(WSJ) - France's Pernod Ricard SA is on the hunt for wine in China, a new area of growth in one of the world's largest alcoholic-drinks markets now that the nation's thirst for cognac and scotch has run dry.

The maker of Mumm champagne and Jacob's Creek wines is scouting for acquisitions in Chinese wines, a segment that could tap into the emergence of a new middle class and rapid urbanization, Chief Executive Pierre Pringuet said.

"Today, Chinese wine is tiny for us, but 20 years from now?" said Mr. Pringuet looking toward Alexandre Ricard, the heir of the group's founding family who is due to take over at the helm of the group in 2015. "The potential is there," Mr. Ricard said.

China's recently discovered fondness for red wine is upending the wine market world-wide. China overtook France and Italy last year as the world's largest consumer of red wine, with consumption volumes tripling between 2007 and last year, according to a new study from International Wine & Spirit Research, an independent research firm for the liquor trade.