October 30, 2013
New data released by Morgan Stanley Research may have people pouring a little less next time they open a bottle of wine.
Meanwhile, wine consumption across the globe has increased 8 percent since 2000. The report reveals wine production hit a high note in 2004, but has been steadily declining since.
"We're always going to produce wine. Everyone's always going to produce an amount of wine, and if we don't make enough for this year, we'll certainly make enough for next year," said Trump Winery winemaker Jonathan Wheeler.
Wheeler says European countries are seeing a decline in production while it remains fairly steady at wineries in the United States.
"We have a large planting, especially in California, being the largest producer. Also Oregon, Washington state, upstate New York is a large producer of wines and of course Virginia," said Wheeler.
With 195 acres, Trump Winery has the largest planting in the Commonwealth.
"We have a great stake in producing wines in Virginia, and I think it's a great opportunity for us to grow with a world market," said Wheeler.
He says a potential global shortage could turn out to be big business for local winemakers, creating new markets and allowing wineries to branch out and make wines they weren't previously offering.
But Wheeler says consumers would likely see little impact on their end. He says the biggest changes could be where the wine is produced and its style.
Wheeler does not expect market prices to significantly change, but he says a shortage could cause some larger wineries to become more concerned about numbers over taste.
"You may find more wines being produced next year, just the quality may be less," he said.