This year’s global wine production estimates have been released, with the total figure for this year expected to be at its lowest level since 1961.
According to The International Organisation of Vine & Wine (OIV), which delivered its annual report earlier this week, the volume of wine produced in 2023 is forecast to come in at between 241.7m and 246.6m hectolitres. The trade association linked the performance – which would be the smallest since 1961’s 214m hectolitres – to have been impacted by “extreme climatic conditions, such as early frost, heavy rainfall, and drought [worldwide]”.
While Italy, the largest producing nation, looks to be down by 12% year-on-year, a flat showing from France resulted in the pair swapping places at the top of the wine leaderboard. As heavy rainfalls, floods, hailstorms and drought hit the former, France looks poised to deliver high volumes from, among others, the Cognac region and Champagne this year.
In the southern hemisphere, which collectively declined by 19% on 2022's volumes, overall production is at "the lowest ... level recorded since 2003", again thanks to "extreme climactic events". Chile's struggles with wildfires pulled the country down by 20% year-on-year, while Argentina hit an all-time low, slumping 23%. Australia also had a poor harvest, with volumes decreasing 24% on last year.
South Africa's production slipped by 10% with New Zealand at -6%.
The standout for the right reasons, however, was the US, where the drought of recent years was countered by heavy rains in the winter. Subsequently, the country's wine industry was up on 2022 by 12%.
"In a context where global consumption is declining and stocks are high in many regions of the world," the OIV added, "the expected low production could bring equilibrium to the world market."
The OIV noted that the final production figures take three years to work through.
To access OIV's 'World Wine Production Outlook' report, click here.
A presentation based on the report can be viewed here.
