International wine production is likely to fall to a six-decade low this year due to unfavorable conditions all over the world.
According to the International Organization of Vine and Wine ( OIV ), global wine production is expected to be about 7 % lower in 2023 than it was in 2017.
The supply would be the lowest since 1961 if it were this high.
The OIV attributes the reduced production levels to unfavorable conditions, such as cold, heavy rain, and rainfall.
Giorgio Delgrosso, the head of data at the OIV, told the BBC that” a perfect surprise in the north and south regions has created this fatal condition.”
The study is based on data from 94 % of the world’s old beverage-producing nations.
Nearly every nation in the European Union, which accounts for more than 60 % of the country’s total wine creation, saw a decline in production. The OIV claims that some nations’ rainy and stormy seasons and others’ floods are to blame for lower provides.
Spain saw a 14 % decline in yields, while Italy’s fell by 12 % due to dry weather, which affected the grape harvest this year.
However, it stayed exactly the same in France, making it the nation’s top producer after Italy.
The situation was dire in various parts of the world as well, with countries in the southern hemisphere being particularly impacted.
Chile, the largest wine maker in the southwestern hemisphere, experienced a shock when provides decreased by 20 % due to droughts and fire. In Australia, where manufacturing decreased by a third from the previous year, the harvest was just as gloomy.
However, things were better in the US, where production increased by 12 % in 2022.
There might be some encouraging media for wine enthusiasts.
The OIV notes that while bad international production is poor for the industry as a whole, falling global demand may mean that the overall market remains somewhat balanced and prevents lowering prices.
According to Mr. Delgrosso, wine imports and usage have drastically decreased as China’s economic growth has slowed since 2018.
Lower intake levels may help balance out prices, but lower production is not good news.
