A widely published report by Morgan Stanley Research concluded that in 2012 global wine production was short about 300 million cases. The reason for the undersupply was diminished vineyard acreage in three major wine producing countries – France, Spain and Italy.
Wine consumption has also fallen in these countries, as well as in the U.K., while consumption has been increasing in other parts of the world, notably in China and the U.S.
However, not everyone agrees there will be a wine shortage. Business Insider quotes the International Organization of Vine and Wine and the Federation of French Wine and Spirits Exporters, both of whom point out that the loss of 300,000 hectares of vineyard land in Europe has been replaced by increased production in countries like Romania, Chile and New Zealand. They also cited an increase in productivity in France, Italy and Portugal.
The 2013 harvest has been plentiful with wine production out pacing consumption for the first time in six years.