Boston, MA -- (SBWIRE) -- 05/11/2013 -- The dour outlook for employment forms the backbone of our downbeat growth forecast for private consumption and imports in Australia, as we expect households to cut back amid negligible disposable income growth. Thus, we are forecasting a slowdown in private consumption growth and expect import growth to record a contraction in 2013. This contraction in imports will, in turn, allow Australia's current account to return to surplus in 2014 and begin the process of reducing the external indebtedness that has built up close to 40 years of deficit. This is likely to leave our food and drink sales growth forecasts relatively subdued in the medium term. Even if economic conditions take a turn for the better, the shift of consumption habits towards private labels in Australia is likely to remain firmly entrenched over the coming years as a growing number of consumers acknowledge private labels as a very compelling alternative to proprietary branded goods.

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Headline Industry Data (local currency)

- 2013 per capita food consumption = +1.2%; forecast to 2017 = +6.5%.
- 2013 soft drinks sales = +1.6%; forecast to 2017 = +12.1%.
- 2013 alcoholic drinks sales = +1.5%; forecast to 2017 = +11.2%.
- 2013 mass grocery retail sales = +2.6%; forecast to 2017 = +21.1%.

Key Industry Trends And Developments

King Oscar Set For Australian Relaunch: Australia-based food company Manassen is set to relaunch the King Oscar brand of sardine products, reports AusFoodNews. The relaunch comes as part of the brand's celebration of 100 years of exported business to Australia. Manassen's campaign will highlight the health and nutritional value of King Oscar sardines, as well as the brand's commitment to quality and to environmental responsibility.

Accolade To Relaunch Hardys Wine Range In UK: Australia-based drinks producer Accolade Wines will relaunch Hardys Wine in the UK in June 2013, Food Business Review reports. The group plans to promote the brand's wine portfolio, which includes the beverages Thomas Hardy, Eileen Hardy and Sir James, and position it as a premium name in the sector. In addition to its current line-up, Hardys announced it will also release a regional spirits range in 2013.

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