Economy. World wine production at lowest level in over 60 years

World wine production is expected to fall in 2024 to its lowest level since 1961, due to bad weather, falling by another 2% compared to the bad year 2023, according to estimates published Friday by the International Vine Organization and wine (OIV).

According to these projections, based on the harvest results of 29 countries representing 85% of production last year, global wine production in 2024 is estimated between 227 and 235 million hectoliters (mhl), the lowest volume harvested since 1961 (220 mhl). With an average projection of 231 mhl, these harvests are expected to be down 2% compared to 2023 (237 mhl) and 13% compared to the average of the previous ten years.

Wine facing “climatic challenges”

“Climate challenges across both hemispheres are once again major causes of this reduced volume of global production,” underlines the OIV, which notes that most regions have suffered.

Europe expects “a low level of production”, with only Portugal and Hungary maintaining levels close to their average.

Italy, which with 41 million hectoliters is doing better than its “very low volumes of 2023”, regains its place as the world’s leading producer.

Production down 23% in France

France, on the other hand, experienced the most marked decline from one year to the next among all these countries in 2024 (-23%, to 36.9 mhl), and returned to second position, underlines the OIV, an intergovernmental organization. which is celebrating its hundredth anniversary this year. Spain comes in 3rd position, with a slightly improved record in one year. The United States, the 4th largest producer in the world, has an average harvest of 23.6 mhl, slightly below 2023.

In the Southern Hemisphere, volumes were expected to be the lowest in two decades, again due to climatic conditions.

Previously this region tended to counterbalance the general assessment when the Northern hemisphere was suffering, underlines the director general of the OIV, New Zealander John Barker, noting that 2023 and 2024 were a “combination of very difficult years” and noting “increased general volatility in recent years”.