Are We Facing a Global Wine Shortage?
Our cups runneth...under. In a truly #firstworldprobs turn of events, there is an apparent wine shortage facing the world if recent data is correct. According to Time/Quartz, a report by Morgan Stanley Research on Monday shows that there was "an undersupply of about 300 million cases of wine in 2012, the largest deficit recorded in almost 50 years." Gulp. What does this mean? A growth in demand from both the U.S. and China has been a major factor, particularly the latter as Chinese wine consumption has quadrupled in the past five years while European production (where the majority of wine is still made) has declined sharply. Wine production this year has been better than previous years thanks to an increase in output by "New World" producers but apparently it's not enough to keep up with the demand.