A global wine shortage is increasing to unimaginable proportions. New York Post reports Oct. 30 that the wine industry is unable to reach the high demand for it by about 300 million cases a year...and the dry spell is getting worse.
A research group at Morgan Stanley learned more about the looming global wine shortage in a study they examined closer.
“Data suggests there may be insufficient supply to meet demand in coming years, as current vintages are released,” the report revealed.
Demand for wine has maintained a steady increase since the 1990s. The U.S. and China alone have doubled its consumption of wine two times within the previous five years.
Wine has gone from being produced at the rate of 3,100 million cases in 2000 to just 2,800 in 2012.
What else is causing the wine shortage? Since 2001, France, Italy, and Spain have dedicated less land to grape harvests in addition to unfavorable weather conditions. In France, a lot of homes have been built where the farming of grapes once thrived.
The report stated that things will get worse before they get better, but 2013 has proven to be the best wine production year in seven years.
Are you worried about the growing wine shortage?