Referat Piaga globala a vinurilor. eng #7927

Abstract
Rapid New World supply increases are imposing downward pressures on prices for grape and wine producers. A per capita decrease in wine consumption in the world�s largest wine producers is being offset by consumption increases elsewhere, and growing consumer preferences for higher quality wines. We use a global wine model to project the world�s wine markets from 2003 to 2010. Our decomposition of results allows us to examine the contribution of different market forces to changes in prices and outputs relative to 2003.
Background
Since the late 1980s, New World wine producers have emerged as significant players in the global wine market. At the same time, the traditional wine-producing regions of Europe, saddled by EU regulation, have struggled to adapt to changing market conditions. While there has been considerable adjustment, in terms of production shares, consumption shares and trade patterns by region, the remainder of the present decade is likely to bring further significant changes. Within the grape and wine sectors in many regions, there are fears of rising import competition, shrinking consumer demand and ultimately, falling returns
The objective is this paper is to use an empirical model, the World Wine Model (WWM), to examine prospects for the industry. Such a model relies on� global data to capture salient features of the international wine market and uses economic theory to fill the data gaps. We use the model to examine how estimated supply growth, consumer patterns and forecast macroeconomic growth might impact on the wine markets of the world from 2003 to 2010. Our concern is with the end-point (2010) rather than the path of adjustment. In particular, are returns to producers likely to decline? If so, this would indicate probable disinvestment in the industry in the next decade or so, and an end to growth in the industry in the New World. On the other hand, New World producers may make further ...

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Nume referat: piaga globala a vinurilor. Eng
Categorie: Referate Marketing
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