SYDNEY/ISTANBUL -- Australia is swimming in historically high amounts of wine. France is paying vintners to turn the fruit of their labor into ethanol for perfume and rubbing alcohol.
These are just two symptoms of a worldwide wine glut. Globally, consumption was down 7% in 2023 from its peak in 2017. Young people are cutting back on alcohol consumption, while people who still enjoy a drink are turning to higher quality wines. Winemakers and others in the industry are trying to adjust to changing consumer tastes.
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