FISHERSVILLE, Va. (WHSV) -- Running out of wine? A new report predicts a shortage of wine across the world.
The report from Morgan Stanley Research showed Spain, France and Italy make 60 percent of the world's wine, but now those countries are using less land for grapes and making less wine. As a result, we could see a global wine shortage, but one local vineyard owner said that could be good news for vineyards here in the Valley.
John Higgs, who owns Barren Ridge Vineyard in Fishersville, said the shortage also comes from an increase in the popularity of wine-drinking, especially coming from countries such as China where demand for wine is skyrocketing.
"We went through a period where there was an oversupply, and then all of a sudden China comes online, and they want a lot of wine, and it's just not there. So there will be some adjustments that are going to take a long time to make," said Higgs.
One of the difficulties, Higgs said, is planning ahead to be able to meet that demand. The consumption of wine is expected to continue to rise. The report said the United States and China are each expected to drink more than 400 million cases of wine by the year 2016.