Study: Global wine shortage ahead - FOX13 News, WHBQ FOX 13

Study: Global wine shortage ahead

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    Friday, October 4 2013 3:43 PM EDT2013-10-04 19:43:45 GMT
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DOWNTOWN MEMPHIS, Tenn. (FOX13) -

Needing an excuse to bring out that bottle of red you've been saving? You may need to drink it after all.

A new study by Morgan Stanley Research is predicting a global wine shortage.

Hank Cowles, the owner of Corkscrew Wine and Spirits, said the news of a possible global wine shortage is bad news for wine lovers.

"It's just simple economics," he said. "If there's a shortage, the price is going to go up."

The Morgan Stanley Research study shows a sharp decline in the big three wine producers -- France, Italy, and Spain. The study said in 2012 demand outpaced supply by more than 300 million cases. The report concludes there may be a shortage in the next few years.

It says production peaked in 2004 and has been on the decline ever since.

Cowles said he hasn't noticed anything too drastic, yet.

"We do have occasional outages where we're out for a week or so and the distributors are out for a week, but it's across the board, some brands," he said.

The study says wine continues to get more popular every year. Wine consumption in China has increased by 150 percent. Since the beginning of the century, Americans' wine consumption has doubled.

"Americans taste for wine has increased considerably over the years," Cowles said. "We've enjoyed a 5-8 percent increase in sales every year for the last five or six years."

Cowles said wine drinkers are creatures of habit. It's hard enough to get some to switch brands let alone a type of alcoholic beverage.

"I don't think they're going to switch to beer," he said. "There's just no way if you like wine, you're going to switch to beer.  It's just inconceivable."

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