World-wide wine shortageFargo, ND (WDAY TV) - Here's a story that might frighten you wine-drinkers on this Halloween night.
By: Drew Trafton, WDAY
Fargo, ND (WDAY TV) - Here's a story that might frighten you wine-drinkers on this Halloween night.
According to Morgan Stanley Research, the world is facing a wine shortage.
But is it cause for concern here in Fargo?
Michelle McFeely- Occasional Wine Drinker: "This is terrible. We have to do something as fast as we can. It's a crisis."
The reported worldwide wine shortage sure sounds scary, but in reality, it's as thrilling as Economics 101: A simple case of supply and demand.
For the past 15 years, the demand for vino has skyrocketed; especially here in the United States.
Americans currently buy up 12% of the world's wine; a rate of consumption that has doubled since the year 2000.
"Demand is based on the forecast of what they're seeing."
Happy Harry's Bottle Shop General Manager Dustin Mitzel says the new drinkers turning the U.S. into a world wine power are being inspired to join in on the craze through various avenues.
Dustin Mitzel- General Manager at Happy Harry’s Bottle Shop: "I just see a lot of excitement about wine. I think as people are traveling more, as they're watching cooking shows, as they're reading more and as the internet has become everybody's thing to go to on their phones, they're seeing wine pairings."
On the supply side of the shortfall are consistently poor harvests in the early and mid-years of this decade, and a decline in the amount of land producing wine in the world's three largest producers: France, Spain and Italy.
But try not to abandon hope, connoisseurs. Mitzel says the report doesn't factor in advance in technology or emerging wine markets in countries like China and Australia.
"There might be a particular wine from a particular country that might have an 'out of stock' for a couple extra months, but for the most part, you're going to come in here, you're going to see new products, new labels and all kinds of price points."
Bottom line: You can continue to refine your palate without worrying about feeling it in your wallet.
Last year was the first time the world experienced a shortfall in the last 50 years of wine production.
Supply lagged 300 million cases of wine behind demand.