Despite falling sales, experts raise a glass to celebrate wine

Red wine consumption in China dropped 5 percent in 2015, marking the second consecutive year of decline since 2013 when the country was ranked as the world's largest consumer, said Guillaume Deglise, the CEO of Vinexpo, the world's largest wine and spirits exhibition.

However, Deglise believes that wine in general will continue to be the major growth engine that drives the otherwise sluggish industry. China is currently the fifth-largest wine market and biggest spirits market in the world.

"There is unlikely to be more double digit growth in the Chinese market. But with its growing maturity, the outlook is still bright," said Deglise at a recent news conference in Shanghai.