Global Wine Output Plummets to Historic Low Amid Adverse Weather

World wine production is projected to hit a 60-year low in 2024 due to adverse weather in both hemispheres. The decline affects leading producers like France, Italy, and the U.S., highlighting the industry's vulnerability to climate change despite potential benefits in balancing supply and demand.

The global wine industry is facing a historic downtrend as the International Organisation of Vine and Wine (OIV) predicts a significant drop in production in 2024. Projections show an expected output of between 227 million and 235 million hectolitres, marking the lowest production levels since 1961.

This decline, a 2% decrease compared to last year, is attributed to a series of atypical meteorological events such as early frosts and prolonged drought. The European Union, including major producers like France, Italy, and Spain, is expected to produce 139 mhl, a decrease of 3% from the previous year.

In the United States, output is forecasted to decrease by 3%, while the southern hemisphere sees an overall 2% decline. The OIV notes that climate change poses a significant threat to the sector, though the reduced production might help balance an oversupplied market with sluggish demand.

(With inputs from agencies.)