The world is expected to jump in the price of wine
According to the International Viticulture and Wine Organization, in 2017, global wine production fell to its lowest level in the last 60 years.
Фото: Depositphotos
From the 2017 harvest, 25 billion liters of wine were produced, in 2016 - 26,7 billion liters and in 2015 - 27,6 billion liters, writes CNN.
The decline in production was due to weak grape harvests in key markets, including in Europe and South Africa.
According to the European Commission, the deficit led to the fact that wholesale prices for basic wine in Italy increased by 74% compared with the previous year. Prices rose by 45% in Spain and more than 10% in France.
Analysts say producers, dealers and retailers will absorb some of the increase, but consumers will still end up paying more - especially in the case of low-priced wine, where producers' margins were already low.
Reducing the supply will also worsen the quality of the wine, since, according to experts, low-quality, low-quality wines will be mixed with more expensive wines to reduce the price of a bottle.
Producers in Europe were hardest hit, with grapes and severe frosts damaging vineyards at the beginning of 2017. 65% wines in the world are produced on this continent and consume 57%.
European wine production fell by 15% in 2017, by 21% in Italy, by 18% in France and by 15% in Spain.
Other wine regions also had problems. Forest fires destroyed or damaged part of the crop in California, and drought caused damage to vineyards in South Africa. Warm weather can cause the grapes to ripen early and be smaller.
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