Americans drink a lot of wine—some 913 million gallons a year according to the Wine Institute. That works out to just over 2.8 gallons per person, a figure that’s set to rise as Millennials replace Boomers as the major purchasers of alcohol. (See also: How Millennials Can Be the Wealthiest Generation Ever.) In fact, alcohol consumption trends have changed considerably since 2001, when the first Millennials came of age: Consumption of spirits increased 13% and wine consumption was up 9% while beer consumption dropped 4.3%. Oenophiles are definitely making their presence known when it comes to alcohol purchases. A word of caution is in order, however. Investing in wine stocks is a lot more complex than choosing a good bottle of wine. Although alcoholic beverages could technically fall into the category of sin stocks, wine is an asset class that more closely resembles art when it comes to investing. There are definitely opportunities for a careful investor, but timing and the selection of individual equities is crucial, especially when it comes to collectible or fine wine investments.

(See also: 5 Tempting Sin Stocks.) That being said, however, if you’d like to diversify with some exposure to your favorite beverage, here’s a look at some top performing wine stocks that could outperform in 2017. Constellation Brands is not just a wine stock; the company is a major producer and marketer of spirits, beer and wine with such household brands as Robert Mondavi, Ravenswood, Nobilo, Ruffini, Clos du Bois, Wild Horse and Arbor Mist under its belt. It also sells craft and import beers (Corona, Modelo, Ballast Point) and spirits (Black Velvet whiskey and Svedka vodka). But this mass market appeal and diversification actually works in its favor. The company has a market cap of $29.5 billion and annual revenues exceeding $7.25 billion. It is a favorite of institutional investors, as well, with nearly a third of its stock held by institutional shareholders. Constellation has consistently outperformed analysts’ expectations in both earnings and revenue with an average earnings growth rate of 25.23% and an annual revenue growth rate of nearly 28%.

The consensus forecast from analysts is "outperform" with a 12-month median price target of $177.50, a 19.1% increase. The annual dividend yield is 1.07% as of January 12, 2017. If you’ve got a high risk tolerance and get excited about equities that trade in the penny-stock range, Truett-Hurst might be the company for you. The company, based in Healdsburg, CA, produces mid-range wines under the T-H imprimatur as well as niche brands like Bradford Mountain, Criminal and Fugitive. It currently trades in the $2 to $3 a share range. Truett-Hurst is a nano-cap with market cap of around $7.5 million and total revenue of $26 million. Earnings growth was 82% last year and the stock is up 58% year-to-date (January 1, 2017 to January 12, 2017). (See also: Penny Stocks to Watch in 2017.) This Latin American company owns vineyards in Chile, Argentina and the US. Fans of Latin American wines will recognize the VCO brands which include Don Melchor, Almaviva and Casillero del Diablo, as well as the Fetzer name from its North American subsidiaries.

The company produces everything from value-priced wines to high-end Bordeaux rarities. This is a small-cap firm with a market cap of around $1.27 billion and 2016 revenues expected to come in around $680 billion with an average annual revenue growth rate of 12.72%.buy wine online in japan Of note to investors, VCO reported EPS in November 2016 of $18.09, representing an astronomical rate of growth approaching 1,200%The stock was up 16.70% last year and it carries a consensus rating of Outperform. best wine list 2015 australiaIt’s currently trading at about $34.50 per share as of January 12, 2017.good wine in parisHistorical and literary sources may trace wine in India back to the 13th century bce, but the origins of the contemporary Indian wine industry lie in the early 1980s when two pioneering industrialists and businessmen, Shymarao Chowgule and Kanwal Grover, set themselves the task of producing their own wines on Indian soil. best red wines for christmas 2014

The entry of Sula Vineyards, the largest Indian wine producer today, in the market in 2000 symbolised the optimism of the times. Maharashtra was the first state to introduce a wine policy in India in 2001, leading to a large number of new wineries being established. best bc white wines 2013Three other states introduced wine policies: Madhya Pradesh and Tamil Nadu in 2006, and Karnataka in 2007.best sweet red wine brands The financial crisis of 2007-2008 forced many producers into bankruptcy, including the liquidation of Chowgule’s Chateau Indage, the largest winery at the time and best known for its Omar Khayyam sparkling wine. From 2007 onwards new serious winery projects commenced, including Alpine Wineries, Fratelli Wines, Charosa Winery, Four Seasons, KRSMA Estates, Vallonné Vineyards and SDU Winery. Multinational drinks giants too started to take an interest and set up shop in India: Pernod Ricard, Diageo and Moët Hennessy.

Financial investors moved in despite the apparent challenges faced by the nascent Indian wine industry. 2009 saw the establishment of the Indian Grape Processing Board and India joined the OIV in 2011. The Indian subcontinent is a vast stretch of land in South-East Asia with varied climatic conditions from Jammu and Kashmir in the north to Tamil Nadu and Kerala in the south. The majority of wine production, however, is concentrated in two south Indian states: Maharashtra and Karnataka. As such, most of the 2,500 hectares of vineyards, circa 2% of Bordeaux’s, fall within the subtropical climate, with two distinct seasons: the wet summer months and the cooler dry winter period. The south-westerly monsoon brings the overwhelming bulk of the annual precipitation between May and September, accompanied by high temperatures often in excess of 30°C and, in some areas, rising close to 50°C. During winter there is normally no rain at all and temperatures fluctuate between 35°C at daytime and 15°C during the night, providing for a much welcome diurnal temperature variation.

This has two implications in the vineyard. One is the complete lack of dormancy for the vines, which restart their growing cycle as soon as they have been pruned after harvest. Consequently, quality-conscious producers prune twice a year: after harvest in May and right after the monsoon, in the period from early August to late September before the new growing season starts. The other implication is the reverse cycle of temperatures during the winter period: temperatures decrease from the start of the growing season, reaching their lowest in December, after which they are set to rise again as the grapes are in the final stage of ripening. Regional variation is, however, detectable. The distance from the Equator in the south and the Arabian Sea in the west influences the amount of rainfall. For example, in Nashik, one of India’s eight wine regions and home to most of the commercially significant producers, the Western Ghats break the monsoon clouds first, depositing 3,500mm rainfall in the Igatpuri area, whilst the more inland sub-regions barely receive 500mm. Nashik, the wine capital of India, is also a centre for wine tourism thanks to its favourable location: it is only 190 kilometres

, or a 3.5 hour’s drive, north-east of metropolitan Mumbai and is one of the four centres for the Kumbh Mela, a mass pilgrimage that is held every twelfth year, with Hindus congregating to cleanse themselves of sin in the river. Altitude exerts its influence both on average temperatures and the extent of the diurnal temperature variation. Bangalore and the South, a wine region located at an average altitude of 950m in the state of Karnataka, enjoys more moderate summer temperatures than Nashik, lying at an altitude of 600m. Consequently, the difference between day and night temperatures also diminishes somewhat, impacting on the ripening of grapes. Though Bangalore Blue and Bangalore purple are native Indian grapes, they are V vinifera and V labrusca hybrids, giving them a rather foxy taste and making them suitable only for sub-entry-level wine. The four most significant varieties in terms of quantity produced are Sauvignon Blanc, Chenin Blanc, Cabernet Sauvignon and Shiraz.

This may partly be explained by the influence of foreign consultants, such as Michel Rolland from Bordeaux, but also because of the styles they can be produced in. The versatility of Chenin Blanc with regards to the amount of residual sugar suits the Indian palate as does the fruit-forward character of the Cabernet-Shiraz blend, regarded as the classic red blend of India with ripe fruits and plush tannins. The rest of the grapes grown in India are classified into three groups based on their origin: French, Italian and other varieties. These include Viognier and Malbec, both showing great potential, and Chardonnay and Pinot Noir, both struggling to yield commercially viable quantities even though Chardonnay is being increasingly produced to good results. Among the Italian varieties Sangiovese is becoming more widely spread, whilst other varieties include Riesling and Tempranillo. Stylistically the Indian and Western styles of wines are differentiated. The former includes constantly off-dry wines: suiting the spicy nature of Indian cooking;