A wine forecast the industry can toast—for now

(CNBC) - The coming year is expected to bring good news to the U.S. wine industry, even as aging baby boomers present a question mark for future demand, according to a new report.

Sales growth in fine wines is expected to increase for the first time after three years of declines as overall demand for wine rises, according to a report from Silicon Valley Bank, which provides commercial banking services to wineries and vineyards.

Fine wine sales are expected to rise 6 to 10 percent, the report said. Luxury wines and those wines priced between $10 and $18 are expected to see the biggest growth in sales.

Currently, inventory is balanced after two extremely strong harvests. When there is excess supply, distributors ask for discounts.

This positive news comes after a year that the bank called "just OK" due to a lower rate of growth and no improvement in profitability.

"Domestically, it was a good, not great year because the U.S. economy is not recovering quite as quickly as everyone might like, so we're not seeing the kind of demand recovery that everyone might like," said Rob McMillan, Silicon Valley Bank's wine division's EVP and founder. "Worldwide, I would say the European community has done well—the Southern Hemisphere is struggling a bit because the U.S. hasn't come back completely and China's paring back displays of wealth so that's backed up into wine a bit."