(Bloomberg) - Treasury Wine Estates Ltd. (TWE), the world’s second-largest wine company, expects China to overtake the U.S. by 2023 as the biggest wine market globally. Chinese wine sales will rise to about 500 million cases a year in a decade, from 150 million cases at present, Chief Executive Officer David Dearie said in an interview in Beijing today, citing company estimates. That will put China ahead of the U.S., which will sell about 450 million cases, he said.

Treasury, whose brands include Penfolds and Rosemount, is hoping to boost sales to about 60 cities in China within five years from less than 16 at present as it tries to capitalize in Asia, its fastest-growing and highest-margin market. Revenue at the Melbourne-based company’s Asian unit rose about 10 percent for the six months ended December from a year earlier, according to data compiled by Bloomberg.