World Wine Production Drops to 62-Year Low

In some places, it was drought and wildfires, in others, it was heavy rains and flooding, but the result was the same: A drop in wine production that has led to the lowest annual output since 1961, according to the International Organization of Vine and Wine.

The OIV says information from 29 countries representing 94% of global wine production shows that output is down 7% from 2022, which was a below-average year, to around 244 million hectoliters.

“A perfect storm in the north and south hemispheres has created this catastrophic situation,” the OIV’s head of statistics, Giorgio Delgrosso, tells the BBC.

Production was down significantly in Spain and Italy, the latter of which was overtaken as the world’s top wine producer by France, where production remained steady. In the southern hemisphere, “Australia, Argentina, Chile, South Africa, and Brazil were all heavily affected by adverse weather conditions,” the OIV said. New Zealand was an exception.

The OIV said the US also had a good year, with production up 12% from last year thanks to much-needed rain after years of drought in California, Reuters reports.

The OIV says that since world wine consumption is declining, “the expected low production could bring equilibrium to the world market.”

“Low production is not good news, but lower consumption levels might help balance out prices,” Delgrosso tells the BBC. (Read more wine stories.)

Read More Here: World Wine Production Drops to 62-Year Low

Leave a Reply

Your email address will not be published. Required fields are marked *