World is running short on wine
October 31 , 2013
The world is running short on wine and things seem to be this bad for the first time in 50 years.
Morgan Stanley Research showed that there were 300 million cases of wine falling short of demand last year. The single reason for this is that people, especially in the US and China, are consuming more wine, even though production is declining.
For instance, given the bad weather in France and Argentina, production fell by 5 percent last year. Although, 2013 harvest is believed to be stronger, reports suggest that one good year won't be able to make much of a difference.
"Europe, which has easily been suffering the steepest decline in wine production will have to reverse its recent bout of poor harvests well into the century to continue supplying to the world," Roberto Ferdman at Quartz wrote.