Global Drop in Wine Production Rises Prices

20 November 2012, 10:37 AM
  • A sharp drop in global wine production could see an increase in price per bottle and reduced demand
Global Drop in Wine Production Rises Prices

The International Organisation of Vine and Wine warned that this year’s poor grape harvest, due to the extreme weather experienced during the summer, could lead to a worldwide wine shortage.

Winemakers in Argentina, Italy and France have all experienced a six percent drop in production and British company Nyetimber was forced to scrap its entire harvest due to poor quality.

This has caused global production to fall to 248.2 million hectolitres, which is the lowest level since the 1970s.

Steve Lewis, the chief executive for Majestic Wiens, said, “The price of a bottle of pinot grigio could go up by between 50p and £1 come February/March.”

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