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Singapore Journal of Scientific Research

Year: 2021 | Volume: 11 | Issue: 1 | Page No.: 67-76
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Authors

Nisha Pandey

Nisha Pandey

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Research Article

Demand Assessments of Organic Products and Consumers Willingness to Pay for Organic Food Products

Nisha Pandey Nisha Pandey's LiveDNA
Background and Objective: Consumer belief and attitudes determine production and marketing strategies and the willingness to pay a premium price for organic food products. Awareness and knowledge about organically produced foods are critical in consumer purchase decisions. The main objectives of the study were to understand consumer awareness about organic products and assess consumers' Willingness To Pay (WTP) for organic products, factors influencing consumers' willingness to pay for organic products. Materials and Methods: The study is based on both qualitative and quantitative methods. The Contingent Valuation Method (CVM) method has been used to know the willingness to pay of consumers. The monetary values obtained in this way are thought to be contingent upon the nature of the constructed (hypothetical or simulated) market and the commodity described in the survey scenario. Results: Prices of organic food are considerably higher than regular food and poor consumers cannot afford organic products. Therefore, marginal demand [∂Do/∂Yi] of income is favourable for the good quality of food and their willingness to pay for organic food. Conclusion: Consumers of high-income groups are willing to pay higher prices for organic products. Many people are not aware of the availability of organic products in the market. It is necessary to disseminate and publicize the information widely so that all the people can have access to information and can make their own decision.
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