Constellation Brands CEO Nick Fink is taking a glass half-full view of the wine industry.

Fink, whose company is behind the Kim Crawford and Prisoner wine brands, believes an extended supply glut is on its way to being corrected. On a recent visit to California vineyards, Fink said the market will benefit from lower grape yields and "a lot of supply pulled out of the ground."

"Going forward this thing has kind of found bottom," he said.

The wine industry has been hammered by Americans cutting back on alcohol and many Canadian buyers have said no thanks to American alcohol being on their shelves. Constellation has shrunk its wine portfolio in recent years, offloading lower-priced brands.

"I don't buy that people don't want wine," Fink said. "I think that wine has not necessarily spoken to consumers in the way they want to be spoken to."