So now we'll really be like Russia

Vodka is all that we'll be able to afford...

The looming global shortage will mark a turning point for the wine industry, which is emerging from a period of massive oversupply after a string of bumper crops between 2004 and 2006. The glut lasted until around 2010, with the impact on winemakers exacerbated by the global economic downturn, which forced many growers to close down their vineyards.

Net exporters such as Australia, Chile, Argentina, South Africa and New Zealand, stand to benefit the most from the approaching shortfall, which will see demand for their produce soar and push prices up.

“Data suggests there may be insufficient supply to meet demand in coming years, as current vintages are released,” said the report.

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