Experts says there's no need to fear a global wine shortage

Friday, 1 November, 2013
Layne Weiss, Digital Journal
"The world is facing a wine shortage" according to research by Morgan Stanley's financial services firm. But experts say there's no need to panic.
Research conducted Monday by Morgan Stanley said there is a "undersupply of nearly 3 million cases" of wine a year, CNN Money reports.

This is the largest shortfall of wine in almost 50 years according to various media reports.

Last year, wine production dropped to its lowest levels in over 40 years, BBC News reports.

While there are a million wine producers throughout the world making 2.8 billion cases of wine per year, it's just not enough to keep up with worldwide demand, Australia-based analysts Tom Kierath and Crystal Wang say. The two say that global wine consumption has been rising since 1996, but there was a drop between 2008 and 2009.
According to the Huff Post, in 2012, the global supply for wine barely exceeded the world's demand for wine.
The Morgan Stanley research suggests a wine shortage is upon us. “Data suggests there may be insufficient supply to meet demand in coming years, as current vintages are released," the report says.

Despite this research, analysts are saying wine production is actually increasing and consumption is stabilizing, The SF Chronicle reports.

Experts expect California's harvest will reach up to four tons.

They argue the world's wine industry is doing just fine and that the reduction in wine production is purposeful due to an excess in wine.

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