Nov 6, 2012
A world wine shortage has been predicted after forecasts that production would slump to its lowest level in at least 37 years following inclement weather that ruined grape harvests across the globe.
The fall is likely to push up prices, as demand exceeds supply, and see Italy overtake France – where the flow of wine is set to dry up by nearly a fifth - as the largest producing country.
Output is predicted to fall from 264.2 million hectolitres in 2011 to 248.2 million hectolitres this year, according to the International Organisation of Vine and Wine (OIV), the lowest level since it began recording world wine production in 1975.
France’s harvest was affected by winter drought, cold and wet weather, hailstorms, a heat wave, and an arid summer, leading to an expected fall in production of 19% to 40.5 million hectolitres. Italy’s crop also suffered weather damage but its predicted drop in output of 3.4% is less severe, leaving a total of 40.8 million hectolitres.
Production is expected to fall by 24% in Argentina, with Spain, Hungary and New Zealand also suffering reductions, according to the figures, while the US is set to buck the trend with a 7.1% increase.
Federico Castellucci, the OIV’s director general, told a press conference in Paris: “We’re dipping into the reserves for supply.”
World wine consumption is estimated at between 235.7 million hectolitres and 249.4 million hectolitres, with an additional 30 million hectolitres used to make spirits, vermouth and vinegar. Victor Magalhaes, an OIV statistician, said: “If we don’t have availability in the market, there’s a strong chance some products will increase in price.”
He said some of the French wines protected by the designation of origin label, or AOC, such as Burgundy, were already suffering a shortage.
Earlier this month Bertrand Girand, chief executive of Groupe Val d’Orbieu, France’s biggest wine cooperative, said the world faced a wine shortage of at least 10 million hectolitres, the equivalent of 1.3 billion bottles. Source: The Telegraph
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