(ABC) - The world's wine market is lifting, after almost ten years of oversupply and falling prices. Rabobank reports smaller grape harvests in Australia and Europe have tightened the supply, and bulk wine prices are expected to remain strong into next year. Treasury Wine Estate, one of the world's largest wine companies, with Australian brands Penfolds and Rosemount, says it's been able to increase its prices in the UK. Treasury's managing director for Europe, Andrew Carter, says British consumers are happy to pay a bit more for wine, for what marketers call 'mass-prestige' or 'masstige'.