Global wine production is forecast at 7% lower this year to a 62-year low, while global wine demand also fell, the BBC reported. The group blamed the fall in wine production on bad weather, including frost, heavy rain and drought.

Production in the European Union, which accounts for more than 60 percent of the world's wine production, fell, with Spain and Italy down 14 percent and 12 percent, respectively, as drought reduced grape harvests. French wine production is relatively stable, and it has surpassed Italy to become the world's largest wine producer.

As well elsewhere, Chile, the southern hemisphere's largest wine producer, fell 20% due to drought and wildfires; Australia's grape harvest was also dismal, down a quarter from last year.

But wine lovers don't worry too much. The drop in production, though not good news for the industry, but slowing economic growth has led to a simultaneous drop in global demand for wine, which could help keep market prices relatively stable.