World wine shortage revelations could start to worry connoisseurs everywhere. This dire news of a global wine shortage stems from two different reasons, both of which should concern anyone that likes to purchase it. According to a report from late Tuesday (Oct. 29), there is an undersupply of nearly 300 million cases in the industry. That's a huge number and a reason to suspect that prices might increase in the near future.
Morgan Stanley Research released a report stating that production has declined by five percent in the last year with bad weather in France and Argentina causing part of the problem. As that production in Europe alone has dropped 10 percent, the worldwide consumption has also increased one percent in that same time frame. This is causing there to be more demand than supply at the moment, leading to a situation that is brewing on the horizon.
It's worth pointing out that consumption within the United States also rose two percent last year, meaning a world wine shortage is going to hit hard at home as well. The global problem might seem like a timid one, especially since 2.8 billion cases are produced each year. That number is going to need to go north of three billion to keep up with the demand though.
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