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Japanese beverage giant Kirin Holdings is mulling the sale of its Australian business Lion Dairy and Drinks.

The company has begun a strategic review of the business unit as part of a broader review of its business portfolio.

The sale of Lion is just one of the possibilities, the company says, along with retaining the company and investing further in it.

“It is appropriate at this point in time to consider the best pathway forward to maximise its sustainable growth potential for the future,” Kirin said in a statement.

Lion's brands include a number of high profile beer brands including XXXX, Tooheys, and James Squire, juice brands Berri and Daily Juice, and dairy and dairy alternatives brands Pura, Dairy Farmers and Vitasoy.

Kirin's business portfolio includes alcohol, beverages, food and pharmaceutics, and last year it sold its Brazilian beer business to Heineken.

In similar moves in recent weeks, Campbell Soup has announced plans to sell off a number of business units including Aussie icon Arnott's biscuits, and Coca-Cola Amatil (CCA) has commenced a strategic review of its fruit business SPC which involves exploring new options including a change in ownership, alliances or mergers.