The global wine industry is experiencing a historic downturn as the International Organisation of Vine and Wine (OIV) forecasts a significant decline in production for 2024. Expected output ranges from 227 million to 235 million hectolitres, marking the lowest levels since 1961.
This anticipated decline represents a 2% decrease compared to the previous year, primarily attributed to a series of unusual meteorological events, including early frosts and extended drought conditions. Major wine-producing countries within the European Union, such as France, Italy, and Spain, are projected to yield 139 million hectolitres, reflecting a 3% reduction from last year.
In the United States, wine production is expected to fall by 3%, while the southern hemisphere anticipates an overall decline of 2%. The OIV has highlighted that climate change continues to pose a significant threat to the wine sector, although the reduced output may help mitigate an oversupplied market facing sluggish demand.