Multiple award-winning chef Tommy Myllymäki, 36, was the only Swede in the final of the notorious cooking contest which first launched in 1987 and takes place every two years.
There were high hopes he could take gold after getting a silver two years ago.
"I would put him at 1.5 to win. He won the European championship last year, and historically the winner is normally from a Western European country," Thomas Holms from betting firm Betsafe told The Local on Wednesday.
But after more than five hours of cooking, Norway's Ørjan Johannessen instead took the gold.
A total of 24 chefs competed in the prestigious competition in which contestants are expected to "demonstrate creativity, spontaneity and the mastery of their art."
This year contestants were asked to prepare a guinea fowl dish alongside a fish and vegetable recipe using fario trout.
The competition takes place in front of a live audience of 2500 people, including hundreds of food critics and writers, with a panel of experts selecting the winner.
Myllymäki has already picked up numerous food prizes in Europe and came second in the Bocuse d'Or 2011. When not competing, the established chef runs his own restaurant Julita Wärdshus, located in his hometown Katrineholm. He is a big television personality in his home country.