2024-03-24 08:08:10
There is an oversupply of wine on the world market, which is why farmers in some countries have begun to burn their vineyards. Bloomberg reports this, Day.Az reports with reference to Gazeta.ru.
Thus, in Australia, local resident Tony Townsend burned half of his 14-hectare vineyard in 2023, because otherwise he could have lost $23 thousand. In the future, he plans to stop making wine altogether due to economic inexpediency.
According to Lyndall Rowe, executive director of the industry group Riverland Wine, up to 25% of Australian winemakers intend to close their business because they do not see a future for it. Bloomberg notes that the rest of the world faces a similar situation: although wine production has reached a 60-year low, its reserves are too high.
At the same time, the costs of producing wine products have increased sharply in recent years, and the demand for alcohol has decreased.
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