(ABC) - Global wine grape production will drop by between 2 and 4 per cent this year, according to agribusiness bank Rabobank.

As vintage figures are tallied from southern hemisphere producers and analysts get a better of idea of how the northern harvests are shaping up, it's becoming more likely that the total amount of grapes produced this year will be down from the decade-highs produced in 2013.

Australia, Chile and Argentina have all recorded official drops in the amount of wine produced.

Rabobank senior analyst Marc Soccio says that even though production is coming down, the figures from the 2013 harvest should stand as a warning to the industry that there's still lots of capacity in the industry.

"There was a seasonal lull in production for around three years, but last year we saw that even though there has been some restructuring to try and realign supply and demand, the potential for the world to produce a hell of a lot of wine is still there."

For Australian producers, despite production dropping by 7 per cent between 2013 and 2014, the large quantity of wine around the world means producers here will still continue to see depressed prices in export markets.