California’s wine industry facing down turn [Video]

Every segment of the wine industry, from super premium to jug wines, is seeing slowing and sluggish sales. When it’s all added up, the industry was down 8.7 percent last year. That directly affects more than 400,000 California jobs still fighting back from Covid.

“And this business is like six or seven years of up years and two or three down years, and I see this in that kind of down two or three years,” said Deepak Gulrajani.

Deepak Gulrajani has owned Nicholson Ranch Winery for a quarter century specializing in Cabernet, Chardonnays and Pinot Noirs. 

“What’s the wine industry gonna do? It’s gonna evolve,” said Rob McMillan.

McMillan is senior vice president of Silicon Valley Bank and founder of its wine industry financing division. 

“The demand is in the better wines; let’s say $15 and above,” McMillan said.

The industry finds itself in a quadruple whammy: too many wineries, …