- San Pellegrino World's 50 Best Restaurant Awards seen as Oscars of fine dining industry
- Last year's winner, Spain's El Celler de Can Roca, knocked Denmark's Noma off the top spot
- Awards are now viewed by some as more influential than coveted Michelin stars
(CNN) -- Chefs, gourmets and food critics were working up an appetite on Monday as judges prepared to reveal the winners of the influential San Pellegrino awards celebrating the world's 50 best restaurants.
The awards -- viewed as the Oscars of fine dining -- will see some of the industry's biggest names go up against lesser-known venues still hungry for success.
Last year's winner, Spain's El Celler de Can Roca, will be hoping to hold on to its title against challenges from other previous winners and finalists, including Italy's Osteria Francescana and New York's Eleven Madison Park.
El Celler de Can Roca's victory knocked Denmark's Noma down to second place last year, ending the minimalist Copenhagen restaurant's three-year reign at the top of the list.
Spain's El Bulli still holds the 12-year-old contest's record, claiming four successive wins before head chef Ferran Adria disappointed diners in search of the best food in the world by closing its doors in 2011.
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Among others hotly tipped are several restaurants in Asia, including Nahm, a Thai restaurant in Bangkok that was recently named the region's best.
The awards, organized by UK-based Restaurant Magazine and sponsored by Italian drinks manufacturers San Pellegrino and Acqua Panna, are seen as highly influential in the fine dining industry.
Some observers say they now hold greater sway over a restaurant's financial success and bookings than coveted Michelin star rankings -- often transforming them into major travel destinations.
The names of this year's best restaurants in the world have been closely guarded ahead of this year's ceremony, set to begin at 1800 GMT (4 pm E.T.), after details were leaked before the announcement in 2013.
However, organizers have revealed they are set to present a lifetime achievement award to Fergus Henderson, a British chef whose St. John restaurant in London has championed "nose-to-tail" eating that utilizes every part of an animal.
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