Global demand rises despite poor harvests (by thedrinksbusiness.com)

Posted: May 6, 2013 by wynmaker in Cellars, Europe, Vintage, Wine, Wineries, World wine news
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Undersupply replaced a decade-long era of oversupply with autumn 2012’s harvest and the inevitable prices hikes will hurt the entry-level market. Meanwhile global demand continues to rise.

TWEETS OF the “OMG! We’re going to run out of wine!” variety greeted reports in the autumn of 2012 that grape harvests in the Northern Hemisphere had widely fulfilled predictions of shortfalls across a sweep of major wine-producing regions. This compounded earlier Southern Hemisphere shortfalls at a time when global consumption is growing. Without question, the headline figures made for sobering reading, especially after a decade or more of oversupply being the norm.

As 2012 European harvest volumes were confirmed, the International Organisation of Vine and Wine (OIV) estimated that total global output had fallen from 264.2 million hectolitres in 2011 to 248.4m hl in 2012, representing the lowest level since 1975, when the body began tracking these figures.

 

Read on …

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