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Worldwide wine shortage?

NATIONAL -- The world is headed for a wine shortage.
NATIONAL -- The world is headed for a wine shortage. Industry analysts say global wine production peaked in 2004 and has been steadily declining ever since.

A new report shows there was an under-supply of some 300,000 cases last year; the worst in nearly half a century. Some wineries in the U.S. are looking at expanding their operations to meet the growing demand.

Americans drink about 12% of the world's wine.

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