BusinessTech – As predicted by OVI (International Organization of Vine and Wine) in 2017, global wine production has dropped to its lowest since 1957. According to OVI, the drop in production was influenced by poor weather conditions in many European countries.
The world’s largest producers namely, Spain, France and Italy have seen a drop of 19%, 17% and 20% respectively, whilst in South Africa, production has remained stable with a rise in production of 3%.
Although, according to wine experts, production could drop by 25% in South Africa, however, some viticulturists have argued that it’s too early to tell considering the vineyards in Paarl and Stellenbosch have been quite resilient.
Michael Jordaan, FNB CEO and wine connoisseur has warned that due to the drop in production, wine prices might rise.