We are heading straight into a global wine shortage, at least according to a new report by Morgan Stanley. The world's wine supply — 2.8 billion cases worth — is being guzzled up by France, America, and newcomer China, leaving an "undersupply of nearly 300 million cases" a year. Production fell by 5 percent last year, mostly owing to a notoriously low-yield vintage in Europe, while consumption only increased. Apparently, the worst is yet to come: The report suggests there's little value to boutique producers popping up in new wine regions, while indicating that New World producers like New Zealand and Chile have already hit their peak. Looks like we're holding out for China, which has begun producing more wine domestically, to unleash their version of Yellowtail and save the day. The upside to all this is that lower yields can mean quality over quantity — though it won't quench the thirst of the masses, that 2012 vintage in German Riesling is shaping up to be delicious, after all. [CNN]
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