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GLOBAL MARKET UPDATE
August 2016 Volume 7 Issue No. 8
Fax (415)
458- 5160
CIATTI GLOBAL WINE & GRAPE BROKERS
1101 Fifth Avenue #170
San Rafael, CA 94901
Phone (415) 458-5150
Ciatti Global Market Update | August 2016
2
Volume 07, Issue No. 08, August 2016
July and early August have brought heat to the Northern
Hemisphere. California’s Central Valley experienced some
consecutive days of temperatures at 100˚F+ in early August;
in France’s Provence and Languedoc regions, water reserves
are low; in Italy, mildew and juice levels are a concern.
Overall, however, temperatures have not been abnormal
and notable problems with ripening have not been reported
in any country.
The growing seasons in France, Spain and Italy are two
weeks behind schedule; Italy’s lateness is causing stress for
Prosecco buyers in particular. As you will read, Prosecco is one
of the imported sparkling wines enjoying a “sensational growth
uptrend” in the US consumer market and supply of 2015
Prosecco is almost gone. The 2016 Prosecco can’t come soon
enough. Buyers cannot, however, count on lower prices when
the 2016 vintage does come online: supply increases are
tracking, not exceeding, the demand increase.
US demand for Prosecco will soon exceed demand from
the UK, where consumer confidence – as you can read in our
special report on page 14 – has taken a post-Brexit hit.
Respected UK analyst GFK’s monthly consumer confidence
survey registered an index of -12 in July, a decline of 11 points
from -1 in June, the sharpest monthly fall for 26 years. However,
there are two large caveats: first, the July survey was carried out
before the new Prime Minister was in place, after which full
political stability returned; second, confidence is down from a
very high base, higher even than in the years preceding the
2008-09 global financial crisis.
The preferential treatment EU wine suppliers have
enjoyed in the UK market may not survive the UK’s eventual EU
withdrawal: efforts to sell to the US and China may need to be
redoubled. A report on the booming imported wine market in
China, which is benefiting from a growing urban upper-middle
class as well as bilateral trade deals, is on page 15.
In the Southern Hemisphere, meanwhile, 2016 harvest
tonnage was up 6% in Australia and 34% in New Zealand. El
Niño weather patterns have left Argentina and Chile, and the
vines there are now experiencing a good, normal resting period.
Robert Selby
Argentina 2
Australia 3
California 4
Chile 5
France 6
Germany 7
Italy 8
New Zealand 9
South Africa 10
Spain 11
Market profile:
Scandinavia 12
Craft Beer 13
California 3
Argentina 5
Chile 6
France 7
Spain 9
Italy 10
South Africa 11
Australia 12
New Zealand 13
Brexit Update 14
Market Focus: China 15
Craft Beer Update 16
Contacts 17
No part of this publication may be reproduced or
transmitted in any form or by any means without
the written permission of Ciatti Company.
Ciatti Global Market Update | August 2016
3
CALIFORNIA
Harvest watch: looking good in quality,
average in size
TIME ON TARGET
The 2016 harvest is in its very early days –
having just commenced in the southern end of
California’s Central Valley and due to begin
any day now in the Central Coast – and the
crop looks good in quality and back up to
average-sized after last year’s smaller harvest.
There are no dramas: diligent spraying
programmes have fought mildew back, windy
afternoons have kept from settling in
vineyards any smoke blown in from distant
wildfires, and though some days have been
very hot, temperatures on the whole have not
been abnormal for this time of year.
Temperatures at the end of July into start
of August were at 100˚F-plus for 5-6 days
consecutively in the Central Valley, which might
have meant vine development halting temporarily
– or simply that it will be a good push to the
finish. It’s too early to give a complete analysis at
the moment. Overall, grapes are sizing nicely.
The 2016 crop, then, with most tonnage
figures returning to a five-year average, is very
unlikely to sway the marketplace in one direction
or another; prices are not going to rise another
15-20%, but the demand varietals will stay in
demand. There is not expected to be a bumper
Cabernet crop, for example, and its supply from
the premium regions will remain tight. The lion’s
share of new plantings in the past three years
have been Cabernet: some of it will contribute to
this year’s harvest but most won’t come online
until the 2017 harvest, when sizeable increases in
Cabernet tonnages are hoped for.
Buying activity has been steady: there is
excitement when a premium red wine becomes
available, such as a Napa or a Mendocino
Cabernet. In the whites, Pinot Grigio and Pinot
Noir are tight. Activity in lower-end and bulk
wines is ticking along, and none of the traditional
bulk suppliers are sitting on inventory they need
to shift, so non-traditional suppliers are receiving
enquiries.
According to Gomberg Wine Data,
Californian bottled wine exports in January-May
reached 8.8 million 9-litre cases, down 9.4% from
9.8 million cases in the equivalent period of 2015
(which itself was down from 10 million cases in
2014). Gomberg cautioned: “The growing strength
of the US dollar raised California wine retail prices
in foreign markets, hurting sales.” Also, big
players are increasingly bottling their wines in
foreign countries to save costs, further affecting
bottled wine export statistics. Overall, though,
Californian packaged shipments for January-May
2016 increased, reaching 99.6 million cases, a rise
of 2.5% on 97.1 million cases in 2015 (and also
just up on 99 million cases in 2014). This was
thanks to good demand from California (+4.8%)
and the rest of the US (+3.6%).
In May in the US, “imported sparklers
continued their sensational growth uptrend,”
Gomberg reported, as US consumers continue
trading up. While bottled table wine imports fell
by 271,000 cases (mostly Italian and French – wine
from other countries remained robust), Italian
Prosecco grew 32%, while French Champagne and
Vin Mousseux grew 27%.
SEE NEXT PAGE FOR PRICES & CONTACTS
KEY TAKEAWAYS
The harvest is proceeding without dramas but its
expected average size promises little relief on
the supply side; it probably isn’t going to help
buyers looking for discounted inventory in the
premium market. US bottled exporters need to
keep an eye on the strength of the US dollar and
ensure they’re not becoming uncompetitive on
price in foreign markets. Americans can’t get
enough of Italian Prosecco and French sparkling.
Ciatti Global Market Update | August 2016
4
CALIFORNIA – IMPORT / EXPORT
T. +415 458-5150
Greg Livengood (CEO) – greg@ciatti.com
Steve Dorfman – steve@ciatti.com
CALIFORNIA – DOMESTIC
T. +415 458-5150
John Ciatti – john@ciatti.com
Glenn Proctor – glenn@ciatti.com
John White – johnw@ciatti.com
Chris Welch – chris@ciatti.com
California: Current Market Pricing (USD PER LITER)
Vintage Variety Price Trend Vintage Variety Price Trend
2015 Generic White 0.60 – 0.80 ↔ 2015 Generic Red 0.80 – 1.05 ↓
2015 Chardonnay 1.45 – 1.88 ↑ 2014/15 Cabernet Sauvignon 1.58 – 2.11 ↑
2015 Pinot Grigio 1.58 – 1.98 ↔ 2015 Merlot 1.18 – 1.58 ↔
2015 Muscat 0.92 – 1.32 ↓ 2015 Pinot Noir 1.85 – 2.25 ↑
2015 White Zinfandel 0.85 – 0.99 ↔ 2015 Syrah 1.18 – 1.58 ↔
2015 Colombard 0.73 – 0.99 ↔ 2014/15 Zinfandel 1.72 – 2.11 ↑
Ciatti Global Market Update | August 2016
5
ARGENTINA
Harvest watch: good snows and cold
temperatures bode well for 2016/17
TIME ON TARGET
El Niño has passed and weather conditions
have thankfully returned to normal: for this
time of year, that means cold temperatures
and snow in the mountains. There, snow has
been heavy, slowing shipments through Chile –
the border has been closed 3-4 days every
week – but boding well for the coming water
needs of Mendoza’s vineyards. Normal
seasonal temperatures also mean the vines can
undergo their normal growth cycle, so it’s a
good beginning.
Foreign and domestic buyers have been
reasonably active in the part of the Malbec market
where volume is available: at the high-end, where
Malbec can come in at USD1.70-2.50/litre. Malbec
at USD1.50/litre and below is becoming short due
to the small crop and domestic needs. Generic
reds are hot as domestic buyers search for supply:
prices are up 93% on last year, not ideal when
Argentinian consumers are struggling with a
recession. Half of domestic consumption is Tetra
Pak wine, some of which has lately risen in price
by 15-25 pesos. Domestic sales have thus fallen
and will continue to do so.
First-half export statistics are in from
industry body Bodegas de Argentina: bulk wine
export volumes in January-May 2016 were down
37.09% on the first six months of 2015, from 38.2
million litres to 23.7 million litres; bottled wine
export volumes were stable, 0.7% up on the first
six months of 2015 to 8.25 million litres. Bulk wine
exports to the leading destination, the US, were
down 71.6% from 25.7 million litres to 7.3 million
litres because buyers of generic Malbec pulled out
due to the higher pricing: this is reflected in the
fact that of the wine exported to the US this year,
the export price per litre was USD1.19/litre, up
from USD0.78/litre last year. A fall in export
volumes to the US will continue for the rest of
2016 due to the shortening supply and resulting
higher prices.
Bottled exports to the US (-5.8%) and
Canada (-4.7%) were down. This seems
counterintuitive, considering current US consumer
demand for premium wines; it is hoped this does
not mark the start of a trend. Exports to Brazil
were up 2.6%, but are expected to fall at any time
as Brazil’s economy downturns. Grape juice
concentrate prices remains at their high level of
USD1,300-1,400/MT and sales are slow.
KEY TAKEAWAY
Quantities of higher-end Malbec are available. The
low-end is short, and priced accordingly.
Ciatti Contact: Eduardo Conill
T. + 54 261 420 3434
E: Eduardo@ciatti.com.ar
Current Market Pricing (USD PER LITER; FCA WINERY)
Vintage Variety Price Trend Vintage Variety Price Trend
2016 Generic White 0.40 – 0.45 ↑ 2016 Bonarda 0.90 – 1.20 ↑
2016 Generic White (Criolla) 0.35 – 0.38 ↑ 2016 Generic Red 0.60 – 0.80 ↑
2016 Chardonnay 0.90 – 1.20 ↑ 2016 Cabernet Sauvignon 1.30 – 1.50 ↑
2016 Torrontes 0.60 – 1.00 ↑ 2016 Malbec Entry-Level 1.30 – 1.50 ↑
2016 Sauvignon Blanc 0.90 – 1.00 ↑ 2016 Malbec Premium 1.50 – 2.50 ↑
2016 Muscat 0.40 – 0.45 ↑ 2016 Syrah / Merlot 1.00 – 1.20 ↑
Ciatti Global Market Update | August 2016
6
CHILE
Harvest watch: larger than expected,
though still 21.2% down on 2015
TIME ON TARGET
The official production figure for the 2016 harvest has exceeded the 800-900 million litres expected:
total wine production in fact reached 1.014 billion litres, down 21.2% on 2015 but roughly in line
with the frost-hit harvest of 2014. Designation of Origin reds came in at 590 million litres; volumes
of DOC Carmenere (-36%), Merlot (-28%) and Cabernet (-27.6%) all came in lower than in 2015 (and
lower than in 2014 too).
Buyers should be aware that although the headline production figure is higher than expected, the
volume of quality in the red wine market will not exceed expectations. Wineries tried to crush as much as
possible, accepting grapes affected by the El Niño rains, so that affected wines – among which volatile
acidity is a problem – make up a small but significant percentage of red wine production: 20% is a widely-
held view. With this quality volume fall in addition to the overall volume fall, prices for the reds of good
quality will remain stable at best and likely rise steadily. For quality red varietals such as Cabernet, Merlot
and Carmenere, prices will go up, though will not reach the heights seen after the earthquake in 2010. The
message is: if you need good quality wines in large volume – particularly reds – don’t wait. On the flip-side,
there will be some very aggressively-priced low-end red wines available on the spot market.
In July, as most large buyers had already moved quickly to cover their needs, the export market was
mainly active in small volumes. The domestic market has been very active, driven by Chile’s big five players.
Most buyers have secured a big part – but not all – of their needs: the rest of the year will mainly see spot
deals. Some good quality wines may still be available late on, as a few wineries have held off from selling
until the market price rises to meet their expectations; by then, with supply very tight, buyers will not be
able to argue with a Cabernet price of perhaps USD1.05-1.10/litre.
Such a price could be even higher if Chile suffers from heavy frosts during the budding stage in
September, currently a widely-held fear not only among the wine business but Chile’s fruit industry too. It is
unknown where exactly this fear is founded: as the UK’s Met Office states, “forecasting air temperature and
frost more than a few days in advance can be complex”. One certainty is that El Niño has gone from Chile
and weather patterns have normalised: the country’s vines are currently getting a good rest.
Export Figures Wine
Export Figures
January 2015 - June 2015 January 2016 – June 2016 Volume
Million Liters
Million US$ FOB
Average Price
Million Liters
Million US$ FOB
Average Price
Variance %
Bottled 215,71 688,62 3,19 225,57 692,88 3,07 4,57
Bulk 177,29 126,85 0,72 204,75 129,48 0,63 15,49
Sparkling Wines
1,44 6,07 4,22 1,72 7,10 4,12 19,76
Packed Wines
13,16 22,74 1,73 15,53 26,54 1,71 18,04
Total 407,59 844,28 2,47 447,58 856,00 2,38 9,81
KEY TAKEAWAYS
Buyers should not wait to cover their needs – prices
will not fall for good quality wines, especially reds.
Lower quality wines will be priced very competitively.
Ciatti Contact
Marco Adam
T. +56 2 2363 9206 – or – T. +56 2 2363 9207
E. madam@ciattichile.cl
Ciatti Global Market Update | August 2016
7
FRANCE
Harvest watch: forecast to be down
8% on 2015
TIME ON TARGET
France’s National Institute for Wine (AGRESTE) has forecast a 2016 harvest of 44 million hectolitres,
which would be 8% down on the 2015 crop and 4% below the five year average. This drop is mainly
due to the damaging spring frosts, rain and hail experienced in Champagne (where the harvest is
forecast to be 37% below the five-year average), Bourgogne (-22%) and the Loire Valley (-28%)
reported by Ciatti last month. As the AGRESTE table below corroborates, southern regions including
the Languedoc largely escaped this weather and their output is expected to be level with last year’s.
The summer weather has been better and blooming and fruit-set has been good. The main concern
now is mildew and downy mildew across the whole of France, and low water reserves in Provence and
Languedoc. It is too soon to know if these factors will affect production.
Market activity is slow and loadings of contracted wine are not running on time. Prices are currently
declining – until the last 2-3 years (when there was shortened supply) this was normal for this time of year.
There are some really good opportunities on the market for any buyers with the capacity to load quickly.
Where activity is fast is in the much-in-demand Provence rosé premium segment. It is very important that
clients with access to top-end Provence rosé make pre-harvest contracts now, otherwise it will be too late.
This slow market activity – Provence rosé apart – is likely one of the causes behind the re-emergence
in the south of France of the Comité d'Action Viticole (‘Wine Action Committee’), a group of French wine
protectionists who in recent months have, it is alleged, been the perpetrators of acts of sabotage against
imported wine. This year France will import approximately 8 million hectolitres of wine; approximately 6
million of that will be from Spain. Much of that import will go into making grapefruit rosé wine coolers (a
consumer trend in France that has been growing in the past four years) and entry-level bag-in-box or PET
1-litre wines – segments of the market that, due to shorter production, French suppliers in recent years
were unable to fulfil. Spanish wine moved in successfully to fill these programmes (in which, it was found,
origin is unimportant to the consumer), and French suppliers have returned to find they are uncompetitive
on price. As a result, an adjustment on French bulk prices is expected during the next year.
SEE NEXT PAGE FOR PRICES & CONTACTS
2016 French Harvest Estimate by Area (AGRESTE, 16 July 2016, unit: 1,000 hectolitres)
Region
5-year Average 2015 2016 2016/15 2016/average
Champagne 2,665 2,500 1,691 -32% -37%
Bourgogne-Beaujolais
2,255 2,284 1,767 -23% -22%
Alsace 1,080 1,008 1,053 4% -2%
Savoie 111 111 110 -1% -2%
Jura 81 80 76 -6% -7%
Val de Loire 2,640 2,779 1,878 -32% -29%
Charantes 8,585 9,499 8,117 -15% -5%
Sud-Ouest 3,404 3,527 3,503 -1% 3%
Bordelais 5,415 5,672 5,644 0% 4%
Languedoc-Roussillon
13,320 13,650 13,500 -1% 1%
Corse 331 353 350 -1% 6%
Sud-Est 5,416 5,594 5,650 1% 4%
Ciatti Global Market Update | August 2016
8
KEY TAKEAWAYS
Prices are softening and there are excellent
opportunities for any buyers with the capacity to
load quickly. Buyers wanting top-end Provence rosé
from the coming harvest should make their
reservations now.
Ciatti Contact
Florian Ceschi
T. +33 4 67 913532
E. Florian@ciatti.fr
France: Current Market Pricing (EUR PER LITER; EX-WINERY)
Vintage Variety Price Trend Vintage Variety Price Trend
2015 Generic White 0.50 – 0.60 ↓ 2015 Varietal Rosé IGP 0.80 – 0.85 ↓
2015 Chardonnay IGP 0.95 – 1.05 ↓ 2015 Generic Red 0.55 – 0.60 ↓
2015 Chardonnay VDF 0.95 – 1.05 ↓ 2015 Cabernet Sauvignon IGP 0.85 – 0.90 ↓
2015 Sauvignon Blanc IGP 0.95 – 1.10 ↔ 2015 Cabernet Sauvignon VDF 0.85 – 0.95 ↔
2015 Sauvignon Blanc VDF 0.90 – 1.10 ↔ 2015 Merlot IGP 0.80 – 0.85 ↓
2015 Generic Rosé IGP 0.75 – 0.80 ↓ 2015 Merlot VDF 0.80 – 0.85 ↓
2015 Generic Rosé VDF 0.55 – 0.60 ↓ 2015 Syrah / Grenache 0.80 – 0.85 ↓
Ciatti Global Market Update | August 2016
9
SPAIN
Harvest watch: two weeks behind schedule,
expected to be 8-9% larger than in 2015
TIME ON TARGET The summer in Spain has been hot but
temperatures have thus far not reached as
high as those seen in the ‘Caliente’ or very hot
vintage of 2015. After a dry winter the
powerhouse Castilla-La Mancha region, which
produces over half of Spain’s wine, received
good spring rainfall that is helping to see it
through summer. With very few reports of
fungus, conditions for grape development
have been good. As mentioned last month,
vine development is approximately two weeks
behind schedule and there is a question mark
over the maturity of the reds.
As for harvest volume, early signs are that
it could come in roughly 8-9% larger than the
2015 harvest, when wine and grape juice
production reached 42 million hectolitres (a 3.3%
fall on 2014). Of that 2015 harvest, 37.2 million
hectolitres went into wine, and 4.8 million
hectolitres into grape must. Production of ‘PDO’ –
Designation of Origin – wines was up 4.5%;
production of ‘PGI’ – Indication of Origin – wines
was up 19%; other varietal wines were up 3.2%;
generics were down 17.7%. Castilla-La Mancha
remained the largest producer region with 22.5
million hectolitres, 53.5% of total production.
On the market, wine stocks are relatively
low. As a result, prices have remained pretty firm
and fewer massive purchases were made in July
this year than in July 2015. Currently there are no
deals for generic whites done below EUR2.40 per
hectograde (i.e. approximately EUR0.22/litre),
which is up on 2015, but still one of the cheapest
prices to be found globally. For generic reds,
behind whites in terms of production and loading,
the price is still up at EUR2.80/hectograde
(around EUR0.25/litre). Buyers who usually buy in
Chile have not yet been seen in huge numbers
prospecting the Spanish market.
KEY TAKEAWAY
The 2016 harvest is expected to come in larger
than that of 2015. Current stocks are on the low
side and prices are thus firm. However, Spanish
prices are still incredibly competitive and can, for
instance, compete with Chile in every category.
Ciatti Contact
Nicolas Pacouil
T. +33 4 67 913531
E. nicolas@ciatti.fr
Current Market Pricing (EUR PER LITER; EX-WINERY)
Vintage Variety Price Trend Vintage Variety Price Trend
2015 Generic White 0.25 – 0.35 ↔ 2015 Generic Red 0.28 – 0.35 ↔
2015 White Blends
(High Quality)
0.40 – 0.60 ↔ 2015 Generic Red
(High Quality)
0.35 – 0.50 ↔
2015 Sauvignon Blanc 0.52 – 0.56 ↔ 2015 Cabernet Sauvignon 0.50 – 0.65 ↔
2015 Chardonnay 0.60 – 0.65 ↔ 2015 Merlot 0.55 – 0.70 ↔
2015 Generic Rosé 0.28 – 0.38 ↔ 2015 Tempranillo 0.40 – 0.60 ↔
2015 Varietal Rosé 0.40 – 0.50 ↔ 2015 Syrah 0.45 – 0.60 ↔
2015 Moscatel 0.40 –0.60 ↔
Ciatti Global Market Update | August 2016
10
ITALY
Harvest watch: two weeks behind schedule,
expected to be good
TIME ON TARGET The growing season in Italy, two weeks behind
schedule, is proceeding smoothly. Mildew has
been a problem, while some heavy rains at
flowering time have helped reduce any excess
clustering. Some harvesting is already
underway, and there has been concern that the
early grapes are containing less juice than
normal, but it is too early to say.
Prosecco contract renewals made July’s
business busier than in recent months. Away from
Prosecco, stocks of entry level product in July
were at rock bottom and many wineries,
especially in the south-central areas, will get to
harvest empty. How busy the Italian market is in
future will depend on how big the country’s 2016
harvest is in relation to Spain’s. If its harvest this
year is bigger than in 2015, Italy may be able to
compete better with Spain on entry level prices.
The new harvest won’t bring much relief
on Prosecco prices, as increased output is only
meeting – and not exceeding – the steadily
increasing demand. Prices will be stable or
increase slightly. Buyers are counting down the
days until the 2016 Prosecco is available because
stocks are running short – thus news of a harvest
two-weeks delayed is not welcome.
The industry is waiting to see if Brexit and
the resultant devaluation of pound sterling will
have a negative impact on sales in Prosecco’s
leading export market. Respected UK analyst
GFK’s monthly consumer confidence survey
registered an index of -12 in July, a decline of 11
points from -1 in June, the sharpest monthly fall
for 26 years (see chart, page 14). However, the
July survey was carried out before the new Prime
Minister was in place, after which full political
stability returned.
In better news, Prosecco sales to the US –
which will soon surpass the UK as its leading
destination anyway – are increasingly strongly
(see page 3) and will be helped by the strength of
the US dollar against the Euro. Gomberg Wine
Data shows that in January-May 2016, Italian
sparkling wine imports into the US reached 2.61
million 9-litre cases, up 14% from 2.29 million
cases in the same period of 2015, which itself was
up from 1.55 million cases in January-May 2014.
The new additional DOC appellation for
Pinot Grigio, DOC Della Venezia, has hit
bureaucratic snags, creating some uncertainty
among operators. It now seems 2016 will be an
intermediate year in which IGT or DOC
classification can be used by operators in that
appellation, with unified roll-out not until 2017.
KEY TAKEAWAYS
Stock of entry level wines and Prosecco are very
low ahead of the new harvest, which, two weeks
behind schedule, can’t come soon enough.
Prices are firm. Prosecco to the US is booming.
Ciatti Contacts
Florian Ceschi
T. +33 4 67 913532
E. Florian@ciatti.fr
Current Market Pricing (EUR PER LITER; EX-WINERY)
Vintage Variety Price Trend Vintage Variety Price Trend
2015 Generic White 0.32 – 0.35 ↔ 2015 Generic Red 0.32 – 0.35 ↔
2015 Chardonnay 0.60 – 0.85 ↔ 2015 Cabernet Sauvignon 0.60 – 0.80 ↔
2015 Pinot Grigio 1.05 – 1.15 ↔ 2015 Merlot 0.55 – 0.75 ↔
2015 Prosecco 2.50 – 2.60 ↔ 2015 Chianti 1.55 – 1.80 ↔
Ciatti Global Market Update | August 2016
11
SOUTH AFRICA
Harvest watch: cold temperatures means growing
season 2016/17 is off to a good start
TIME ON TARGET
South Africa is now in the middle of its winter
season and cold temperatures thus far have
meant excellent conditions for the resting
period of the vines. Good rainfall and, in the
mountains, snowfall is replenishing the
catchment dams which bodes well for the
coming growing season. It is still early days,
however; because of the exceedingly dry late
2015/early 2016 summer, catchment dams are
still barely at 45-50% level and much more
consistent rainfall is required to get the dams
approaching even 80-85% full.
As per every year in South Africa, July was
a relatively slow month activity-wise. Buyers
prospecting South Africa as an alternative source
of wine to Chile have not been as common as
perhaps expected, but this could change when
Europe and elsewhere return from summer
holidays. Exports have held steady, so too prices.
Cabernet, Sauvignon Blanc and Chardonnay
remain heavily in demand, and that is reflected in
the relatively high price they command: good
commercial-quality varietal-character Sauvignon
Blanc at ZAR8.0 per litre (USD0.57/litre) or below
is very difficult to find.
The biggest planting of Cabernet is in the
Stellenbosch-Paarl-Wellington-Swartland region
of the Western Cape, which last growing season
was disproportionately hit by the dry weather; as
a result, while South Africa’s overall 2016 harvest
was 6-7% down on 2015, Cabernet came in
approximately 15% down. In addition, in recent
years Cabernet vines have been steadily replaced
by Pinotage because the latter is a higher-yield
crop than the former. Chardonnay has been
steadily replaced by Chenin Blanc for the same
reason. But Cabernet is popular for blends, and
Chardonnay remains in demand in established
markets and become popular in certain new ones.
Premium and good commercial-quality
Sauvignon Blanc is very short, mainly due to the
harsh dry ripening season’s high temperatures,
resulting in much lower yields of typical varietal-
character product for the 2016 harvest, just when
demand for both bottled and bulk South African
Sauvignon Blanc is strong from markets such as
the UK, Germany, the Netherlands, and Russia.
KEY TAKEAWAYS
South Africa is very attractive in terms of price-
quality ratio – though Cabernet, Sauvignon Blanc
and Chardonnay command a high price.
Ciatti Contacts
Vic Gentis
T. +27 21 880 2515
E. vic@ciatti.fr
-or-
Petrè Morkel
T. +27 82 33 88 123
E. petre@ciatti.co.za
Current Market Pricing (SA RAND PER LITER; FOB CAPE TOWN)
Vintage Variety Price Trend Vintage Variety Price Trend
2016 Generic White 4.95 – 5.35 ↑ 2016 Generic Red 5.80 – 6.60 ↔
2016 Chardonnay 6.70 – 7.80 ↑ 2016 Cabernet Sauvignon 7.00 – 8.50 ↑
2016 Sauvignon Blanc 6.80 – 8.50 ↑ 2016 Ruby Cabernet 6.00 – 6.50 ↔
2016 Chenin Blanc 5.30 – 6.20 ↑ 2016 Merlot 6.80 – 8.00 ↔
2016 Muscat 5.75 – 6.35 ↔ 2016 Pinotage 6.60 – 7.50 ↔
2016 Generic Rosé 4.95 – 6.00 ↔ 2016 Shiraz 6.90 – 8.25 ↔
2016 Cultivar Rosé 5.70 –6.60 ↔ 2016 Cinsaut 6.00 – 6.30 ↔
Ciatti Global Market Update | August 2016
12
AUSTRALIA
Harvest watch: up on last year by 6% in AU
and 34% in NZ
TIME ON TARGET
The 2016 Australian Vintage Report has been released by the Winemakers Federation (WFA) and has
revealed that the Australian wine grape crush was 1.81 million tonnes, a 6% increase on 2015. The
top three varieties – Shiraz, Chardonnay and Cabernet Sauvignon – all increased in crush volume and
price. The increased volume of fruit from cool and temperate regions drove these increases up 26%.
The average purchase price also increased by 14% to AUD526 per tonne, the highest average price
since 2009. See summary table below of the top white and red varieties.
The Wine Australia Export Report shows that for the 12 months to June 2016, the value of wine
exports grew by 11% to AUD2.11 billion, and volumes were up by 0.5% to 728 million litres. The US still
remains a vital market for Australian wine, growing by 8% last financial year to AUD449 million, despite
volumes dropping by 4% to 157 million litres. Despite China and the US spending the most on Australian
wine, the UK still buys the largest volumes, accounting for about one third of all exports. Most of the wine
shipped to the UK arrives in bulk containers, to be bottled and distributed within UK and to other markets
around Europe.
Casella Family Brands have been active buying in Australia, purchasing the historic fortified producer
Morris of Rutherglen from Pernod Ricard. They have also purchased a 162 hectare vineyard in McLaren Vale
which is focused on Shiraz and Cabernet Sauvignon. The purchase continues Casella Family Brands’
targeting of wineries and brands in premium wine areas, which resulted in its purchase of Brand’s Laira from
McWilliam’s Wine last year and Peter Lehmann Wines in late 2014. SEE NEXT PAGE FOR PER LITRE PRICES
Summary of 2016 Australian crush
Top 5 White Varieties
Crush in Tonnes
Chardonnay Sauvignon Blanc Pinot Grigio / Gris Semillon Muscat Gordo
406,028 100,769 73,372 64,066 56,710
↑ 6% ↑ 11% ↓ 4% ↓ 6% ↑ 1%
Average Price per Tonne (AUD)
Chardonnay Sauvignon Blanc Pinot Grigio / Gris Semillon Muscat Gordo
382 553 619 345 219
↑ 21% ↑ 8% ↑ 4% ↑ 11% ↓ 7%
Top 5 Red Varieties
Crush in Tonnes
Shiraz Cabernet Sauvignon Merlot Pinot Noir Petit Verdot
430,185 255,074 111,959 47,860 20,299
↑ 7% ↑ 20% ↑ 3% ↑ 9% ↓ 4%
Average Price per Tonne (AUD)
Shiraz Cabernet Sauvignon Merlot Pinot Noir Petit Verdot
684 652 433 891 350
↑ 14% ↑ 17% ↑ 4% ↑ 4% ↑ 2%
Ciatti Global Market Update | August 2016
13
Samples of 2016 Marlborough Sauvignon
Blanc are now readily available with a good
number of options available to taste. Pricing is
at NZD3.25-3.75 per litre (USD2.35-2.72/litre)
FOB of varying quality levels; pricing is
dependent on volume, terms and drawdown.
Yealands Family Wines has just become
the first winery in the world to carry the DQS
Green Company GC-Mark for its winery operation
at their Seaview winery in Marlborough. DQS
Group (DQS) based in Germany are one of the
leading certification bodies for management
systems worldwide. DQS have developed a
checklist of criteria to obtain a Green Company
GC-Mark that is based on national and
international recognized standards and
regulations. To receive a Green Company GC-
Mark, a company must succeed in minimising its
negative impact upon the environment.
One of Marlborough's last remaining
conventional sheep and beef farms in the lower
Awatere Valley has been sold to Yealands Estate
for vineyard development. The 266-hectare
property is on the boundary of the 1,000 hectare
Yealands Estate, near Seddon, and will be
developed into a vineyard.
Source: New Zealand Winegrowers
NEW ZEALAND
Current Market Pricing (AUD/litre unless otherwise stated)
Vintage Variety Price Trend Vintage Variety Price Trend
NV Dry White 0.60 – 0.75 ↔ NV Dry Red 0.75 – 0.90 ↔
2016 Chardonnay 0.85– 1.00 ↑ 2016 Cabernet Sauvignon 1.00 – 1.15 ↑
2016 Sauvignon Blanc 0.90 – 1.05 ↑ 2016 Merlot 0.95 – 1.10 ↑
2016 NZ Marlborough SB NZD3.20 – 4.00 ↔ 2016 Shiraz 1.00 – 1.15 ↑
2016 Pinot Gris 1.20 – 1.35 ↑ 2016 Muscat 0.75 – 0.90 ↔
AU & NZ KEY TAKEAWAYS
Australia’s 2016 harvest came in larger than 2015.
Tonnage prices have increased, particularly on
Chardonnay, Cabernet and Shiraz. The US is
becoming an increasingly lucrative export market.
Ciatti Contacts
Matt Tydeman
Simone George
T. +61 8 8361 9600
E. matt@ciatti.com.au E. simone@ciatti.com.au
Ciatti Global Market Update | August 2016
14
BREXIT UPDATE
For the wine industry, Brexit is causing uncertainty and concern. Pound sterling has devalued, and
this, combined with the fall in UK consumer confidence (see graph below), has led to fears that wine
sales in the UK will suffer.
In the short term, wine suppliers must go about the difficult task of reducing costs so as to avoid –
as much as possible – passing on price increases to the UK consumer. However, producers in many supply
countries – especially South Africa and those in South America where inflation is running high – are already
struggling financially and they will have difficulty finding cost reductions. Consequently, as reported in the
media, the wine industry is being warned to be extra vigilant against unscrupulous practices.
Looking longer term, the wine industry is very concerned that Brexit may result in a hike in UK
import duties. Several important, non-EU exporter countries to the UK market – like Chile and South Africa –
enjoy specific trade agreements with the EU that allow their bulk and bottled wines to enter the bloc
(including the UK) with either reduced or zero import duties levied upon them. For trade between the UK
and the EU – where barriers are currently absent under the Common Market agreement – a deterioration
from preferential treatment is likely. The EU is the largest supplier of wine to the UK: France, Italy and Spain
alone supplied 60% of British imports in 2015. EU suppliers will now most likely redouble their efforts to sell
to alternative markets, such as the US, Russia, China, Japan, etc. Exports into the UK, both from countries
inside and outside the EU, could benefit from new, positive and open trade relations similar to those
currently in place. Presently, though, it is unclear what the new UK trade agreements will look like.
Positives? Well, the UK is yet to trigger Article 50 of the Lisbon Treaty, the formal mechanism for the
commencement of exit negotiations. When they do begin, the negotiations are expected to take two years:
for at least two more years, then, the UK will remain an EU member and benefit from EU trade agreements.
Also, new UK Prime Minister Theresa May has brought calm, waylaying fears of a chaotic transition.
Effect of Brexit on UK consumer confidence
rexit’ onn
Ciatti Global Market Update | August 2016
15
18.5
6.2 6.1 5.4
2.5
0
2
4
6
8
10
12
14
16
18
20
France Australia Spain Chile Italy
Top 5 origin countries of bottled wine imported
into China, 2015 (million 9-litre cases)
Source: IWSR via Wine Intelligence
MARKET FOCUS
CHINA
Despite the relative slowdown in China’s economy, the number of urban upper-middle class
imported wine drinkers in the country has risen by 10 million in just two years to stand at 48 million
people, according to the new ‘China Landscapes 2016’ report from Wine Intelligence.
The report quotes International Wine & Spirits Research (IWSR) who found that consumption of
imported wine in China rose by 37% in 2015 to reach 43.7 million 9-litre cases. “The continued rise in
disposable income, massive growth in e-commerce [the internet has surpassed hypermarkets and
department stores to become the second most popular channel for buying wine], and bilateral trade deals
[reducing import tariffs and helping imported wine sell at reasonable prices] have made imported wine
affordable and accessible to more households across the country,” the report said.
Wine Intelligence also found that consumption frequency among imported wine drinkers has risen:
in March 2016, some 35% of consumers surveyed stated that they drink imported wine on a weekly basis,
up from 23% in March 2015. In addition, a rising proportion of imported wine consumers are trading up,
with the number of consumers spending less than CNY100 (USD15.0) per bottle in the off-trade “seeing a
sharp drop”, and with a “corresponding rise” in those spending CNY200-299 (USD30-45/bottle).
This trend is expected to continue, Wine Intelligence said, because younger drinkers are growing
wealthier and more numerous: over 80% of 18-29 year olds believe that wine is reasonably priced,
compared with 66% of 40-54 year olds. Meanwhile, consumers in lower-tier cities (e.g. Wuhan, Shenyang,
etc.) are at an earlier stage in wine consumption: they are “prestige-seeking traditionalists” whose wine
choices are more risk-averse than consumers in higher-tier cities such as Shanghai and Beijing, placing
more emphasis on traditional-looking labels, for example.
“Overall we are seeing the normalisation of the market and the modernisation of its consumers,”
said Wine Intelligence senior research manager Chuan Zhou. “China will remain one of the world’s most
important markets for imported wine, but the nature of consumption is changing.”
“It is now more
important than ever
for wine businesses to
be highly strategic in
the way they pick their
targets. Taking the
time to implement the
correct strategy will
secure continued
growth and
profitability in the
world’s fifth-largest
wine market.”
Wine Intelligence’s
‘China Landscapes 2016’
report is available to
purchase here
Ciatti Global Market Update | August 2016
16
CRAFT BEER UPDATE
In 2015, for the first time in nearly 50 years,
the US was the biggest hop-growing country
in terms of planted area. Growth of 18% in
2015 and 17% forecasted for 2016 means that
total planted area is 21,600 hectares, about
3,000 hectares more than traditional market
leader, Germany. The Barth Haas Group,
collator of these statistics, put the US acreage
rise down to a “massive increase in the
planting of aroma/flavour varieties” to meet
domestic consumer demand for flavourful IPA
beers; Germany cultivates 32 hop varieties, the
US cultivates 83.
The USDA forecasts that area strung for
harvest in 2016 for Washington, Oregon, and
Idaho is 51,115 acres, 17% more than the 2015
crop of 43,633 acres. Washington, with 37,475
acres for harvest, accounts for 73% of the total.
Receiving some of the crop will be the growing
number of US craft brewers: as of 30 June 2016, a
record high of 4,656 breweries were operating in
the US, an increase of 917 on the prior year.
Approximately 2,200 breweries are in the planning
stage. Craft beer volumes grew by 8% in January-
May 2016, “reflecting the dynamic contributions
from small brewers all across the country,” the US
Brewers Association said. This percentage growth
figures was half that of the first six months of
2015 as the industry “enters a period of
maturation as the base gets larger”.
John Fearless Co. can supply the rapidly growing
number of craft breweries with a highly-
innovative product the company has created and
trademarked. Humuflor is a 100% water-based
hop extract – similar to fruit essences and fruit
aromas – that contains only hop aromas while
omitting the bitterness compounds. The benefits
of Humuflor being water-based are that it is clean,
easy to add, and can be added at whichever stage
of the brewing process the brewer desires –
primarily after the dry hop phase, for example, or
into the brite beer tanks prior to packaging. Beer
can lose some of its hop aroma at the
fermentation stage due to heat: more than simply
adding its own aromas into the beer, Humuflor
enhances the existing ones, boosting the beer’s
overall aroma impact.
Humuflor is already in use at breweries
and feedback has been very positive. This
competitively-priced product is available not only
to US brewers but to brewers across the world. In
this way, the product can bring the exciting US
hop innovation to brewers who lack that
innovation on their own doorsteps.
“The traditional extracts were developed
for the big brewers as a cost-effective and
efficient way of adding hops to beer,” said John
Fearless CEO, Rob Bolch. “Craft brewers have
wanted to move away from how the big guys do
it. Given that Humuflor is 100% water-based, with
no solvents, it’s just hop aromas in water, it has a
massive appeal because it’s pure, with no nasties.”
KEY TAKEAWAY
John Fearless has available aroma and bittering
hop inventory from the US and South Africa,
and can source hops from across the world. It
can assist craft brewers in their long-term
needs for: hops, hop extracts, Humuflor, fruit
purées, juices, concentrates, aged oak barrels.
FEARLESS CONTACT
Rob Bolch, CEO & Partner
T: + 1 800 288 5056
E: rob@johnfearless.com
ARGENTINAVintage Variety Trend Vintage Variety Trend
2015 Generic White 0.40 - 0.45 ↑ 2015 Generic Red 0.60 - 0.80 ↑
2015 Generic White (Criolla) 0.35 - 0.38 ↑ 2015 Cabernet Sauvignon 1.30 - 1.50 ↑
2015 Chardonnay 0.90 - 1.20 ↑ 2015 Malbec Entry-Level 1.30 - 1.50 ↑
2015 Torrontes 0.60 - 1.00 ↑ 2015 Malbec Mid-Level 0.00 - 0.00 ↑
2015 Sauvignon Blanc 0.90 - 1.00 ↑ 2015 Malbec Premium 1.50 + ↑
2015 Muscat 0.40 - 0.45 ↑ 2015 Syrah / Merlot 1.00 - 1.20 ↑
2015 Bonarda 0.00 - 1.20 ↑ 2015 Tempranillo 0.00 - 0.00 ↑
Vintage Variety Trend Vintage Variety Trend
NV Dry White 0.46 - 0.58 ↔ NV Dry Red 0.58 - 0.69 ↔
2016 Chardonnay 0.66 - 0.77 ↑ 2016 Cabernet Sauvignon 0.77 - 0.89 ↑
2016 Sauvignon Blanc 0.69 - 0.81 ↑ 2016 Merlot 0.00 - 0.00 ↑
2015 NZ Marlborough SB 2.32 - 2.90 ↔ 2016 Shiraz 0.77 - 0.89 ↑
2016 Pinot Gris 0.93 - 1.04 ↑ 2016 Muscat 0.58 - 0.69 ↔
AUD Rate: 0.771344 NZD Rate: 0.724596
CALIFORNIAVintage Variety Trend Vintage Variety Trend
2014 Generic White 0.60 - 0.80 ↔ 2014 Generic Red 0.80 - 1.05 ↓
2014 Chardonnay 1.45 - 1.88 ↑ 2013/2014 Cabernet Sauvignon 1.58 - 2.11 ↑
2014 Pinot Grigio 1.58 - 1.98 ↔ 2014 Merlot 1.18 - 1.58 ↔
2014 Muscat 0.92 - 1.32 ↓ 2014 Pinot Noir 1.85 - 2.25 ↑
2014 White Zinfandel 0.85 - 0.99 ↔ 2014 Syrah 1.18 - 1.58 ↔
2014 Colombard 0.73 - 0.99 ↔ 2013/2014 Zinfandel 1.72 - 2.11 ↑
CHILEVintage Variety Trend Vintage Variety Trend
NV Generic White 0.55 - 0.60 ↑ NV Generic Red 0.55 - 0.60 ↑
2015 Chardonnay 0.80 - 1.00 ↑ 2015 Cabernet Sauvignon (Basic) 0.78 - 0.95 ↑
2015 Chardonnay (Varietal Plus) 1.10 - 1.25 ↑ 2015 Cabernet Sauvignon 1.00 - 1.50 ↑
2015 Sauvignon Blanc 0.70 - 1.10 ↑ 2014/2015 Cabernet Sauvignon
(High Quality)NA - NA ↑
2015 Pinot Noir 1.80 - 2.50 ↑ 2015 Merlot 0.78 - 0.95 ↑
2015 Syrah 0.85 - 0.95 ↑ 2015 Malbec NA - NA ↑
2015 Carmenere 0.78 - 1.05 ↑ 2015 Malbec (Varietal Plus) NA - NA ↑
AUSTRALIA & NEW ZEALAND
Export Pricing: USD per liter
Currency Conversion Rates as of August 11, 2016
Price Price
Pricing in bulk; FCA
Price Price
Price Price
Price Price
Pricing in bulk; FOB Chilean Port
Pricing in bulk; FCA
FRANCEVintage Variety Trend Vintage Variety Trend
2015 Generic White 0.56 - 0.67 ↓ 2015 Generic Red 0.61 - 0.67 ↓
2015 Chardonnay IGP 1.06 - 1.17 ↓ 2015 Cabernet Sauvignon IGP 0.95 - 1.00 ↓
2015 Chardonnay VDF 1.06 - 1.17 ↓ 2015 Cabernet Sauvignon VDF 0.95 - 1.06 ↔
2015 Sauvignon Blanc IGP 1.06 - 1.23 ↔ 2015 Merlot IGP 0.89 - 0.95 ↓
2015 Sauvignon Blanc VDF 1.06 - 1.23 ↔ 2015 Merlot VDF 0.00 - 0.00 ↓
2015 Generic Rosé IGP 0.61 - 0.67 ↓ 2015 Red Syrah / Grenache IGP 1.03 - 1.12 ↓
2015 Generic Rosé VDF 0.61 - 0.67 ↓
2015 Varietal Rosé IGP 0.89 - 0.95 ↓
Rate: 1.116510
GERMANYVintage Variety Trend Vintage Variety Trend
2014/2015 White Wine 0.67 - 0.78 ↔ 2014/2015 Red Wine 0.73 - 0.89 ↔
2014/2015 Pinot Grigio 1.06 - 1.34 ↔ 2014/2015 Dornfelder 1.06 - 1.17 ↔
2014/2015 Riesling 1.06 - 1.34 ↔ 2014/2015 Pinot Noir 0.95 - 1.12 ↔
Rate: 1.116510
ITALY
Vintage Variety Trend Vintage Variety Trend
2015 Generic White 0.36 - 0.39 ↔ 2015 Generic Red 0.36 - 0.39 ↔
2015 Chardonnay 0.67 - 0.95 ↔ 2015 Cabernet Sauvignon 0.67 - 0.89 ↔
2015 Pinot Grigio 1.17 - 1.28 ↔ 2015 Merlot 0.61 - 0.84 ↔
2015 Prosecco 2.79 - 2.90 ↔ 2015 Chianti 1.73 - 2.01 ↔
Rate: 1.116510
SOUTH AFRICAVintage Variety Trend Vintage Variety Trend
2015/2016 Generic White 0.37 - 0.40 ↑ 2015/2016 Generic Red 0.44 - 0.50 ↔
2015/2016 Chardonnay 0.50 - 0.59 ↑ 2015/2016 Cabernet Sauvignon 0.53 - 0.64 ↑
2015/2016 Sauvignon Blanc 0.51 - 0.64 ↑ 2015/2016 Ruby Cabernet 0.45 - 0.49 ↔
2015/2016 Chenin Blanc 0.40 - 0.47 ↑ 2015/2016 Merlot 0.51 - 0.60 ↔
2015/2016 Muscat 0.43 - 0.48 ↔ 2015/2016 Pinotage 0.50 - 0.56 ↔
2015/2016 Generic Rosé 0.37 - 0.45 ↔ 2015/2016 Shiraz 0.52 - 0.62 ↔
2015/2016 Cultivar Rosé 0.43 - 0.50 ↔ 2015/2016 Cinsaut 0.45 - 0.47 ↔
Rate: 0.075058
SPAINVintage Variety Trend Vintage Variety Trend
2015 Generic White 0.28 - 0.39 ↔ 2015 Generic Red 0.31 - 0.39 ↔
2015White Blends
(Higher Quality)0.45 - 0.67 ↔ 2015
Generic Red
(Higher Quality)0.39 - 0.56 ↔
2015 Sauvignon Blanc 0.58 - 0.63 ↔ 2015 Cabernet Sauvignon 0.56 - 0.73 ↔
2015 Chardonnay 0.67 - 0.73 ↔ 2015 Merlot 0.00 - 0.00 ↔
2015 Generic Rosé 0.31 - 0.42 ↔ 2015 Tempranillo 0.45 - 0.67 ↔
2015 Varietal Rosé 0.45 0.56 ↔ 2015 Syrah 0.50 - 0.67 ↔
2015 Moscatel 0.45 - 0.67 ↔
Rate: 1.116510
Pricing in bulk; FOB Cape Town
Pricing in bulk; Ex-Winery
Pricing in bulk; Ex-Winery
Pricing in bulk; Ex-Winery
Pricing in bulk; Ex-Winery
Price Price
Price Price
Price Price
Price Price
Price Price
Ciatti Global Market Update | August 2016
17
CONTACT US
ARGENTINA Eduardo Conill
T. +54 261 420 3434 E. eduardo@ciatti.com.ar
AUSTRALIA / NEW ZEALAND
Matt Tydeman Simone George
T. +61 8 8361 9600 E. matt@ciatti.com.au
E. simone@ciatti.com.au
CALIFORNIA – IMPORT / EXPORT CEO – Greg Livengood
Steve Dorfman T. +415 458-5150
E. greg@ciatti.com E. steve@ciatti.com
CALIFORNIA – DOMESTIC
T. +415 458-5150 John Ciatti – john@ciatti.com
Glenn Proctor – glenn@ciatti.com John White – johnw@ciatti.com Chris Welch – chris@ciatti.com
CONCENTRATE
Greg MaGill T. 559 977 4040
E: gregm@ciatti.com
CANADA & US CLIENTS OUTSIDE OF CALIFORNIA
Dennis Schrapp T. 905/354-7878
E. dennis@ciatticanada.com
CHILE Marco Adam
T. +56 2 2363 9206 or T. +56 2 2363 9207
E. madam@ciattichile.cl
CHINA/ASIA PACIFIC Simone George
T. +61 8 8361 9600 E. simone@ciatti.com.au
FRANCE/ITALY Florian Ceschi
T. +33 4 67 913532 E. Florian@ciatti.fr
GERMANY
Christian Jungbluth T. +49 6531 9734 555 E. christian@ciatti.biz
SPAIN
Nicolas Pacouil T. +33 4 67 913531 E. nicolas@ciatti.fr
UK / SCANDINAVIA / HOLLAND
Catherine Mendoza T. +33 4 67 913533
E. catherine@ciatti.fr
SOUTH AFRICA Vic Gentis
T. +27 21 880 2515 E: vic@ciatti.fr
-or- Petrè Morkel
T. +27 82 33 88 123 E. petre@ciatti.co.za
JOHN FEARLESS CO. CRAFT HOPS & PROVISIONS
CEO - Rob Bolch T. + 1 800 288 5056
E: rob@johnfearless.com
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