20 Countries with the Best Food in the World
In this article, we discuss the 20 countries with the best food in the world. To skip the detailed analysis of the food industry, go directly to the 5 Countries with the Best Food in the World.
The food industry is estimated to bring in $9.3 billion in revenue to the global economy in 2023 and is expected to grow at a CAGR of 6.21% between 2023 - 2027.
After the Russia-Ukraine war, the global food industry was severely disturbed as Russia and Ukraine are major exporters of grains and oilseeds. Food transport was also heavily affected due to high energy prices. The food prices reached their peak in March 2022 but have since settled down a little. Between March 2022 and 2023, there were 11 back-to-back price declines in the food industry bringing the total decline during the period to 19%.
Food prices have a direct impact on many other industries. Research suggests that when food prices rise the consumer demand not only drops for food but also for other consumer products. According to the General Mills, Inc. (NYSE:GIS) CEO, food inflation is expected to weaken but the prices are still expected to remain above historical levels. He said:
“There have been a lot of a lot of commentary about disinflation or going negative, but we don’t actually see that. And it’s driven by labor cost inflating.”
The company is also expected to hike its prices further during 2023.
Restaurant Industry
The restaurant segment is one of the main components of the food industry and falls under its food services segment. The restaurant industry saw steep declines after the COVID-19 pandemic and went through further disruption during the rising inflation in 2022. Nonetheless, a report states that 3 out of 4 food business operators believe that the conditions for the business are almost normal. In 2023, the food services industry is expected to grow to reach almost $1 trillion in sales and add 500,000 to its workforce.
Some restaurant stocks that can prove to be good investments during this recovery period are McDonald's Corporation (NYSE:MCD), Restaurant Brands International Inc. (NYSE:QSR), and Wingstop Inc. (NASDAQ:WING). These three stocks have already been proving the recovery predictions correct. As of July 4, McDonald's Corporation (NYSE:MCD) stock is up 11.5%, Restaurant Brands International Inc. (NYSE:QSR) is up 19.8% and Wingstop Inc. (NASDAQ:WING) has increased by 46.6% year-to-date.
Inflation in the US reached its peak of 9.1% in June 2022. Since then there has been a remarkable decline in inflation growth and between June 2022 and March 2023, it dropped to 5%. The number is still significantly higher than the Federal Reserve’s target of 2%. However, if the economy weathers the current storm and gets over this rough economic period, the future for food stocks looks very bright. Archer-Daniels-Midland Company (NYSE:ADM), Tyson Foods, Inc. (NYSE:TSN), and Unilever PLC (NYSE:UL) are some stocks that can rally after inflation drops to ideal levels and consumer spending increases.
Photo by Lee Myungseong on Unsplash
Our Methodology
To compile this list we used a consensus opinion-based approach and consulted several sources including US News, Ranker, and Travooo along with a few others. Each of the items on our list is in the top 20 of at least one of these sources. We calculated the number of times each country is listed in these sources and calculated the aggregate position of each of these countries according to their position in each of the sources.
Countries with the Best Food in the World
20. Switzerland
Switzerland ranks 20 on our list of countries with the best food in the world. The country is famous for chocolates and its different dishes are mostly made out of dairy products such as cheese, cream, butter, milk, and yogurt. Some of the most famous items in Swiss cuisine are r?sti, muesli, and several types of fondues.
19. Germany
German cuisine mostly consists of grains, dairy and meat. Most of the German people were dependent on limited food items due to cold weather. Over time, the country’s cuisine got vast due to influence from around the world due to globalization. Germany is most widely known for its delicious pretzels and sausages.
18. Argentina
Argentinian cuisine is a mix of dishes from the indigenous people of the country and was later influenced by Spanish and Italian immigrants. Argentina’s food depends heavily upon meat. The country’s chimichurri and Asado (Argentinian BBQ) are some of the most famous food items in the world.
17. Turkey
Turkish cuisine has been influenced by several Asian and European regions mixed with the cuisines from the Ottoman Empire and has influenced several neighboring regions. Some of the most widely used ingredients in Turkish cuisine are all-spice, black pepper, cinnamon, coriander, and poppy seeds along with several others. Baklava and Doner are some of the most famous food items in Turkey.
16. Morocco
The Moroccan cuisine is mostly inspired by the Berber and Arab foods. The country’s cuisine also has some influence on Spanish and Mediterranean cuisine. Moroccan food is rich in meat proteins, herbs, and spices.
15. Peru
The most common ingredient used in Peruvian cuisine is potato. It is the country with the most extensive varieties of potatoes. The modern cuisine of Peru is inspired by Europe, Africa, and Asia along with influences from its old indigenous cuisine. Ceviche and empanadas are a couple of the most famous Peru food items.
14. USA
The USA is the most diverse country in the world, which is why its cuisine is globally influenced. The country’s cuisine broadened mostly in the 20th century when the US saw a rush of immigrants. USA is known for its hearty Thanksgiving dinners which include turkey and yams and also its burgers and steaks. American BBQ is also one of the most famous BBQs in the world.
Some of the world’s biggest food companies such as McDonald's Corporation (NYSE: MCD), Chipotle Mexican Grill, Inc. (NYSE:CMG), and The Hershey Company (NYSE:HSY) are also based in the United States.
13. Portugal
Portugal is famous for its spices and so is the Portuguese cuisine. The country’s cuisine also includes vast amounts of pork and beef, along with crustaceous seafood. Portuguese cuisine is vastly influenced by the French and Mediterranean cuisines. Some of its most famous dishes include caldo verde, grilled sardines, and bifanas.
12. Philippines
The Philippines has one of the best cuisines in the world. Their base cuisine is influenced by dozens of ethnolinguistic groups that live around the Philippines archipelago.
11. Japan
Japan gave us sushi, sashimi, and soba noodles. Japanese people mostly avoided meat till the late 19th century due to their devotion to Buddhism. Modern Japanese cuisine is inspired mostly by Chinese cuisine and Western cuisine.
10. South Korea
South Korean cuisine is ideal for people who want to have a perfect balance of savory and spicy. The country’s cuisine is mostly inspired by Chinese and Japanese cuisine but its climate is different from both the countries which allows South Korea to make its own modifications to its food.
9. Thailand
Thai cuisine is one of the spicier cuisines of Asia. In Thailand, the food consists of high spice and aroma. The Thai cooking methods are influenced by the Chinese and the cuisine itself has four categories.
8. France
French cuisine is one of the most artistic cuisines in the world. Cooking methods in modern France are mostly credited to Georges Auguste Escoffier, a French chef and culinary writer. Escoffier also identified the five mother sauces used in cooking and created the kitchen brigade, a hierarchy system that is used in almost every professional kitchen around the world.
7. Vietnam
Vietnamese cuisine uses less oil and dairy but a high amount of herbs and vegetables.
6. China
The Chinese cooking style and flavors vary from region to region. However, the most commonly used ingredients are rice, wheat, noodles, soybean products, and several kinds of vegetables and herbs. The use of oil is very little in Chinese cuisine.
Some of the biggest Chinese food companies are Yum China Holdings, Inc. (NYSE:YUMC) and Dingdong (Cayman) Limited (NYSE:DDL ).
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Disclosure. None. 20 Countries with the Best Food in the World is originally published on Insider Monkey.