After peaking in 2004, global wine production is now at its lowest level in 40 years, according to a new Morgan Stanley report. Much to the chagrin of connoisseurs and sommeliers everywhere, "The data suggests there may be insufficient supply to meet demand in coming years, as current vintages are released." While the French remain the largest consumers of wine (c'est la vie), the U.S. and China are creeping up fast. China especially is drinking wine like your freshmen year roommate. Some takeaways from the report: - Chinese wine consumption has doubled twice in the last 5 years. - Domestic production has increased 4x over the past 10 years to try to meet it. China is now the fifth largest producer of wine. - Total consumption will nearly double by 2016 to 400 million unit cases. That would make China the largest global wine consumer. "Further import demand will likely be required to meet the rising consumption gap," according to the report. Read more here