The demand for wine on a global level is soaring. However, it is the worldwide supply in which there is a shortage. The production of grapes in the vineyards has flagged in recent times.
For those who like to drink a glass of fine Chianti with their dinner, they may have to forgo the pleasure in the near future. Vineyards around the world are facing tough times as growth fails to meet the high global consumption rates. The effects began to be felt a year ago. And now they have reached problematic levels. Especially concoctions such as vermouth faced dire deficits that could not be covered. And the surprising thing is that the wine industry was in glut till as recently as the year 2010.
Don't Miss: The Hottest CES 2017 Highlights
The global financial crisis really hit the alcohol business hard. Countries such as Australia, New Zealand, Chile, Argentina and South Africa are jumping for joy though. That is because they will be the new suppliers in this time of scarcity.
However, it all may come too little too late. With demands rising in the times to come a dearth of wine bottles may be in store for the world population. That is bad news for those who are not teetotalers. And to add insult to injury, prices of vintage samples will skyrocket.
There are currently a million wine producers worldwide. They manufacture 2.8 billion cases of wine per year. But the global consumption rate has hit the 3 billion mark and shows no signs of abating. If consumption continues in its steady upward growth line then we are definitely in for a crisis of the worst kind. And the total area reserved for vineyards is receding too. This only compounds the problem.
Source: The Telegraph