Global Wine Production Plunges to 60-Year Low Due to Extreme Weather Conditions

Argentina's famed Malbec wines at risk as global production nosedives to 241.7m hectoliters due to extreme weather. Supply chain disruptions compound industry challenges.

• Global wine production is at a 60-year low, falling to 241.7m hectoliters due to extreme weather conditions affecting harvests in key winemaking regions globally, according to the International Organisation of Vine and Wine (OIV).
• Wine production in Argentina, home of the popular Malbec variety, is particularly affected, exacerbating existing supply chain issues and likely leading to a shortage and increased prices for consumers.
• Regions experiencing significant losses include Australia, Argentina, Chile, South Africa, and Brazil in the Southern Hemisphere, with losses between 10% and 30%, while Northern Hemisphere sees worst effects in Spain, Greece, and Italy.
• Despite the challenging conditions, certain regions and varieties remain stable. For example, New Zealand Sauvignon blanc may not face the same issues, with potential for more niche wines to be affected.
• Italy's wine production is predicted to see a 12% drop to 44m hectoliters, its lowest point since 2017, leading to tightened supply and potentially increased prices for products like Pinot Grigio.

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