(Time) New wine-producing countries are popping up around the world, but not fast enough it seems, as a global wine shortage is looming.
A report released by Morgan Stanley Research on Monday shows that there was an undersupply of about 300 million cases of wine in 2012, the largest deficit recorded in almost 50 years, Quartz reports.
Growing demand in the U.S. and China has played a part in the shortfall, with the latter quadrupling its consumption over the past five years. At the same time production in Europe, which produces 60% of the world's vintages, has declined sharply.
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