global wine shortage looms, says report by morgan stanley research
Source: Fox News
Here’s a sobering thought for you. A global wine shortage may be around the corner.
According to a report released this week by Morgan Stanley Research, there was a global undersupply of about 300 million cases of wine in 2012, the largest deficit recorded in almost 50 years.
A major reason is because wine production in Spain, France and Italy--the world’s three largest wine-producing countries making 60 percent of the world’s wine--has sharply decreased as less land is being used to grow grapes.
Meanwhile, wine consumption worldwide has increased 8 percent since 2000. The report finds that wine production peaked in 2004 and has been steadily declining ever since.
“The data suggests there may be insufficient supply to meet demand in coming years, as current vintages are released,” the report concludes.
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