London sources reported that global wine production slumped to its lowest level in more than 50 years in 2017 after vines in the world’s top three producers France, Spain and Italy were ravaged by extreme hot and cold weather. Meanwhile a media report said hard hit regions include those producing Rioja and prosecco, which make large quantities of the affordable wines sold in supermarkets.
Dan Jago, Chief Executive of high end wine merchant said "They will start to see those wines coming to the market now and he thinks for higher volume, lower price wine you will see cost increases". Moreover the prices for things like pinot grigio or generic Spanish reds will rise by between 10% and 30% and it's how much of that retailers will pass on.
As per report Jago added "Prosecco was very hard hit by frost, so
there will be less of it and the price will go up". Moreover the
International Organization of Vine and Wine estimates global wine production
dropped 8 per cent to 247m hectoliters in 2017, the worst global harvest since
1961. Accordingly a hectoliter is the equivalent to 133 standard wine
bottles, so the fall in output equates to about 2.9 billion fewer
bottles.
