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📲 Blockchain & The Wine Trade
In this week’s DECORKED digest, you will read all about blockchain technology in the wine trade, Rioja’s excess wine, “feminine” labeling, freshness in Champagne, financial uncertainty of the industry, and much more. Keep reading!
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Happy Monday! We hope you have a great week. In this week’s DECORKED digest, you will read all about blockchain technology in the wine trade, Rioja’s excess wine, “feminine” labeling, freshness in Champagne, financial uncertainty of the industry, and much more. Keep reading!
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INTERESTING THIS WEEK
📈 How the Lisboa wine region is emerging as one of Europe’s most underrated wine regions READ HERE
🥂 Will people shell out $100 for booze-free bubbles? Moët Hennessy thinks so READ HERE
💥 Wine sellers ‘powerless’ to prevent price hikes as tax system set to change READ HERE
✔️ A vibe check on American wine trends: What’s next? READ HERE
🌟 The most expensive Australian wines of 2024 READ HERE
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We curate, filter, and select only the most exciting and important news for you.
RIOJA DROWNING IN EXCESS WINE
The Rioja Alavesa wine region in the Basque Country is facing a crisis, with 200 million liters of unsold wine—equivalent to nearly three years of production—before the upcoming harvest adds another 70 million liters. Regional deputy Ramiro González is urging the Rioja Consejo Regulador to better manage production amid declining global consumption, particularly in the Chinese and UK markets. In response, the Basque government has provided €25 million in aid, supporting distillation projects and green harvests to reduce yields and mitigate the impact on wineries.
HOW THE WINE INDUSTRY CAN SURVIVE FINANCIAL UNCERTAINTY
The wine industry is facing significant challenges due to shifting consumer preferences, climate-related harvest disruptions, and financial pressures. Younger consumers are opting for alternatives like craft beers and spirits, leaving wine sales primarily to the over-60 demographic. Companies like Vintage Wine Estates (VWE) are struggling with debt and declining sales, forcing them to sell assets to avoid bankruptcy. Wineries need to adapt by focusing on high-margin channels like wine clubs, adjusting pricing strategies, enhancing onsite customer experiences, and improving financial forecasting. Strategic changes will help the industry navigate these difficulties and position for long-term success.
MASSAL SELECTION VS. CLONES: WHAT’S THE DIFFERENCE?
When replanting vineyards, winemakers can either purchase young vines from nurseries, often derived from certified clones, or opt for massal selection, which involves using cuttings from old vineyard sites to maintain genetic diversity. Massal selection offers advantages like greater resilience to diseases, environmental adaptability, and more complex wines due to varied vine characteristics. However, it also introduces challenges in vineyard management due to variability in vine performance and ripening times. In contrast, clonal selection provides uniformity, simplifies management, and ensures consistent yields, but it reduces genetic diversity, potentially diminishing complexity and increasing vulnerability to diseases. Many winemakers, like Matt Courtney and Virginie Joly, prefer massal selection for its ability to preserve biodiversity and complexity in wines.
BURGUNDY FACES ITS MOST CHALLENGING HARVEST IN 50 YEARS
After two stellar vintages, Burgundy's 2024 harvest faces challenges from a cold, wet growing season and mildew, reducing yields by up to 25%, with some producers seeing even greater losses. At Prosper Maufoux and Maison Louis Latour, harvests were difficult, requiring extra pruning and manpower to combat rot. Despite the reduced crop, producers are optimistic about the quality of the reds, which show high acidity similar to the acclaimed 2016 vintage, though the outlook for white wines may be more varied. Limited quantities are expected to drive up prices for sought-after bottles.
COULD BLOCKCHAIN STILL REVOLUTIONISE THE WINE TRADE?
The wine industry has been slow to adopt blockchain and NFT technology, which has the potential to transform the trade by reducing counterfeit products, improving supply chain transparency, and offering new consumer incentives. While other luxury goods have embraced digital assets, wine producers remain hesitant, with few examples like VIK and Château Malartic-Lagravière using NFTs. Blockchain could address major issues, such as the spoilage of fine wine and lack of consumer data, yet many in the traditional wine industry are unfamiliar with its benefits. Incentives like Garrett’s vincoin, which offers rewards for wine purchases, may help encourage broader adoption.
WHY IT’S TIME TO RETHINK THE CONCEPT OF FRESHNESS IN CHAMPAGNE
A recent tasting of Cristal Rosé highlighted the need to rethink the emphasis on acidity in Champagne. Louis Roederer’s cellar master, Jean-Baptiste Lécaillon, argues that freshness and longevity in Champagne can be achieved through ripe phenolics, not just high acidity, particularly in warm vintages like 1976 and 1989. Techniques such as cooling grapes before crushing help capture the desired phenolic qualities, which contribute to freshness and complexity. This shift in focus is echoed by other Champagne producers, who are increasingly using phenolics to balance richness and freshness in an era of climate change.
STUDY SHOWS THAT WOMEN ARE ‘MORE LIKELY’ TO CHOOSE WINE WITH ‘FEMININE’ LABELS
A study published in the International Journal of Hospitality Management found that wine labels with feminine cues, such as flowers or female portraits, significantly increased the likelihood of purchase and enhanced sensory expectations among female consumers, who make up nearly 60% of the U.S. wine market. The study involved online experiments and a field test, revealing that women preferred "feminine" labels over "masculine" ones and rated these wines higher in taste, aroma, and color. The findings suggest that the male-dominated wine industry should better understand and target female consumers by incorporating gender cues into label design.
Copyright @ Wines of Argentina Blog
WINE REGION OF THE WEEK: JUJUY, ARGENTINA
Jujuy is Argentina's northernmost wine region, known for its high-altitude vineyards, some of the highest in the world, located in the Quebrada de Humahuaca valley. Malbec is the most widely planted grape, along with other Bordeaux reds, Torrontés, and Sauvignon Blanc. Despite being close to the equator, Jujuy's extreme temperatures are moderated by its high altitude, which also provides intense sunlight. Wine production began only in the early 2000s, and very little Jujuy wine is exported internationally.
Copyright @ WinEncsy
GRAPE OF THE WEEK: TORRONTES
Torrontés is a key white wine grape in Argentina, encompassing several varieties, with Torrontés Riojano being the most prominent and producing the highest quality wines. Known for its aromatic and perfumed profile, Torrontés wines can range from light and fresh to intensely floral, sometimes resembling Muscat. It thrives in Argentina's high-altitude vineyards, particularly in the Cafayate region of Salta, where dry conditions and temperature shifts enhance its distinct flavors. Blending with Chardonnay is also common in Argentina.
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