In 2013, sales of Sherry wine in its largest export market, the United Kingdom, fell again, with sales down 6% compared to 2012 and revenue down 3%.
In response, Beltran Domecq stated: “I can hardly believe it,” but “I am optimistic.” “The production of Sherry wine in Spain has achieved a balance between supply and demand. Since the mid-1970s, we have faced a long period of overproduction. However, the area of vineyards has shrunk from a peak of 22,000 hectares in the 1970s to 7,000 hectares now.”
“In the past three years, the area of vineyards supplying production has been appropriate, and the owners have been operating profitably.”
“I believe this number will remain at 7,000 hectares, and if all goes well, it may gradually increase.”
According to Domecq, they have about four years of stock in their cellar. “This is exactly what we need to achieve, as the average aging time is just four years. Previously, we had too much stock.”
Domecq believes that the approachable creamy style of Sherry wine will attract more young drinkers, which will lead to a more complex style of Sherry wine.
