Global wine shortage looms, according to experts - News, Weather, Sports, Toledo, OH

Global wine shortage looms, according to experts

(CNN MONEY) - A global wine shortage is looming, according to experts.

A report from Morgan Stanley shows the global supply of wine barely exceeded demand last year. A shortage is on the way in the coming years if people continue drinking at the current pace.

A big hurdle appears to be the decrease of production in Europe, which supplies most of the world's wine. According to CNN Money, about 2.8 billion cases of wine are made around the world each year, and about half of that comes from Europe.

Global production fell by more than 5 percent last year. The drop is attributed primarily to bad weather in France and Argentina. Production in Europe alone reportedly dropped 10 percent in 2012. Also in 2012, worldwide consumption rose by 1 percent.

In the report, Morgan Stanley says the industry is experiencing an "undersupply of nearly 300 million cases" a year.

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