Australian farmers rip out millions of vines amid wine glut

Millions of vines are being destroyed in Australia to address overproduction that has led to plummeting grape prices. This overproduction has been exacerbated by declining global wine consumption, particularly for cheaper red wines. Australia, as the fifth-largest wine exporter, is struggling to cope with excessive wine stocks. Many vineyards are facing financial difficulties, with unpicked grapes rotting on the vines. To balance the market and increase prices, up to a quarter of the vines in areas like Griffith may need to be pulled up. Other wine regions in Chile, France, and the United States are also dealing with oversupply issues.