Despite national and international commitments to food systems transformation and an increasing adoption of common indicators, no comprehensive targets have been established against which progress can be measured. Here, building on the Food Systems Countdown Initiative framework, we identify existing targets—based on internationally agreed commitments and normative goals—and establish benchmarks—based on empirically derived peer performance reference values at the global, regional and income group levels—for 44 Food Systems Countdown Initiative indicators. We also assess countries’ historical progress and the rate of change required to achieve targets and benchmarks over two different timescales. We show that current progress is insufficient to meet 2030 targets and benchmarks at global level. Comparing countries’ status to regional and income benchmarks, which are generally less ambitious, yields better performance across indicators and regions, although gaps remain. Achieving most targets and benchmarks by 2050 is possible if countries correct course and accelerate progress, but certain indicators will require considerable investment and intervention.