Here are the Top 10 Most Valuable Restaurants in 2023

Since 2015, independent brand valuation consultancy Brand Finance has ranked the top 25 most valuable restaurants in the world in its “Restaurants 25” report. The firm’s annual report uses factors such as brand strength, market share and royalty rates to evaluate the year’s most valuable restaurants across the globe.

While this year’s list features mostly American brands (93 percent), some international restaurant chains were included. Additionally, the top six most valuable restaurants were unchanged from last year’s list and the top two restaurants have maintained their dominance for several years. Here is Brand Finance’s ranking of the top 25 most valuable restaurants in 2023.

1. Starbucks

After holding the top spot among the most valuable restaurants for the past six years, Starbucks has further strengthened its hold in the category by earning the number one spot yet again. Brand Finance found Starbucks’ brand value increased 17 percent, up to $53.4 billion in 2023, widening the gap between itself and the second most valuable restaurant chain.

Starbucks’ value also has grown 30 percent higher than its pre-pandemic levels, which the report attributed to the company’s three-year reinvention strategy unveiled in September 2022. Plans for the reinvention include investing $450 million into existing US stores, exploring growth opportunities in cafe, pick up, delivery-only and drive-thru only concepts and capitalizing on increased demand for customized cold beverages, among other plans.

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2. McDonald’s

Whereas Starbucks saw an increase in brand value, McDonald’s witnessed its brand value decline by seven percent to $36.9 billion in 2023 versus $39.7 billion last year. Brand Finance cites McDonald’s decision to raise prices due to supply chain issues and inflationary pressures as a likely cause for the value decrease.

“Because of the macro-economic difficulties faced by the brand and market instability, McDonald’s has raised prices on several popular menu items over the last 12 months,” the report noted. “For a restaurant brand whose identity has relied upon low-priced products, this decision has not been taken lightly amongst consumers.”

3. KFC

Rounding out the top three most valuable restaurants is KFC, with a relatively unchanged brand value year-over-year. The company’s brand value was up to $17.7 billion in 2023 from $17.6 billion the prior year. Notably, KFC has remained in the number three position since 2019, having moved up from the number four spot in 2018.

4. Domino’s Pizza

Although Domino’s is the only pizza chain in the top ten, its brand value is $7.35 billion in 2023, over $10 billion behind KFC. However, this figure still rose from $7.25 billion the year before. 

5. Subway

Subway merely secured the number five spot on the list, beating out Taco Bell by only $3 million. While the decrease in brand value may seem negligible, Subway’s dropped $1 million in 2023 from 2022.

The remaining top ten most valuable restaurants in 2023 are:

6. Taco Bell
7. Tim Hortons
8. Wendy’s
9. Burger King 
10. Pizza Hut

Within the report’s top ten, Restaurant Brands International’s (RBI) Tim Hortons and Burger King saw the biggest increases in value, growing 38 percent and 39 percent, respectively. Fellow RBI company Popeyes (number 19) was named one of the report’s top three fastest growing brands, as determined by change in value. Yum Brands’ KFC, Taco Bell and Pizza Hut either remained stagnant or decreased in value.

The other fastest growing brands include Jollibee (number 20), up 53 percent in value versus last year, and Texas Roadhouse (number 17), up 56 percent from 2022. Both brands’ values have grown primarily as a result of their respective expansion strategies, with Jollibee focusing on China and the US while Texas Roadhouse is focusing on less populated US markets.

Click here to view the complete list of most valuable restaurants in 2023.