Worldwide wine shortage?
Friday, November 1, 2013, 5:46 PM -
The world is headed for a wine shortage, according to a report from Morgan Stanley Research.
Poor production in Europe and a growing demand in China are the main contributors.
Industry analysts say global wine production peaked in 2004 and has been steadily declining ever since.
A new report shows there was an under-supply of some 300,000 cases last year, the worst in nearly half a century.
And while European supply is drying up, demand is growing like a grape vine.
The lack of production elsewhere is opening up the door for places like Washington, which are awash with wine.
In spite of the shortage, analysts say thirsty markets like China are on the way to consuming a billion bottles a year. Demand for fine wine is so high in Asia that tourists regularly ask to buy bottles in bulk to bring back home and sell on the black market.
Thumbnail image courtesy of Uncalno Tekno/Flickr