World faces global wine shortage – report
The world is facing a wine shortage, with global consumer demand already significantly outstripping supply, a report has warned.
The research by America’s Morgan Stanley financial services firm says demand for wine “exceeded supply by 300m cases in 2012″.
It describes this as “the deepest shortfall in over 40 years of records”.
Last year, production also dropped to its lowest levels in more than four decades.
Global production has been steadily declining since its peak in 2004, when supply outweighed demand by about 600m cases.
The report by Morgan Stanley’s analysts Tom Kierath and Crystal Wang says global wine consumption has been rising since 1996 (except a drop in 2008-09), and presently stands at about 3bn cases per year.
At the same time, there are currently more than one million wine producers worldwide, making some 2.8bn cases each year.
Read the full story on BBC News
Category: World News |