A new report by Morgan Stanley has some wine lovers feeling sour.
The report states the wine industry is currently producing 300 million cases under what it should be each year, despite the over one million global wine producers. For example, Europe, which produces 60 percent of the world's wine, has seen a 25 percent decrease in production since 2004 and dropped 10 percent in last year alone.
While production is decreasing, consumption is up, with a worldwide increase of one percent last year. A rise in consumption in China and the United States is partially to blame. The U.S. drinks about 12 percent of the world's wine, but only produces eight. Consumption rose two percent in the country last year.
However, one local winery is optimistic about the potential shortage. Cheryl Spanna with Hailey's Winery in Byron said the shortage could lead to increased business at local wineries like theirs.
"I think we're in some ways excited for it," she said. "Sad for Europe, however for us it's going to be possibly opening up customers to be willing to try more wines made her in the United States and hopefully the Midwest."
For more information on Hailey's, visit www.haileyswinery.com.
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