Fabian Partigliani, NZ boss of Paris-based Pernod Ricard Winemakers says supply and demand are finally back in balance.
Problem was - 2008's bumper vintage caused a 27 million-litre glut that eroded wine, land and grape prices and led to a surge in exports of cheaper bulk wine…but the new-found balance means good news for the whole supply chain.
It's crucial however that local winemakers keep innovating and don't take the international success of NZ wine for granted. For its part, Pernod has sold off North Island assets to focus on the Marlborough region. Partigliani: "It's all about reshaping our footprint to meet the export potential which we believe is Marlborough-centric... based around sauvignon blanc."
One of the company's recent innovations is Flight (a low-alcohol sauvignon blanc), pinot gris and riesling sold under the Brancott Estate label.
NZ is well-placed to take advantage of a global shortage in wine. Global wine production peaked in 2004 and has been steadily falling since, with international demand outstripping supply by 300m cases last year. This has resulted in the deepest shortfall in over 40 years, which is expected to result in a significant increase in export demand, and higher prices for exports globally.