As of April 1, 2020, the available production of Prosecco DOC amounts to 2,217,000 hectoliters and, if necessary, an additional amount of 550,000 hl, which was stocked during the 2019 vintage as a reserve, can be added and bottled to face increased demand.
The current situation is therefore in line with the long-term estimates elaborated by the Consortium before the health emergency caused by Covid-19, and the reserve stock of Prosecco DOC will allow it to cover the demand of the market till the next harvest, should the production suffer a slowdown.
“At the moment, we are aware of the dramatic situation of some realities, particularly those producers with a short supply chain and those who do not operate with mass retailers. As a consortium, we want to express our solidarity and availability to evaluate possible solutions, but I don’t feel the need to generalize these situations to the whole denomination” states Stefano Zanette. “I am very concerned about the rumors spread by some industry operators, who paint exaggerated scenarios for the sole purpose of ticking commercial conditions to their advantage, creating damage to our whole system. These speculative actions are particularly deplorable, especially in the situation we are experiencing.”
Zanette states it clearly, “the situation is under control and the data confirms the expected trend; tapping into the stored reserve stock is a remote hypothesis at the moment: in a logic of long-term safeguarding of value, that wine will be made available only in the event of an actual need for the denomination and certainly not to favor the speculative actions of some operators.”
“In regards to the 2020 harvest, fertility is expected to be lower than the average of the last 10 years and many variables could still happen from now to September, such as late frosts or hailstorms.”
“It should also be considered that the main objective to aim for in a situation like this is market stability and the Consortium has all the legal tools to intervene and pursue market it.”
In other words, the Prosecco Doc Consortium, considers it to be premature to adopt restrictive measures to both the 2019 and 2020 production offers. However, if the situation does not get better in the next few months, they will intervene immediately and are ready to do so.
The Consortium Prosecco DOC appreciates the efforts made by the Mipaaf (Ministry of Agricultural, Food and Forestry Policies), regions and trade associations to handle this crisis. They are trying their best to provide market solutions and retrieve resources, considering the possible decline of the overall wine consumption in Italy due to the Coronavirus. It’s necessary to take measures to financially help those companies who were most affected by the coronavirus outbreak and, furthermore, to limit the products that are superfluous in the market. Hopefully such proaction will support valuable output and decrease less valued wine productions on a regional basis.
Finally, regarding promotion and enhancement strategies, under these circumstances, the responsible authorities should design financial tools to allow wineries and consortia to have the necessary liquidity to invest after the Covid-19 emergency is over, when those who will arrive first and will operate with greater momentum and energy will prevail among others.
For more information regarding Prosecco DOC, visit www.casaprosecco.com