World wine production to fall to lowest level in 60 years

Global wine production is expected to fall to its lowest level in 60 years in 2023 due to crop failures in the Southern Hemisphere and some major European producers, the International Organization of Vine and Wine (OIV) said. According to the current OIV estimate, wine production for this year, excluding juices and must, will range from 241.7 million to 246.6 million hectoliters, with an average estimate of 244.1 million hectoliters. That's down 7% from last year and the lowest level since 1961, when wine production totaled up to 214 million pounds of hectoliters, according to the industry body. It is noted that one hectoliter is equivalent to 133 standard bottles of wine. “This negative scenario can be explained by a significant decline in production in the main wine-producing countries in both hemispheres. While in the Southern Hemisphere, Australia, Argentina, Chile, South Africa and Brazil recorded annual fluctuations of -10% to -30%, in the Northern Hemisphere, Italy, Spain ...