California Wine Industry at a Crossroads: Navigating Oversupply, Shifting Demand, and Changing Markets
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The California wine industry is facing a unique period of oversupply, with 2019 marking a decline in production from 2018, yet still leaving the market with an excess of grapes. This imbalance, caused by overproduction and slow-growing demand, has led to plummeting bulk wine prices and stagnant vineyard values. Complicating matters further is a generational shift, as Baby Boomers pass the torch to Millennials, who show less interest in wine and are more drawn to alternatives like craft beers, premium spirits, and cannabis.
