(TheAtlantic) - Last year saw the worst wine shortfall in a half-century. And there's little indication that world production can keep pace with the oenophilic hordes.

It isn’t only France that’s suffering from a dearth of wine—it’s the entire world, says a report released on Monday (Oct. 28) by Morgan Stanley Research.

And the shortage is only getting worse.

Last year, global supply for wine already barely exceeded demand. Adjusting the demand to include non-wine uses (such as making vermouth), there was actually an undersupply of about 300 million cases, marking the largest such shortfall in almost 50 years.

At the current pace, a global shortage of wine is fast approaching. “Data suggests there may be insufficient supply to meet demand in coming years, as current vintages are released,” the report says.

The problem is something of a two-headed monster.

On the One Hand…

Global wine consumption has been on the rise almost without interruption (save for a short stint between 2008 and 2009) since the late 1990s.