Report: World Headed Toward Massive Wine Shortage - Fox 2 News Headlines

Report: World Headed Toward Massive Wine Shortage

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Philadelphia (FOXNEWS.COM) -

Wine lovers beware; we could be headed toward a worldwide shortage.

According to a report by Morgan Stanley Research, global demand for wine is about to outpace the supply.

A major reason is because wine production in Spain, France and Italy--the world's three largest wine-producing countries making 60 percent of the world's wine--has sharply decreased as less land is being used to grow grapes.

Meanwhile, wine consumption worldwide has increased 8 percent since 2000. The report finds that wine production peaked in 2004 and has been steadily declining ever since.

"The data suggests there may be insufficient supply to meet demand in coming years, as current vintages are released," the report concludes.

While Europe produces a majority of the world's wine, consumption is decreasing in old world countries like France, Spain, Italy and the U. K. But the decline in European consumption is greatly offset by an increased demand in countries like the U.S. and China. According to the report, both countries are projected to consume over 400 million cases of wine each by 2016.

The U.S. guzzles roughly 12 percent of the world's wine and has doubled its per capita consumption since the start of the century. In China, wine consumption has increased almost 150 percent in the past five years.

Read more here : http://www.foxnews.com/leisure/2013/10/30/global-wine-shortage-looming-says-report/

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