Wine drinkers around the world are increasingly reaching for American bottles, according to the latest wine industry report.

The study by wine industry consultants Gomberg, Fredrikson & Associates, revealed that US wine exports jumped 26 percent to an estimated value of $1.14 billion (€817 million) in winery revenues last year. Most of the exports - 90 percent - were from California.

America's biggest market is Europe: 38 percent of US exports were shipped to 27 countries in the European Union. That translates to $435 million (€312 million) in sales, an increase of 14 percent from 2009. Other top markets include Canada, Hong Kong, Japan and China.

Asia has become an exponentially growing market for wine consumption in recent years, with consumption in China skyrocketing almost 400 percent between 2005 and 2009. China's favorite wine, however, is French as 42 percent of all wine imported into the country in 2009 was from France, says the International Wine & Spirit Research. Their second wine of choice is Australia, followed by Chile.

The same wine consultancy group, based in London, found wine drinkers in Hong Kong also preferred French wines, followed by Australian and American vintages.