From Guilty Pleasure to Healthy Pleasure: The Secret Behind Balancing Health and Flavour
- SEONWOO LEE
- Aug 15
- 9 min read
*This article was originally published as a contribution to the Dong-A Business Review (DBR) in February 2023.
Article at a Glance
As more consumers seek to manage their health without giving up the pleasures of eating, demand for “Healthy Pleasure”—the pursuit of food that is both nutritious and enjoyable—is on the rise. In response, an increasing number of companies are working to challenge the long-held perception that healthy food lacks flavour.
One such innovator is Singapore-based food tech start-up Alchemy, which develops low glycaemic index (Low-GI) foods targeted at diabetics, high-risk groups, and health-conscious consumers. From the outset, Alchemy has operated under a firm principle: no compromise on taste or texture. After five years of intensive research and development, the company has successfully established a distinctive market position—not only earning the trust of hospitals and healthcare professionals, but also attracting restaurants and food manufacturers serving the wider public.
[Update] Building on this momentum, Alchemy has also forged strategic partnerships that are accelerating its global reach. In November 2023, the company signed a multimillion-dollar Memorandum of Understanding and strategic investment agreement (valued at over SGD 8 million) with Ting Li Development, the investment arm of Chinese F&B conglomerate Ting Hsin International Group. This collaboration aims to integrate Alchemy’s sugar- and carb-reduction technology into 14 of Ting Hsin’s brands while leveraging the group’s scale to achieve up to 30% manufacturing cost savings. The agreement marks a significant step in Alchemy’s expansion into Greater China and signals investor confidence in its technology.
The World’s Largest Sandwich Chain Breaks Tradition with a Healthier Cookie
Founded in 1965, Subway, the world’s largest sandwich chain with over 37,000 outlets across 104 countries, has long been known not only for its sandwiches but also for its cookies. But in February 2023, the brand made a historic shift: for the first time, Subway replaced its original cookies with a new version that contains more than 50% less sugar, launching it across approximately 130 outlets in Singapore. This move marks more than just a local product tweak. Subway now plans to roll out the new low-sugar cookie to over 2,300 stores across Asia, and is also exploring healthier product extensions such as low-sugar sandwich breads.
In Singapore, consumers are accustomed to adjusting the sweetness levels of their coffee or milk tea. It is common to request “siew dai(少底)”—a Cantonese term meaning “less sugar”—with varying degrees of reduction. Subway’s decision to reformulate its signature cookie reflects strong consumer demand for customisable sugar levels and healthier indulgences.
Indeed, Subway’s “Siew Dai” campaign launched this year aims to cater to customers who had long wanted to enjoy its chocolate chip cookies alongside their sandwiches but were deterred by the high sugar content. The new cookie, with sugar reduced by more than half, directly responds to that demand—without compromising on taste.
However, this wasn’t just about launching a low-sugar option. For Subway to completely replace its original cookie—a bold move for a global brand—a critical condition had to be met: the taste and texture needed to remain unchanged. Any compromise in flavour or mouthfeel could risk alienating loyal customers who had long associated the brand with its indulgent cookies. To meet this challenge, Subway turned to Singapore-based food tech start-up Alchemy. From the earliest stages of product development, including R&D and formulation, the two companies collaborated closely throughout the entire process. Alchemy’s mission—“healthier food without compromising on taste”—aligned perfectly with Subway’s own ambition for innovation that doesn’t come at the cost of customer experience.
To meet Subway’s ambitious brief, Alchemy drew on its proprietary database of over 100 plant-based dietary fibre blends, developed through five years of in-house research and development. The company focused on formulating a tailor-made recipe that could preserve the cookie’s original taste, texture and richness, while aligning with Subway’s targets for carbohydrate and sugar reduction.
The final product was the result of over a year of joint development between the two companies. This raises an important question: how did a young food tech start-up like Alchemy manage to meet the exacting standards of the world’s largest sandwich franchise—replacing a flagship product and securing a long-term innovation partnership in the process?
Breaking the Myth: Healthy Food Can Taste Great
Alchemy’s founder, Alan Phua, was personally motivated by his family’s long-standing struggle with diabetes—more than seven of his relatives were affected by the condition. Aware of his own genetic risk, he became deeply invested in understanding the impact of diabetes on both patients and their families. What stood out most was the importance of dietary management, and the critical role that consistent nutritional habits play in both prevention and treatment.
However, the reality on the ground was sobering. In Singapore, despite widespread awareness that brown rice is a healthier alternative to white rice, only about 8% of high-risk individuals consume it regularly. This highlights the difficulty of adopting healthy diets that don’t deliver on taste—even when people know what’s good for them. It also explains why so many food companies have struggled to gain traction with low-sugar, diabetes-friendly products: it’s incredibly hard to match the taste and aroma of the original.
In response, Alchemy set out to re-engineer everyday staples—white rice, noodles, and bread—into low-glycaemic index (Low-GI) alternatives. But the company made one thing clear from the start: success would depend not just on reducing sugar, but on replicating or improving the taste and texture of the originals. To that end, Alchemy devoted its early years entirely to research and development. After five years of continuous experimentation, the company succeeded in extracting a dietary fibre—Alchemy Fibre—that could lower the glycaemic impact of foods without significantly altering the original flavour. Using this proprietary ingredient, Alchemy developed over 100 recipes across a wide range of finished products, including rice, noodles, bread, cakes, yoghurt, and beverages.
Building on this breakthrough, Alchemy secured patents in 17 countries, and began co-developing and commercialising products with over 40 food companies across Southeast Asia. Through years of trial and error, the R&D team established a unique set of technical capabilities, which now form the foundation of Alchemy’s competitive edge.
Expertise in optimising the properties and efficacy of a wide range of plant-based fibres and starches. Alchemy’s dietary fibres are derived from natural ingredients including chicory root, peas, corn, tapioca, tuber roots, and legumes.
Thermal stability and performance validation across diverse cooking and manufacturing processes. Alchemy has developed application data that demonstrates the functional stability of its fibre formulations across different food types and preparation conditions. For example, Alchemy Fibre retains its efficacy even when baked at high temperatures—above 230°C for bread or 180°C for cakes—a critical factor for commercial food production.
Proprietary technology for significantly lowering carbohydrate-to-sugar conversion. High-GI foods cause rapid spikes in blood glucose, triggering a surge in insulin secretion. Excess insulin can lead to glucose being stored as fat and may induce rebound hunger or reactive hypoglycaemia. In contrast, low-GI foods raise blood sugar more gradually, helping the body regulate insulin levels more steadily. By reducing the glycaemic response of carbohydrates, Alchemy Fibre can support blood sugar control and help prevent fat accumulation—without changing calorie content—making it an effective nutritional solution for diabetes management and weight control.
[Update] As of mid-2024, Alchemy reports that its solutions have been used to make over 26 million meals healthier worldwide, underscoring both the scalability of its technology and its appeal to partners across foodservice, manufacturing, and retail channels.
A key product in Alchemy’s portfolio is the Alchemy Fibre Rice Blend. This formulation combines chicory root, guar gum, and carob extract with white rice to deliver the same familiar flavour and texture, while providing 10 times more dietary fibre and slowing down starch-to-sugar conversion to levels comparable with brown rice.
This product has been clinically tested and validated by the Sydney University Glycemic Index Research Service (SUGiRS). The results confirmed that it successfully reduced the high GI of jasmine white rice to a medium GI, similar to brown rice—offering a convenient, clinically backed solution for individuals with diabetes or those at risk. Other flagship products include Alchemy Fibre WITTY, which partially replaces flour and sugar in cakes and cookies. Another is Alchemy Fibre NOBBY, which enhances creaminess in ice cream and reduces sourness in yoghurt, allowing it to serve as a substitute for sugar and other sweeteners.
What sets Alchemy apart is its ability to offer healthier alternatives to everyday staple foods, supporting dietary management for patients while also attracting interest not only from hospitals, but from mainstream food companies and restaurant chains. One notable partner is Boon Tong Kee, the largest chicken rice restaurant chain in Singapore. The reason such a widely recognised, mass-market franchise has chosen to partner with Alchemy lies in the value it delivers—a healthier option without compromising on taste or adding cost burdens.
The Sugar-Free Wars Sparked by “Healthy Pleasure” — and Alchemy’s Roles
The rise in diabetes and the growing awareness of dietary management are not issues confined to overseas markets. South Korea is no exception. According to the Diabetes Fact Sheet in Korea 2020, published by the Korean Diabetes Association, one in seven Korean adults over the age of 30 is living with diabetes. Among them, one-third were unaware of their condition, and fewer than 30% were effectively managing their blood glucose levels. Some patients believe dietary control is unnecessary because they are already taking medication—a perception that remains a barrier to lifestyle change.
Still, as the diabetic population and at-risk groups continue to grow, and public awareness improves, the demand for health-focused dietary options is bound to increase. The ongoing boom in “zero” beverages is a clear reflection of this trend. These drinks use alternative sweeteners—such as allulose, erythritol, and aspartame—to maintain sweetness while reducing calorie and sugar content. Since Coca-Cola first launched Coca-Cola Stevia No Sugar, made entirely with stevia, in New Zealand in 2018, the market has seen a flood of zero-sugar products.
South Korea’s food industry is also in the midst of its own “sugar-free war”. In the alcoholic beverages sector, Lotte Chilsung launched Chum-Churum Saero in September 2022, formulated without high-fructose syrup and with added erythritol. In January 2023, Jinro followed suit with the release of Jinro Zero Sugar, joining the competitive landscape.
Which of these products will succeed ultimately comes down to taste. Only a few years ago, the prevailing perception was that zero-sugar drinks were bland or unpleasant. But in recent years, that stigma has begun to fade, thanks to intense competition driving improvements that have eliminated the bitter or artificial aftertastes often associated with sweeteners.
That said, it is still relatively easy to reformulate carbonated drinks or spirits using artificial sweeteners, as these products do not rely on texture. In contrast, foods where both sweetness and texture matter—such as milk tea, yoghurt, oat milk, burger buns, noodles, and cakes—present a much greater challenge. Flour plays a crucial role in providing structure and mouthfeel, and reducing it often leads to an imbalance in product quality. Many of the products that do make it to market fail to meet consumer expectations on both flavour and texture, resulting in low repurchase rates. In this context, as the sugar-free trend continues to expand across broader food categories, demand is expected to grow for solutions like Alchemy Fibre—which reduces carbohydrate load without compromising texture or structural integrity.
Following the COVID-19 pandemic, interest in health and wellness has surged, particularly among the millennial and Gen Z demographics. Consumers are increasingly seeking ways to manage their health while still enjoying their food—a mindset shift that underpins the growing demand for “Healthy Pleasure”. Many are moving away from the traditional view that health management must involve sacrifice, strict dieting, or punishing workouts, and are instead embracing enjoyable, sustainable routines. This signals tremendous growth potential for products and services that combine nutrition, enjoyment, and emotional well-being—from flavourful low-calorie foods and accessible mental wellness tools to fun, engaging fitness experiences.
[Update] In recognition of its impact and growth potential, Alchemy was named to the 2025 Unreasonable Impact Asia Pacific cohort, a programme spotlighting high-growth ventures addressing pressing social and environmental challenges. This recognition reflects not only Alchemy’s technological achievements but also its mission-driven approach to tackling diabetes and promoting sustainable dietary change.
In line with this growing trend, Alchemy is pursuing an ambitious expansion strategy in 2023. The company is currently in discussions with several major global food brands and suppliers, aiming to integrate its patented technology into a broader range of everyday staple products. Following the lifting of COVID-19 restrictions in China at the end of 2022, Alchemy has accelerated its collaboration with food companies across Greater China. It is also expanding its team in preparation for entry into the South Korean market.
As competition intensifies in the healthy food space, companies targeting the Healthy Pleasure segment would do well to watch Alchemy closely—its technological focus on taste and texture may prove to be a key differentiator in the next phase of the sugar-free movement. Bolstered by strategic capital from Ting Hsin, a growing global footprint, and measurable health impact across millions of meals, the company is well-positioned to scale rapidly in Asia and beyond, placing it firmly on the path to becoming a major force in regional food innovation and chronic disease prevention.
Hyuk-Tae Kwon
Founder and CEO
