Consumption of sparkling wines such as Prosecco and Cava climbed 5% in 2016/17 to 1.62m hectolitres (162 litres), according to research from UHY Hacker Young.
The measurement is the equivalent of 162 Olympic swimming pools of wine.
The volume of wine being drunk in the UK has risen 77% since 2012/13 when 911,250 hectolitres were consumed.
The rise reflects the growing demand for sparkling wine, which has become a popular alternative to wine and a substitute for champagne, says UHY Hacker Young.
As evidence of its growing popularity, it points to the fact that many pubs and bars are now serving Prosecco on tap.
Internationally acclaimed English sparkling wines such as Chapel Down, Gusbourne and Nyetimber are credited with helping a rise in British alternatives which have become more affordable since the Brexit vote and subsequent fall in value of the pound.
UHY Hacker Young's James Simmonds said: “The thirst for sparkling wine remains unquenched as consumption hits new heights.
“The soaring popularity of English sparkling wine in recent years means it is now stocked in most major supermarkets. It’s also a regular fixture on the wine lists at top restaurants which was unheard of not long ago. English brands are now competing with the best from around the world.
"There is also a growing sentiment amongst consumers to buy British wines where possible.
“The weaker pound since Brexit has undoubtedly provided a boost to the domestic industry as the price of imported Proseccos, Champagnes and Cavas starts to bite.
“The popularity of sparkling wine has encouraged new entrants to the market – more and more wine producers and vineyards and being launched every year and consumers have an ever-growing array of home-grown options.”