generation is concentrated on an affluent customer base. Households with a larger disposable income, around $100,000, are more likely to spend on fine dining. In 2024, the fine dining industry in the United States has been estimated to have almost 166 thousand employees.
The rapidly growing industry is marked with fierce competition with restaurants coming up with innovative strategies to attract their customers. One of the most notable marketing strategies adopted by fine dining restaurants is the use of social media to attract customers. Restaurants invite social media influencers and food bloggers to review their menu items. The arrangement enables restaurants to reach the right audience with minimal effort. The use of technology in the food industry is not merely limited to marketing, as restaurants are using artificial intelligence and data analytics to revamp menus based on customer experiences. Restaurants are integrating AI tools including Chatmeter to manage their customer experience and improve online ratings.
Another prominent trend in the dining industry is taking the customer experience beyond food. Restaurant owners are employing innovative strategies to transform the dining experience into an immersive experience. On January 12, Forbes reported the journey of a one Michelin-starred Cyrus restaurant. The restaurant is transforming the average two-hour-long dining experience into an interactive adventure. The customers move from one dining hall to another while also getting a chance to interact with the chefs preparing their food. The 20-course is customized to enhance customer experience and is designed to mimic the feeling of visiting a friend's home for dinner. The exquisite meals combined with the unique setting have earned the restaurant a strong stance in the competitive Californian fine dining space.
Noteworthy Names in the Dining Industry
Brinker International, Inc. (NYSE:EAT) is one of the most prominent names in the food industry. The company owns many restaurants including Chili's and Maggiano's Little Italy restaurant chains. Restaurants are sponsoring events and forming partnerships to stay ahead of their competitors. On January 23, Brinker International, Inc. (NYSE:EAT) announced a partnership with Spire Motorsports for the upcoming 2024 NASCAR Cup Series race season. Chili's by Brinker International, Inc. (NYSE:EAT) will be the primary sponsor of Spire's No. 7 Chevrolet Camaro ZL1 driven by Corey LaJoie, at the Daytona 500. The restaurant will be the season opener for the event this year.
Cheesecake Factory Inc (NASDAQ:CAKE) is another notable name in the restaurant industry. Restaurants introduce special offers around the festive season to encourage their customers to make purchases. On November 28, Cheesecake Factory Inc (NASDAQ:CAKE) announced the launch of Peppermint Stick Chocolate Swirl Cheesecake for the holidays. A special gift card offer allowed guests to receive a $15 bonus card for every $50 worth of gift cards purchased. The gift card was marketed as the perfect holiday gift as it enabled the gift card holders to pick their favorite items from more than 250 items present on the Cheesecake Factory Inc (NASDAQ:CAKE) menu.
Darden Restaurants, Inc. (NYSE:DRI) is a major player in the restaurant industry. On December 15, 2023, Darden Restaurants, Inc. (NYSE:DRI) reported earnings for the fiscal second quarter of 2024. Darden Restaurants, Inc. (NYSE:DRI) reported an EPS of $1.84, beating estimates by $0.11. The company's revenue for the quarter grew by 9.68% and amounted to $2.73 billion. Here are some comments from the company's earnings call:
"Total sales were $2.7 billion, an increase of 9.7%, and adjusted diluted net earnings per share were $1.84. We opened 17 restaurants during the quarter. Fiscal year to date, we have opened 27 restaurants in 16 states, four of which were re-openings. We continue to stick to our strategy, driven by our four competitive advantages of significant scale, extensive data and insights, rigorous strategic planning and a results-oriented culture. And our brands are relentlessly focused on executing our back-to-basics operating philosophy, anchored in food, service and atmosphere."
With this context, let's take a look at the most expensive foods in the world.
20 Most Expensive Foods In The World
Our Methodology
To make a list of the most expensive foods in the world we have used a consensus methodology. The consensus methodology entailed consulting four different sources including BBC, Auguste Escoffier School of Culinary Arts, Delicious, and Luxury Columnist. We extracted the names of the foods that appeared in at least two of the four sources. We have then calculated the average ranking of these items across our sources. We have used the number of mentions and average ranking to arrange our list. The rationale behind using a consensus methodology instead of prices was the fact that all of these food items were priced based on different scales and were incomparable.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
20 Most Expensive Foods In The World
20. Extra Virgin Olive Oil
Number of Mention: 2
Average Ranking Across Sources: 16
Extra virgin olive oil is one of the most healthiest variants of olive oil. The health benefits and quality of the olives being used have made it one of the most expensive foods in the world. The price of extra virgin olive oil ranges widely based on the manufacturing brands. The price goes as high as $89 for 500 ml.
19. Abalone
Number of Mention: 2
Average Ranking Across Sources: 15.5
Abalone is one of the most expensive foods in the world. Abalone is a marine snail and is harvested mainly in Australia. The average price of abalone is $120 per mollusk.
18. Vanilla Beans
Number of Mention: 2
Average Ranking Across Sources: 12
Vanilla beans are used to make vanilla extract and essence and are a significant ingredient in baking. The price of vanilla beans goes up to $600 per pound.
17. Gooseneck Barnacles
Number of Mention: 2
Average Ranking Across Sources: 11.5
Gooseneck barnacles are one of the most expensive foods in the world. The difficult harvesting process adds to the cost of the food. The price of gooseneck barnacles goes up to $125 per pound.
16. Wagyu Beef
Number of Mention: 2
Average Ranking Across Sources: 11
Wagyu beef is renowned for its marbled texture that adds incredible flavor. Wagyu beef comes from a certain type of cow raised in specific conditions. Japan and America are the main producers of this expensive food that can cost almost $200 per pound.
15. Ethical Foie Gras
Number of Mention: 2
Average Ranking Across Sources: 8
Ethical foie gras is a pâté made from duck or goose liver. The food is incredibly flavourful and has a delicate buttery texture. The average price of foie gras is around $1540 per pound.
14. Oysters
Number of Mention: 2
Average Ranking Across Sources: 8
Oysters are among the most expensive foods in the world. Oysters require certain conditions for nurturing and take a long time to be prepared. The food is generally consumed raw and served on ice. The price of the food varies with an average of $383 per pound.
13. Jamón Ibérico
Number of Mention: 2
Average Ranking Across Sources: 6
Jamón Ibérico is the most expensive variant of ham. The meat comes from specially fed pigs that are raised on a specific diet. A single Jamón Ibérico leg can cost up to $4,500.
12. Bluefin Tuna
Number of Mention: 2
Average Ranking Across Sources: 5.5
Bluefin tuna is one of the most expensive foods in the world. The bluefin tuna is used as a star ingredient in a diverse set of dishes including sushi. The price of bluefin tuna can go as high as $5,000 per pound.
11. Moose Cheese
Number of Mention: 2
Average Ranking Across Sources: 5.5
Moose cheese is one of the most expensive forms of cheese. The preparation is incredibly difficult and adds to the overall cost of the product. Moose cheese has a high price of almost $1,000 per pound.
10. Ayam Cemani Black Chicken
Number of Mention: 2
Average Ranking Across Sources: 2.5
Ayam Cemani black chicken is a rare breed of chicken found in Indonesia. The chicken has a stark black appearance and is known for its health benefits. The price of black chicken is as high as $200 in Indonesia itself. The export adds to the price of the chicken, bringing it to thousands of dollars around the world.
9. Edible Gold Leaf
Number of Mention: 2
Average Ranking Across Sources: 2.5
Edible gold leaf is used on a diverse set of dishes. The expensive food instantly hikes the cost of the food it is used in. The price of edible gold leaf goes as high as $15,000 per pound.
8. Kobe Beef
Number of Mention: 3
Average Ranking Across Sources: 8.3
Kobe beef is one of the most expensive kinds of beef in the world. The beef comes from specially bred cows. Kobe beef cows are rare and require distinct conditions which adds to the cost of the food. The average price of Kobe beef is $250 per pound.
7. Iberico Ham
Number of Mention: 3
Average Ranking Across Sources: 7
Iberico ham is one of the most expensive foods in the world. The ham is cured for almost 36 months which adds to the end product and price of the food. The price of ham varies depending on the quantity being bought.
6. Black Watermelon
Number of Mention: 4
Average Ranking Across Sources: 9.5
Black watermelons are extremely rare and have a distinct crispy taste. Japan is the main producer of black watermelons. The price of a single black watermelon is almost $6,000.
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Disclosure: None. 20 Most Expensive Foods In The World is originally published on Insider Monkey.