Have you heard the latest booze news? When it comes to the big holiday season, nothing quite rings in a new year like sippin' on some holiday cheer! But according to a report from ABC RTV6 published on Nov. 2, thirsty wine-lovers around the world may have real reason to "whine" this year. There may be a global wine shortage right around the corner. Bah humbug!
Global Wine Shortage?
According to Morgan Stanley Research, an undersupply of nearly 300 million cases of wine in 2012 may result in a global wine shortage. With demand growing around the world, there simply may not be wine to go around! According to the recent study, "Data suggests there may be insufficient supply to meet demand in coming years, as current vintages are released."
While worldwide wine consumption is up by 1 percent, global production fell by more than 5 percent in 2012 - its lowest level since the 60s. Inclement weather in France and Argentina along with fewer vineyards is mostly to blame. Prices of wine may go up due to the possible shortage.
World Wine Production Increases?
But according to NBC News, you may not need to drown your sorrows just yet. Reports of a global wine shortage may be, well, all wet!
Better-than-expected wine production in some areas of the world may make up for the shortfall! Spain and Italy produced more than anticipated and some winemakers in California are "running out of fermenting tanks to hold the juice." According to the International Organisation for Vine and Wine, "world wine production has increased significantly in 2013 while consumption is stabilizing." In fact, global wine production is expected to spike nearly 9 percent in 2013!
Confused? Like predicting the weather, trying to accurately forecast grape harvests can be a tricky business. According to wine analyst Stephen Rannekleiv, “There's a lot of moving parts when you're trying to measure what's happening both with production and consumption, and there's not great visibility on what's happening in real time.”
While some believe there will be plenty of wine to go around regardless of the high demand, some wine prices may go up. Wine from regions that had poor harvests may result in higher prices and supplies of Bordeaux and Burgundy wine may also be "tight."
On a lighter "note" - the possibility of a worldwide wine shortage may provide the perfect excuse to head over to your local winery or liquor store and stock up on a few bottles of vino - just in case. Bottom's up!