Hold on to your glasses, everyone, because wine producers across the globe are having a bad year! The European wine industry is bearing the brunt of the decline, but worldwide, production is predicted to fall 8% this year, according to the International Organization of Vine and Wine (OIV).

What’s to blame?

Mother Nature, really. Top producers Italy, France, and Spain all got hit hard by bad weather during the growing season. France expects its worst harvest since 1945! Italian wine production is predicted to fall 23%, French production is predicted to fall 19%, and Spanish production is predicted to fall 15%.

What does this mean for the wine industry?

Unfortunately, some small producers may be forced to sell or even close down permanently. Wineries with the capital to weather the downturn should survive. On a positive note, Australian and Argentinian production is predicted to be slightly up this year.

Oh, and the U.S.?

We’re doing all right. The recent wildfires in California are also projected to have an impact, but not nearly as drastic as what’s being seen in Europe. The estimate is only a 1% drop in production, thanks to the fact that most of the wine was harvested before the fires hit.

So, no need to panic, but maybe think about supporting smaller French, Italian, and Spanish wineries if you can!

Unfazed by these dire predictions and looking to get into the wine serving business in Texas? We can help make dealing with the TABC a breeze – just give our liquor licensing consultants a call!

SOURCE: BBC.