Texas Roadhouse, Jollibee Named Fastest Growing Restaurants Brands Of 2023

Texas Roadhouse has been named the quickest growing restaurant brand, and fast-food restaurant Jollibee is a close second, according to the 2023 "Restaurants 25" report from Brand Finance, a top brand consultancy that estimates the total financial value of various brands. 

The report discovered that the Texas Roadhouse brand has gone up in value by 56% this year and estimates that it's worth $2.3 billion. This number makes the steakhouse the quickest-expanding restaurant that is included in the ranking. Currently, there are 700 Texas Roadhouse locations; within the next several years, the brand hopes to operate at least 900 locations.  

The report found that Filipino fast-food chain Jollibee is the next quickest growing restaurant brand, with its value rising by 53% this year. The restaurant's success has been evident; in 2018, Jollibee even opened a store in Manhattan. Brand Finance estimates that the chain is worth $1.6 billion. The report said that after the pandemic, the brand began gaining more traction in the U.S. The restaurant hopes to open at least 500 more stores in the next several years and to compete with other major fast-food brands such as McDonald's and KFC.

Texas Roadhouse, Jollibee, and the other most valuable restaurants of 2023

To determine the most valuable restaurants around the world, Brand Finance studies how strong a brand is, the number of total sales a company makes, and royalty rates. 

While Texas Roadhouse and Jollibee are this year's quickest growing restaurants, Starbucks kept its title as the most valuable restaurant brand for the seventh year in a row, increasing its lead over McDonald's as the next most valuable restaurant. McDonald's brand value, however, has decreased by 7%, according to the report. In addition to being the "most valuable" restaurant brand, Starbucks also had the highest "sustainability perceptions" score.

Although Texas Roadhouse and Jollibee have excelled this year, Texas Roadhouse ranked at number 17 out of 25 of the most valuable restaurants, while Jollibee ranked at number 20. Following Starbucks and McDonald's, 2023's other most valuable restaurants include KFC, Domino's, Subway, and Taco Bell.