Winemakers around the world are ripping out vines in the face of higher production costs, reduced demand and falling prices, and replacing them with alternative crops.
No takers for wine? Why farmers in Australia, France are destroying vineyards firstpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from firstpost.com Daily Mail and Mail on Sunday newspapers.
The world has too much wine, and farmers are ripping up vines businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.
Data from the International Organisation of Vine and Wine show that global consumption has lagged behind production of wine since at least 1995, the industry has hit an inflection point as changing drinking patterns and lacklustre economic conditions look here to stay.
It's a problem that's playing out all around the world. Though global production hit a 60-year low in 2023, a wine glut is persisting, signifying that demand is falling even faster.