Dwindling Production Barely Covers Demand

The International Organisation of Vine and Wine OIV reports that the worldwide wine production has dropped to a historic low last year. The OIV puts the volume of production at some 250 million hectoliters, which constitutes an 8.6 percent drop compared to 2016.

As the below infographic shows, worldwide consumption has remained at almost the same level and stood at 243 million hectoliters in 2017. This means that while overall worldwide demand for wine still can be met, this situation is likely to increase market prices.

Last year’s low yield was caused by adverse climatic conditions. The size of the global area under vines appears to have stabilized at some 7.6 million hectares in 2017.