Japanese brewer Kirin Holdings has said that it will continue to pursue M&A deals in Asia in order to reduce its reliance on an "unsustainable" domestic market. 

Kirin, which recently failed in a bid for Australia-based Coca-Cola Amatil, has said it intends to source 30% of net sales from outside of Japan by 2015. It estimates that 24% of sales will come from other countries in 2009.

"We think there are different ways to achieve this [and] M&A is one of the most effective options," a Kirin spokesperson told just-drinks on Friday (13 February).

Japan's beer market is shrinking due to an ageing population and a sluggish economy.

"Japan is still a large, wealthy, attractive market and a vital long-term cash generator for Kirin, but Japan alone is ultimately unable to sustain Kirin's top-line growth," said the spokesperson.

Kirin last week reported a 20% rise in net profit to JPY80.18bn (US$880m) for 2008.