The wine sector is experiencing a crisis due to declining consumption, particularly in China and France. Climate change has also had a devastating impact on grape growers worldwide. However, despite these challenges, the industry is considered long-term driven.
The situation appears bleak, with many consumers unable to afford wine, as highlighted by a “sober curious” student who expressed concerns about getting drunk due to financial constraints. In the US, Surgeon General Vivek Murthy has suggested that alcoholic beverages carry a warning about cancer risks.
To add insult to injury, global wine production is also declining sharply. The International Organisation of Vine and Wine (OIV) reports that hundreds of thousands of hectares of vineyards have been lost in recent years. This decline in both consumption and production poses significant challenges for the industry, but its long-term prospects remain uncertain.
Source: https://www.scmp.com/opinion/world-opinion/article/3294130/industry-crisis-wine-lovers-should-hold-their-panic