The world faces a wine shortage equivalent to 1.3 billion bottles next year after production slumped in France, Italy and Spain, the main suppliers, according to the biggest French wine cooperative.
"It’s historic," Bertrand Girard, chief executive officer of Groupe Val d’Orbieu, said Thursday at a news conference in Paris. "We’re short of wine. We’ve never seen that in three or four decades."
The global shortfall is expected to be at least 10 million hectoliters (264 million gallons), Girard said in an interview after the meeting.
World production fell in the past decade even as consumption rose, according to data from the International Organisation of Vine and Wine, or OIV.
The world’s vineyard area shrunk in the past decade, falling to 7.59 million hectares (18.8 million acres) last year from 7.85 million hectares in 2000, according to the OIV.
For more, see: World wine shortage of 1.3B bottles looms