The International Organisation of Vine and Wine (OIV) has disseminated its initial estimations for the year 2023, revealing a severe contraction in global wine output to 244 mhl. This represents a 7% contraction in comparison to the year 2022 and denotes the most acute decline within a 60-year timeframe.
In the Southern Hemisphere, the contraction is particularly pronounced, with production plummeting by 19% to only 45 mhl. This volume is the smallest recorded since 2003. All principal wine-producing nations within this region have reported considerable production declines, with figures varying from -10% to -30%.
Balancing the Global Wine Output
Despite a generally bleak forecast, current assessments from 29 wine-producing countries indicate a drastic slump in global wine production for 2023, from 247 mhl to 244 mhl, the lowest level in six decades. This sharp decrease arises from a combination of notably reduced harvests in both the Southern Hemisphere and various critical EU territories, exacerbated by extreme weather patterns such as early frosts, heavy rains, and relentless droughts. Nevertheless, considering the downward trend in global wine consumption and the high inventory levels in numerous areas, this year’s reduced wine production might serve to realign the global market.
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