Wine shortage means prices are skyrocketing

South Africa's wine production is set to dip over 20 percent this year

South Africa's wine production is set to dip over 20 percent this year

The Director General of the OIV, Jean-Marie Aurand, presented information on the potential wine production, assessment of the harvest, and state of the market and worldwide trade in 2017 at the Organisation's headquarters in Paris on 24 April.

The net result is that global wine production dropped to a 60-year low.

Compared with 2016, this represented an 8.6% decline, which was attributed to unfavourable climate conditions across the European Union and included awful frosts and a heatwave that hit France, Spain and Italy during the spring and summer.

In Chile, also a rising star in the world of wine, is set to see a 19 percent rise to 11.3 million hl. In South America, production was impacted by a 2016 harvest marked by the influence of El NiƱo.

Wine production was at 250 mhl in 2017.

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Despite the shortage, global wine consumption has been on the rise since the 2008 economic crisis, topping 24B liters a year ago.

It is the lowest level since 1957, when it had fallen to 173.8 million hectolitres, the OIV told Reuters. At the same time, global wine consumption increased 1.8%, meaning that while there is less wine to go around, more people are wanting it.

Consumption, on the other hand, continued the subtle increases since 2014, the OIV said.

In Europe, only Italy saw its area under vines grow, by 5,000ha. Production in the United States, the world's largest wine producer, and China, its seventh-largest, wasn't affected as much.

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