Grand welcome for healthy food

Over these years, the eating behaviour of consumers has noticeably changed. With the great amount of effort put into raising awareness for healthier diets such as the Singapore Government’s “Healthy Lifestyle Campaign” where health promotion programs are organized and supported by the Ministry of Health’s Health Promotion Board (HPB), Singaporeans have changed their food preferences. They are generally more health-conscious about their day-to-day diet with their acts of giving up high-fat and sugary food and choosing healthier food options which explain the rise in demand for healthier food. Being a normal good, demand for healthier food options also continue to increase with Singaporeans becoming more affluent and are enjoying higher income and standard of living.

With the prominent increase in demand for healthy food intake, many local and foreign companies have increased their presence and have gained a firm standing in the local market of healthy food. The newly renovated shopping mall, Great World City, has brought in 3 healthy food stores that are well-known for organic and vegan food products, namely the Scoop Wholefoods Singapore, The Source Bulk food and Ryan’s Grocery. A market research study on Globaltrade.net has shown that the market for healthier and nutritional food has been expanding each year; estimated to be around 9% to 10% annually with more Singaporeans taking steps to improve their overall health management. While the market remains popular and highly competitive, the prices for healthy food products were seen to be on the rise as well. Estimates from industry sources have proven that a typical Singaporean consumer who visits a healthy food store would spend above $100 per visit.

From an economic viewpoint, it is totally right to apply the invisible hand theory and leave the market on its own as this allows the healthy food companies to compete and market cleansing to take place which would guarantee the optimal benefit of the industry. However, to be more moralistic, the government should intervene and have a slight control in this market in order to ensure that healthy food becomes slightly more affordable for the Singaporeans of the lower economic status. It is only in this way that Singaporeans of both low and high economic status could comfortably seek healthy food options and take a keen interest in their overall health and wellness.

 

Cheong Lay Yen Regina

 

 

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3 Responses to “Grand welcome for healthy food”

  • TruBlu:

    Sorry to say the INVISIBLE HAND IS HELPING TO PU$H UP PRICE$$$!

    In Fact,if THEY want,THEY could APPLY THE INVISIBLE HAND TO LOWER PRICE$ WHICH ARE ALREADY ESCALATED IN PART BY THE AGENTS OF THE INVISIBLE HAND LIKE NTUC FAT-price???

    Greed can never be $atiated.
    Its like cancer germs;it spreads n spreads till the *VICTIMS* succumb?

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  • Eat healthy:

    Good to eat healthy.
    Make it affordable for all.
    It will result in less medical costs for the country and individual.
    Prevention better than cure…

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  • PAP CLOSE DOWN:

    Supermarkets and other stores take this opportunity to up prices and are laughing allthe way to banks.

    GD Star Rating
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