Crypto News: When beer's a bust

Konnichiwa from Kanoko in Japan, where people consume about one liter less of alcohol annually than the global average. The population is shrinking and demand for adult beverages is on the decline, a combination that's crimping domestic sales and leading some companies to move in new — potentially healthier — directions. But first ...

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Kirin, Japan's second-biggest brewer, is looking beyond beer as consumers in Japan are drinking less and many are trying to be more health conscious after more than two years of the Covid-19 pandemic.

As the World Health Organization calls for stricter rules on digital marketing and urges governments to set higher prices to discourage the drinking it says leads to three million deaths a year, Kirin is reducing its reliance on beer. What's the next big focus area? Health care.

"I feel that more regulations are to come, and future of the beer business will probably be very difficult," said Takeshi Minakata, head of the health science business at Tokyo-based Kirin. "There is a certain risk to continue to rely on the alcohol industry forever."

The company's response to the changing global trends is in contrast to bigger rivals like Anheuser-Busch InBev and Asahi Group, who are doubling down on alcohol and investing in higher-end businesses like craft beers.

Cans of Kirin on the production line Photographer: Tomohiro Ohsumi/Bloomberg

Kirin aims to generate 500 billion yen ($3.8 billion) in health care sales over the next decade by starting contract manufacturing for pharmaceutical ingredients, expanding its food additives and supplement operations and acquiring new businesses. The brewer has a budget of 200 billion yen for acquisitions and will borrow if necessary, Minakata said.

The company is especially confident about its prospects in the dietary supplements business as the market is growing and the products are made with the fermentation technology Kirin has long cultivated through making beer. The global market is expected to hit $307 billion as personal disposable income grows and consumer awareness rises, according to market research.

"Handling microorganisms is in Kirin's DNA, we are quite good at it," Minakata said. "It has a really high potential."

Kirin's move reminds me of another high-profile Japanese company that wasn't initially big in health care: Fujifilm.

The company known for its prowess in photographic film turned to health care two decades ago, building new businesses based on its original technology and buying others. Fujifilm's investment paid off, with its health care unit generating 44% of its operating income for the year ended in March.

Will Kirin find the same measure of success? Only time will tell. — Kanoko Matsuyama

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