Wine prices will skyrocket this fall as warehouses run out after crop failures in both hemispheres.
Crop problems in Europe: record spring frosts devastate key regions in France and Italy; however, there are also problems in the Southern Hemisphere.
New Zealand's sauvignon blanc harvest is down 30% year-over-year due to poor flowering, which means "supply constraints and high prices remain," according to Ciatti, the world's largest wine wholesale broker.
A similar picture is observed for New Zealand's pinot noir and pinot gris.
In Chile, 2020 white wines are completely sold out, and some wineries are already reporting that many of the 2021 harvests are out - in part because shoppers are looking for new sources of Sauvignon Blanc in light of New Zealand's shortage, but empty shelves could also be associated with the historical frost that swept South America.
For wine buyers, the global shortage of shipping containers also continues to wreak havoc.
Severe space shortages have driven freight prices to record highs, and for many, finding a carrier is a challenge.
This poses a major challenge to global trade in general and is expected to get worse as the situation evolves in 2021.
In the future, we should all expect a sharp rise in prices for all goods, as well as shortages, including food.