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[Global Times special correspondents in Australia and France Da Qiao Dong Ming Global Times reporters Ma Mengyang Xiao Zhendong] According to a recent report released by data company Statista, the wine market in many countries is facing difficulties. For many years, the global demand for wine has been shrinking. Although many countries are controlling supply, these efforts cannot keep up with the speed of declining consumption. Analysts believe that the global wine market will maintain such a balance of low production and low consumption.

Oversupply crisis plagues Australian wine industry

The Australian wine industry is experiencing its worst crisis in decades. The country's Wine Institute released a report in July titled "Crisis and Prospects of the Australian Wine Industry," which said that Australia's current wine inventory-to-sales ratio is nearly twice the average level in 2010, causing serious cash flow problems for major wineries and leaving little inventory capacity for the next year.

The past 30 years have been the golden age of the Australian wine industry. After the new generation of vineyards exploded in the 1990s, Australian wines began to enter the US market and took advantage of the surge in Chinese wine imports since 2010. However, the report believes that Australian winemakers, who have been working hard to meet the growing global demand for wine, have not adjusted in time, resulting in an oversupply of wine and the crisis facing the industry today. The report said that the Australian federal and local governments are responding to the industry's call to provide support to individual growers and small and medium-sized wineries that are in financial difficulties and intend to establish or rebuild export markets, especially the Chinese market.