(CNN Business) Let's raise our glasses and toast to cheaper wine.

The price of wine is expected to drop to its lowest levels in five years thanks, in part, to a surplus of California grapes.

Combined with a decreased demand for wine, drinkers can expect to get better value for every drop they drink this year. The cheaper prices may even last up to three years.

Rob McMillan, founder of Silicon Valley Bank's Wine Division and author of the annual State of the Wine Industry report , predicts US wine consumers will enjoy the "best wine retail values in 20 years."

There are too many grapes