Best Wine Stocks in 2026: How to Invest in the Wine Industry Through Public Markets

Investing in wine doesn’t always mean buying bottles. For investors who prefer the familiarity of public markets, including brokerage accounts, real-time pricing, and instant liquidity, wine stocks offer exposure to the global wine and spirits industry through publicly traded companies.

But wine stocks and physical wine investing are fundamentally different asset classes with different risk profiles, return drivers, and portfolio roles. Understanding these distinctions is essential before committing capital. This guide covers the best wine stocks in 2026, how wine industry economics work, and whether stocks or bottles, or both, belong in your portfolio.

How Wine Stocks Work

When you buy wine stocks, you are buying equity in companies that produce, distribute, import, or retail wine and spirits. Your returns come from share price gains and dividends, not from the appreciation of any specific wine.

That means your results depend on corporate earnings, management quality, competitive positioning, margin trends, and broader stock market sentiment. A wine stock can fall sharply even if the fine wine market is booming, and it can rise when wine prices are flat, because the business drivers often have little to do with the price of a bottle of Lafite.

Wine companies make money in a few ways. Some produce and sell their own branded wines. Others distribute wines from other producers. Some retail directly to consumers. Others operate across the full value chain, from vineyard to shelf. The largest players, such as Constellation Brands and Treasury Wine Estates, often span multiple models, regions, and price tiers.

The wine and spirits industry has a few traits that shape stock performance. Demand is relatively steady across economic cycles, but most growth sits in the premium and luxury segments. Volume growth has been flat to declining for years as younger consumers drink less but spend more per bottle. Companies that successfully premiumize by shifting toward higher-margin, higher-priced brands tend to outperform those relying on volume growth in a category that is shrinking.

Top Wine Stocks for 2026

Constellation Brands (STZ)

Market Cap: ~$33 billion Headquarters: Victor, New York Key Wine Brands: Kim Crawford, Meiomi, Robert Mondavi, The Prisoner, SIMI

Constellation Brands is the largest publicly traded wine company in the United States by market capitalization, but its growth story has increasingly shifted to beer, especially its Modelo and Corona franchises, which generate most of the company’s revenue and nearly all of its growth.

The wine and spirits division has actually been a source of concern for investors. Constellation divested its lower-end wine portfolio (including Woodbridge, Cook’s, and several other volume brands) to focus on the “premium and above” segment, recognizing that the future of wine lies in higher price points. This strategic shift makes sense directionally, but the premium wine segment has faced its own headwinds from changing consumer preferences and increased competition.

For investors, Constellation offers exposure to the premium alcoholic beverage industry broadly rather than wine specifically. The stock trades on the NYSE with strong liquidity, pays a dividend, and benefits from one of the strongest beer brand portfolios in North America. However, if you’re specifically seeking wine industry exposure, the company’s wine segment represents a diminishing share of the overall business.

Treasury Wine Estates (TWE.AX)

Market Cap: ~$8 billion AUD Headquarters: Melbourne, Australia Key Brands: Penfolds, 19 Crimes, Beringer, Wolf Blass, Stags’ Leap

Treasury Wine Estates is the closest thing to a “pure-play” wine stock among major publicly traded companies. Listed on the Australian Securities Exchange, Treasury owns some of the most recognizable wine brands in the world, with Penfolds serving as the crown jewel of the portfolio.

Penfolds occupies a unique position in the wine world because it is one of the few wine brands that functions as both a premium consumer product and a collectible investment asset. Penfolds Grange, the flagship wine, trades actively on the secondary market and has historically appreciated over time, giving Treasury a brand asset that pairs luxury pricing power with collector-driven scarcity.

The company made a major strategic move by acquiring DAOU Vineyards, a premium Paso Robles producer, strengthening its position in the high-growth U.S. luxury wine segment. Treasury’s strategy revolves around what it calls its “luxury and premium” portfolio, focusing on wines that sell for higher price points with stronger margins.

Key risks include currency exposure (Australian-listed company with significant USD and Chinese yuan revenue), the ongoing complexity of the China market (which swung from a major revenue driver to virtually zero when China imposed massive tariffs on Australian wine, and is now recovering after tariffs were lifted in 2024), and the overall challenge of growing a wine business in a market where per-capita consumption is declining.

Duckhorn Portfolio (NAPA), Now Private

Note: Duckhorn Portfolio, previously one of the few publicly traded pure-play luxury wine companies, was taken private by Butterfly Equity in a deal valued at approximately $1.95 billion. The stock no longer trades on the NYSE.

Duckhorn’s privatization is instructive for wine stock investors because it shows how public markets have sometimes undervalued premium wine businesses relative to their brand strength and cash flow. Private equity buyers saw value that the public market was not fully pricing and took the company private to capture that upside without the pressure of quarterly earnings.

The deal removed one of the few pure-play wine stocks from the U.S. market, which further concentrated the investable universe for wine stock investors. This consolidation trend, where private capital acquires public wine companies, continues to narrow the options available to stock market investors.

Brown-Forman (BF.B)

Market Cap: ~$19 billion Headquarters: Louisville, Kentucky Key Brands: Jack Daniel’s, Woodford Reserve, Korbel (sparkling wine)

Brown-Forman is primarily a spirits company, with Jack Daniel’s Tennessee Whiskey as its flagship brand, but its portfolio includes Korbel, one of America’s best-selling sparkling wine brands. The company offers exposure to premiumization across alcoholic beverages, though wine represents a small share of overall revenue.

The stock’s investment thesis centers on Jack Daniel’s enduring global brand strength, premiumization through extensions like Gentleman Jack and Woodford Reserve, and the company’s family-controlled governance structure (the Brown family maintains voting control through dual-class shares). Brown-Forman has increased its dividend for 40+ consecutive years, making it attractive to income-focused investors.

For investors specifically seeking wine exposure, Brown-Forman is more of a spirits play with incidental wine exposure. However, its track record of premiumization success and dividend growth make it a quality holding within the broader alcoholic beverage space.

Diageo (DEO)

Market Cap: ~$65 billion Headquarters: London, UK Key Wine Brands: Sterling Vineyards (divested most wine brands)

Diageo is the world’s largest spirits company, with an unrivaled portfolio of premium brands including Johnnie Walker, Don Julio, Tanqueray, Guinness, and dozens of others. The company has largely exited the wine business to focus on spirits, having divested most of its wine holdings over the past decade.

Diageo’s relevance for wine investors is primarily comparative, since it represents the premium spirits investment thesis that competes for the same consumer and investor dollars as wine. The company’s scale, global distribution, and brand management expertise set a high bar for the industry. Diageo stock offers dividend income, global diversification, and exposure to the long-term premiumization trend in spirits.

LVMH (MC.PA)

Market Cap: ~€280 billion Headquarters: Paris, France Key Wine/Spirits Brands: Dom Perignon, Moët & Chandon, Veuve Clicquot, Krug, Château d’Yquem, Hennessy

LVMH’s Wines & Spirits division houses some of the most prestigious names in the world: Dom Perignon, Krug, and Moët & Chandon in Champagne; Château d’Yquem in Sauternes; and Hennessy cognac. The wines and spirits segment contributes roughly 7-10% of LVMH’s total revenue, with the rest coming from fashion, leather goods, perfumes, watches, and retail.

Investing in LVMH for wine exposure is like buying an entire shopping mall because you like one store. You do get exposure to some of Champagne’s most iconic brands, but the stock’s performance will be driven mostly by Louis Vuitton and Christian Dior handbag sales, not by how many cases of Dom Perignon ship in a quarter.

That said, LVMH’s management of its wine and spirits brands is instructive. The company treats these brands as luxury assets with tight supply control, regular price increases, and careful brand positioning, the same principles that support fine wine investment returns. LVMH stock provides indirect exposure to the broader luxury goods thesis that underpins the premium wine market.

Pernod Ricard (RI.PA)

Market Cap: ~€30 billion Headquarters: Paris, France Key Brands: Jacob’s Creek, Campo Viejo, Brancott Estate, Absolut, Jameson, Martell

Pernod Ricard is the world’s second-largest spirits company, and it also owns a wine portfolio with several well-known brands across major producing regions. Like Diageo, its investment thesis is driven mainly by spirits, including Absolut vodka, Jameson Irish whiskey, Martell cognac, and The Glenlivet Scotch whisky, but its wine brands still provide some exposure to the category.

The stock has faced challenges from slowing demand in China and the U.S., premium spirits destocking, and competitive pressures. Shares are down notably from their 2022 highs, which may present a value opportunity for long-term investors who believe in the premiumization thesis.

Wine ETFs and Funds

AdvisorShares VINO Etcetera ETF (VINO)

The VINO ETF is one of the few exchange-traded funds focused specifically on the wine and spirits industry. It provides diversified exposure to publicly traded companies involved in wine, spirits, and related businesses, which gives investors a single-ticker option for broad industry exposure without picking individual stocks.

The ETF approach addresses the concentration risk inherent in individual wine stocks. Rather than betting on a single company’s management team and strategy, you get exposure to the overall industry trend toward premiumization, global demand growth, and the enduring appeal of alcoholic beverages as a consumer category.

However, wine-focused ETFs are niche products with relatively small assets under management, which can mean wider bid-ask spreads and potentially less efficient pricing. Check the specific fund’s expense ratio, holdings, and trading volume before investing.

Wine Stocks vs. Physical Wine Investment

This is the critical comparison for anyone considering wine exposure in their portfolio. Wine stocks and physical wine are both “wine investments” in name, but they behave completely differently and serve different portfolio purposes.

What Drives Returns

Wine Stocks are driven by corporate earnings, industry growth rates, competitive dynamics, management execution, and broader stock market sentiment. A wine stock can decline 30% because the company missed earnings expectations, even if every wine in its portfolio is selling well. Conversely, a wine stock can rally because beer sales are booming, even if the wine segment is struggling.

Physical Wine is driven by critic scores, vintage quality, producer reputation, scarcity from consumption, collector demand, and fine wine market sentiment. A bottle of 2016 Margaux appreciates because supply is declining (bottles being consumed) while demand from collectors and investors remains strong. This has nothing to do with any company’s quarterly earnings report.

Correlation with Stock Markets

Wine stocks are highly correlated with the broader stock market. When the S&P 500 declines, wine stocks usually decline too. They are stocks first and wine second. That means wine stocks do not provide much diversification against equity market risk.

Physical wine has historically shown low correlation with stock and bond markets. The Liv-ex Fine Wine 1000 tends to move largely independently of the S&P 500. That independence is what makes physical wine useful as a portfolio diversifier, since returns are driven by different factors than your stock portfolio.

Liquidity

Wine Stocks offer instant liquidity during market hours. You can buy or sell with a click, with minimal transaction costs and no storage complications.

Physical Wine is moderately liquid. Blue-chip wines from top producers trade actively on Liv-ex and through merchant networks, but selling a position typically takes days to weeks rather than seconds. Less established wines may take longer to find buyers.

Income vs. Appreciation

Wine Stocks can generate dividend income. Constellation Brands, Brown-Forman, Diageo, and LVMH all pay regular dividends, providing cash flow during the holding period.

Physical Wine generates no income, so returns come entirely from price appreciation when you sell. However, physical wine’s returns are not diluted by corporate overhead, executive compensation, competition, or the operational risks that can weigh on stock returns.

Tax Treatment

Wine Stocks are taxed as standard capital gains (short-term or long-term depending on holding period) and dividend income.

Physical Wine is typically taxed as a collectible in the U.S., with long-term gains taxed at up to 28%. In the UK, wine is generally exempt from Capital Gains Tax as a “wasting asset.”

The Verdict: Portfolio Roles

Wine stocks and physical wine are not competing investments. They serve different functions. Wine stocks provide liquid, income-generating exposure to the beverage industry within your equity allocation. Physical wine provides alternative exposure with low correlation to traditional markets, which makes it a portfolio diversifier alongside other tangible assets.

The strongest approach for many investors is combining both: wine stocks within the equity sleeve for industry exposure and liquidity, and physical wine within the alternative allocation for diversification and scarcity-driven appreciation. This captures the benefits of each while mitigating their individual limitations.

Industry Trends Shaping Wine Stocks in 2026

Premiumization Continues

The long-term shift toward premium wines continues to reshape the industry. Global wine volumes have been flat to declining for several years as younger consumers drink less often but spend more per bottle. Companies positioned in the premium and above segment, generally wines priced at $15 or more per bottle at retail, are capturing a growing share of industry revenue and profit margins.

This trend directly benefits companies like Treasury Wine Estates (Penfolds), Constellation (The Prisoner, Kim Crawford), and LVMH (Dom Perignon, Moët), while challenging volume-focused producers whose revenue depends on selling more cases of cheaper wine.

Consolidation and Private Equity

The wine industry is consolidating quickly. Duckhorn’s privatization is one example of a broader trend where private equity firms and strategic buyers acquire wine companies at premium valuations. This consolidation reduces the number of public wine stocks available to investors while also potentially supporting valuation floors. Acquirers can create a takeout premium that helps limit downside.

For public market investors, this trend is double-edged. Fewer public wine stocks means fewer investment options and higher concentration risk. But remaining public companies may benefit from reduced competition and increased market power.

DTC and E-Commerce Growth

Direct-to-consumer wine sales continue to grow, driven by subscription clubs, online retail, and winery-direct shipping. Companies with strong DTC capabilities, including those with established brands and engaged customer lists, can earn higher margins than those that rely mainly on traditional wholesale distribution.

Treasury Wine Estates has invested heavily in DTC for Penfolds, while Constellation has built online capabilities for its premium brands. The ability to sell directly to consumers at full retail pricing, rather than sharing margin with distributors and retailers, is becoming a key competitive advantage.

China’s Market Recovery

China’s removal of punitive tariffs on Australian wine in 2024, after years of trade restrictions, reopened one of the world’s largest wine markets for Australian producers. Treasury Wine Estates, which built significant brand equity in China through Penfolds before tariffs essentially shut down the market, stands to benefit most directly from this reopening.

The broader Chinese wine market remains a long-term growth opportunity, though demand patterns have shifted during the tariff period. Chinese consumers have diversified their preferences toward French, Chilean, and domestic wines. Rebuilding Australian market share will take time and investment, creating both opportunity and uncertainty for affected companies.

How to Buy Wine Stocks

Purchasing wine stocks is straightforward through any standard brokerage account. U.S.-listed stocks (Constellation Brands, Brown-Forman) trade on the NYSE with normal settlement and no special requirements. International listings (Treasury Wine Estates on ASX, LVMH and Pernod Ricard on Euronext Paris, Diageo on LSE) are accessible through most major brokerages that offer international trading, though currency conversion and potentially different settlement timing apply.

For diversified exposure, wine and spirits ETFs provide single-ticker solutions. Check expense ratios, assets under management, bid-ask spreads, and specific holdings before investing.

Position Sizing

Wine stocks should be sized like any other individual stock position within your equity allocation, not as alternative investments. A typical allocation might be 2% to 5% of your equity portfolio for a single wine stock, or 5% to 10% for a diversified basket of beverage industry holdings.

This differs from a physical wine allocation, which sits within your alternatives alongside other tangible assets like precious metals, art, or real estate. Physical wine allocations often range from 5% to 15% of total alternatives exposure, or 1% to 5% of total portfolio value.

Frequently Asked Questions

What is the best wine stock to buy in 2026?
Treasury Wine Estates offers the most direct wine exposure among major publicly traded companies, with Penfolds providing a true luxury wine brand asset. Constellation Brands is the largest U.S.-listed wine company but is increasingly a beer-driven story. For broader luxury exposure that includes prestige Champagne, LVMH stands out. The best choice depends on whether you want pure wine exposure, diversified beverage industry participation, or luxury goods positioning.

Are wine stocks a good investment?
Wine stocks can be solid holdings within an equity portfolio, especially for investors who believe in the long-term premiumization trend. However, they are stocks first and wine second, so they tend to move with the broader market and carry corporate-specific risks such as execution, competition, and regulation that have nothing to do with fine wine prices. Do not confuse wine stocks with the diversification benefits of physical wine.

Can I invest in wine without buying bottles?
Yes. Wine stocks and ETFs provide equity market exposure to the wine industry. Wine funds offer managed exposure to physical wine markets. Platforms like Vinovest handle the complexity of physical wine investing, including sourcing, authentication, storage, and insurance, so you do not need to manage bottles yourself. Each approach has different risk and return characteristics and plays a different role in a portfolio.

Do wine stocks pay dividends?
Several major wine and spirits stocks pay regular dividends. Brown-Forman has increased its dividend for more than 40 consecutive years. Constellation Brands, Diageo, LVMH, and Pernod Ricard also pay dividends. Dividend yields vary but often land in the 1% to 3% range, which provides modest income during the holding period.

Is physical wine or wine stocks a better investment?
They serve different purposes. Wine stocks offer liquidity, dividend income, and simplicity, but they correlate heavily with the stock market and do not provide alternative diversification. Physical wine offers low-correlation diversification and scarcity-driven appreciation, but it requires patience, generates no income, and is less liquid. Many sophisticated investors hold both, using wine stocks for equity exposure and physical wine for alternative diversification.Build Your Wine Investment Strategy

Whether you invest through public markets, physical wine, or both, the key is understanding what role each plays in your portfolio. Wine stocks provide liquid, income-generating beverage industry exposure within your equity allocation. Physical wine provides genuine alternative diversification with returns driven by scarcity, quality, and collector demand rather than corporate earnings.

Start investing in physical wine with Vinovest and complement your wine stock holdings with professionally managed fine wine exposure. Our platform handles authentication, professional storage, insurance, and portfolio management, giving you the diversification benefits of tangible wine assets alongside your public market investments.