China will retain its crown as the world's fastest growing wine consumption market although the rate is tipped to slow significantly after years of explosive expansion, a new study showed Friday. Chinese wine consumption soared by 142.1 percent over the five years from 2007 to 2011, reaching a total of 159.25 million cases or 1.91 billion bottles, the leading wine and spirits trade fair organiser Vinexpo said. Demand has surged in the world's second largest economy in recent years, driven by a rapid expansion in personal wealth as well as growing demand for foreign products.

US wine exports uncorked a record year in 2012, bringing in $1.43 billion in revenues as demand grew in Germany, Sweden, Japan and China, the Wine Institute said Thursday. Wine exports -- 90 percent from California -- rose by 2.6 percent, the third year in a row of increases, said the San Francisco-based institute, which represents the California wine industry. Volume shipments reached 424.6 million liters, or 112.2 million cases, last year, a slight slowdown from 2011 shipments of 425.5 million liters (47.3 million cases).