World wine production 'to hit 50-year low'
CINCINNATI (WKRC) - Bad news for wine lovers: international wine producers say wine production will drop 8-percent in 2017 ... all because of the weather.
According to the International Organisation of Vine and Wine (OIV), it will hit a 50-year low. The group cited frost early in the year followed by an extreme heatwave in Italy, France and Spain - the world's top three producers. To put that in perspective, 8-percent is an estimated three billion bottles.
Per thedrinksbusiness.com: "The European Commission has already said it expects production in Europe to be at a 36 year low with the OIV currently estimating that Italy will suffer a 23% drop, France will be down 19% and Spanish production down 15%."
The result could be a rise in prices with higher demand.
Wine production in the United States will also likely fall off by at least 1-percent due to wildfires in regions in California. However, South American wines will probably see an uptick in production due to fairly low temperatures, as will those in Australia.
Estimates show market demand for wine increased 2-percent in 2017.
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- Global wine production to hit 50-year low, says industry group