The research division of Morgan Stanley recently released a report saying the world is experiencing a wine shortage.
It found that global consumption has been largely on the increase since the late 1990s, with the U.S. and China standing out. At the same time production globally has generally declined.
Missouri Wine and Grape Board Marketing Director Danene Beedle says the data do suggest there could be a shortage among international wines, but Missouri is in good shape.
“We are seeing wine levels increasing and there’s no danger of shortage for Missouri wines,” Beedle says. “We also think it might be an opportunity for people to try wines that are domestic.”
In fact, Beedle says this year’s grape harvest in Missouri has been very good.
“We’re seeing record number crops coming in, we’re seeing lots of great, high-quality fruit. People are wrapping up in the next few weeks with those late harvest varietals that are hanging on the vine and we think it’s going to be a really outstanding harvest this year.”
Beedle says the wineries that have opened in the last five years in Missouri are also performing well and have other incomes to rely on, such as tourism draws and restaurants.
The Morgan Stanley report says the U.S. and China are projected to consume more than 400 million cases of wine each by 2016, while their own supplies come nowhere near that figure. Europe produces more than half of the world’s wine and is in the midst of a steep decline in production. The report concludes it will take multiple strong harvest years and a reverse in the decline in Europe to meet demand.