A leading executive at Constellation Brands has predicted further wine industry consolidation around the world. Stephen Millar, the global chief executive of the group's wine division, said earlier this week that the  industry has passed through the bottom of the cycle.

Millar said that global industry conditions in the past 18 months had been the toughest of the past decade, but were starting to improve.

"I think the cycle is getting better," he said. "My view is that we've hit the bottom and are coming up the other side." Millar predicts more rationalisation across the sector globally, as big players seek to get bigger.

On Wednesday (20 October), Constellation made a US$1.3 bln takeover bid for Robert Mondavi Corp.