Produced ahead of Vinexpo Hong Kong in May, the report looks at the global wine and spirits market ahead to 2019.

While overall wine consumption is predicted to make modest gains between 2015 and 2019 (1.4 percent), the consumption of sparkling wine is forecast to spike 7 percent, according to the UK-based International Wine and Spirits Research group.

Consumption of premium light wines -- premium wines with 14 percent or less alcohol by volume -- is also poised to increase 12 percent in the same period.

Rosé wine is predicted to grow by 2 percent.

While declining consumption in Europe and Asia-Pacific led to negative growth in global wine consumption in 2014, the report predicts that markets should pick up pace from 2016 onwards, thanks to markets like China, Japan and Australia, which represent three of the top five expected growth markets.

Though growth in the US will be slower than expected, analysts say that the gap will be offset by better than expected growth in Africa, Central Europe and the Balkans, Russia, and the Middle East.

Red wine is still preferred over white, accounting for 54 percent of volumes consumed globally. White wine accounts for 37 percent, and rosé 9 percent.

Vodka consumption will continue to decline as it has since 2010, but analysts point out that premium vodka will remain ‘fashionable.’

Expensive tastes in the US have also helped the Cognac market rebound slightly.

Vinexpo holds its 2016 edition in Hong Kong May 24 - 26.