Report: Economists Warn Of Global Wine Shortage
MIAMI (CBSMiami) – Most Americans can deal with a shortage of different items, but the latest warning from economists on a shortage could lead to some mass spread whining.
According to the UK Telegraph, economists are warning that there soon could be a worldwide wine shortage. Last year, the paper reported the wine industry had the largest shortfall in 40 years as demand outpaced supply by 300 million cases.
Just a decade ago, Morgan Stanley reported that the wine industry was producing a surplus of 600 million cases per year.
The Telegraph reported that "global wine production has been in decline" since a peak in 2004 and shortages have been growing since 2006.
Compounding the problem is that during the Great Recession, consumption has considered to increase.
Currently, the U.S. and China are leading demand for wine and, according to the Telegraph, America is poised to overtake France as the number one buyer of wine in the world.
