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Poor grape harvest across Europe, wine prices may rise by 10%
Release time:
2024-08-08
According to the Daily Mail, due to heatwaves and droughts, farmers across Europe are forced to harvest grapes
According to the Daily Mail, due to heatwaves and droughts, farmers across Europe are forced to harvest grapes earlier this year, which will result in a decrease in grape yields. British media pointed out that the poor grape harvest is another heavy blow to the British wine industry.
Gates, CEO of Laithwaites, a British wine merchant, stated that the ongoing heatwave and drought will cause severe damage to European vineyards, with wine prices expected to soar by 10% this year. According to UK government data, due to inflation, the prices of wine and spirits in the UK have risen by over 6% in the past year. Gates said that by the end of this year, wine prices will increase by another 4%.
From February next year, the British government will levy a tax on drinks based on the alcohol content, which means that the sales of wine and Baijiu with an alcohol content of more than 11% are subject to high taxes. Gates warned that European wine retailers are "being bombarded by inflationary pressures from all directions, including employee wages, energy, transportation costs, raw material and recycling costs
Spain, which is still the world's largest producer of olive oil, is expected to see a 25% decrease in grape production this year due to ongoing drought. According to the International Olive Council, from 2020 to 2021, Europe produced over 2 million tons of olive oil, of which Spain produced 1.3 million tons. Following closely behind are the three major producing countries Greece, Italy, and Portugal, all struggling with drought, with Italy's olive oil production expected to decline by 30%. Analysts say that olive oil prices may rise by 25% by the end of this year.
