The recent downturn in the financial markets could be set to slow the growth rate in US wine consumption, it has been suggested.

According to data from the Beverage Information Group (BIG), consumption of wine by US drinkers increased by 2.1 per cent to 303.1 million cases in 2010.

However, the same figures showed that imports from regions such as Bordeaux, Burgundy and Champagne fell marginally to 73.6 million cases, Decanter reports.

While the BIG still expects consumption to rise to 321.9 million cases in the next five years, this figure is lower than had previously been anticipated.

Eric Schmidt, BIG's manager of information services, said that the group had no choice but to downgrade the growth prediction.

"This is due to the continued instability in the economy, with the current fluctuations in financial markets not making me more optimistic," the publication reports him as saying.

He went on to explain that US drinkers will continue to be careful with their purchases, although it is very difficult to predict where they will spend their money.

"We're slowly seeing a return to higher-priced offerings, although the marked increase in domestic wine in large box format is indicative of consumers being more frugal with their disposable income," he said.

The financial market fluctuations have also had an impact on the parent companies of some of the largest Bordeaux, Burgundy and Champagne vineyards.

According to the Drinks Business, Diageo, the owners of prestige Champagne brand Dom Perignon and Moet and Chandon, has seen its share price fall by 12 per cent in recent weeks.

However, the publication claims that Diageo and fellow drinks giant Pernod Ricard remain confident of their medium and long-term growth prospects.

There are already signs of a recovery, with investors said to be buying shares in Diageo as they are now considered "undervalued".