31 Oct 2013

Wine lovers facing global shortage - report

3:08 pm on 31 October 2013

A report is warning that the world is facing a wine shortage, with global consumer demand already significantly outstripping supply.

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The research by America's Morgan Stanley financial services firm says demand for wine exceeded supply by 300 million cases in 2012.

It describes this as "the deepest shortfall in over 40 years of records".

Global production has been steadily declining since its peak in 2004, when supply outweighed demand by about 600 million cases, the BBC reports.

But while European production has fallen, production in the "new world" countries - the United States, New Zealand, Australia, Argentina, Chile and South Africa - has been steadily rising.

The report says that with tightening conditions in Europe, those countries stand to benefit most.