REPORT: Global wine shortage due to bad weather in France, Argentina

There's troubling news for wine lovers.

According to a report from Morgan Stanley research, the industry is experiencing an under supply of nearly 300 million cases a year. The research agency says, that's not enough to keep up with worldwide demand.

Global production dropped by more than 5% last year, mostly due to bad weather in France and Argentina.

And there is little reason to believe that global wine production will pick up any time soon.

Morgan Stanley said that output from newer producers like the U.S., Argentina, Chile, Australia, New Zealand and South Africa has already peaked.

The report says, America consumes 12% of the world's wine, but produces just 8%.

The French consume more wine than any other country.

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