- Millions of Australians currently suffer from poor sleep and anxiety, and the market to fix these issues is expected to be worth US$114 billion (around A$154 billion) by 2025
- The Federal Government has also recognised this is a growing problem, investing more than $5.2 billion into the sector in 2020
- While all mental illnesses require professional treatment, there is a growing industry of complementary medicines
- The medicines aren’t designed to treat an illness, but rather the less extreme symptoms that accompany some mental health issues
- The complementary medicine market is already worth $4.2 billion annually and is expected to grow even further as the focus shifts to improving Australians’ wellbeing
- Cannabis and its by-products have been a big disruptor of the complementary medicines market, but now a new plant promises to change the market again
- The product is the Noble Kava, which Fiji Kava (FIJ) has spent years perfecting
- Fiji Kava’s products are now being sold at Coles, while Blackmores has licensed its medicine for one of its own AnxioCalm products
- Fiji’s shares are trading for 24.5 cents on the ASX
Stress, anxiety and poor sleep habits are issues many Australians confront daily, but the market for treating these ailments is growing.
A recent estimate found the sleep aid market would be worth US$114 billion (around A$154 billion) by 2025. In 2018, that market was valued at US$71.04 billion (about A$99.05 billion)
The issue
Right now in Australia, an estimated 14 per cent of the population will suffer anxiety over their lifetime, according to Mindframe.
That number grows when you examine sleep issue, with the Sleep Health Foundation estimating that more than half of adult Australians are currently suffering from at least one chronic sleep symptom.
The issue of anxiety and poor sleep has even been recognised by the Federal Government, who have announced plans to funnel more than $5.2 billion into the wider mental health sector.
This money will go towards helping those who have ongoing mental illnesses receive better support from their psychologists, psychiatrists or even just their GPs. It will also be spent on better educating Australians about the issue of mental health and wellbeing.
The focus by officials here isn’t just mental illnesses, but wider mental health – which is defined as being a person’s overall wellbeing and how they’re coping with life’s stresses.
But, while all mental illnesses require treatment by professionals, there is also room for complementary medicines to assist in the treatment of mental health issues.
The other treatments
These therapies don’t target illnesses, nor are they prescription medications, instead, they try and offer relief for some of the less extreme side effects which go hand-in-hand with mental distress.
Complementary medicine is also a growing market, with estimations by industry body Complementary Medicines Australia (CMA) showing the market turned over $4.2 billion in revenue in 2018 alone, which is $2 billion in growth over five years.
The demand for complementary medicines can also be seen abroad, with Australia current exporting just under $1 billion worth of these medicines overseas in 2019. China and Hong Kong are the biggest markets, followed by New Zealand, Vietnam and South Korea.
So far, cannabis and its by-products have been a big disruptor of the complementary medicines market, but now a new plant promises to change the market again.
The product is Noble Kava, which Fiji Kava (FIJ) has spent years perfecting, successfully taking the traditional medicine used by the Fijian people for centuries into the mainstream.
Fiji has created a range of products containing kavalactones, which are found in the root of only select varieties of Noble kava plants, and work to increase body relaxation, induce sleep, as well as calm and soothe the nerves.
The company’s Scientific Advisor, and part of the NICM Health Research Institute at Western Sydney University, Professor Jerome Lassar, said complementary medicines have never been more timely.
Kava’s products, which are approved for use in Australia by the TGA as a complementary medicine, can be used by themselves or alongside other traditional therapies.
“The Fijian plant medicine Kava has a valuable role alongside standard medications, psychological care, and healthy lifestyle choices, in assisting with the management of anxiety,” Jerome added.
The market
The demand for complementary medicines is evidenced by Fiji Kava’s recent deal with ASX-200 company Coles Group (COL). The supermarket giant recently began selling Fiji’s Noble Kava Capsules in its Coles stores across the country, the first global retailer to do so.
Coles isn’t the only ASX-200 company taking notice of Kava, with Blackmores and Fiji Kava recently signing an agreement to have its noble Kava extract used in Blackmore’ BioCeuticals Clinical AnxioCalm product.
Speaking about the agreement, Fiji Kava Founder and CEO Zane Yoshida said he was pleased to see a business as big as Blackmores recognise the quality of their Noble Kava ingredients.
“This is another milestone for the company that will not only increase the availability of our noble kava in Australia and New Zealand, but is another strong endorsement by a leading healthcare provider of the quality and uniqueness of our Fijian noble kava,” he said.
Fiji’s shares are trading for 24.5 cents on the ASX.