Red wine pouring
The Chilean La Moneda Reserve Malbec beat over 16,000 other bottles to win the coveted Platinum Best in Show title.Reuters

A red wine sold at Asda supermarkets for just £4.37 has been named the best in the world at the prestigious Decanter World Wine Awards 2016. The Chilean La Moneda Reserve Malbec beat over 16,000 other bottles to win the coveted Platinum Best in Show title.

The wine won the top prize in the 'red wine under £15' category after being judged by 240 experts, before going on to win the top title. Asda are said to be stocking shelves in preparation for a greatly increased demand for the tipple.

As well as celebrating its value for money, judges praised the wine's "freshly crushed black fruit, creamy vanilla yoghurt and pepper spice" flavours, while saying it had "an excellent freshness" and was "full of energy".

Before winning the best in show, the Malbec was shortlisted in the red wine section after beating 600 other Chilean reds in its own category.

A number of English wines also went on to win medals, with two going platinum: the best red over £15 was given to a Pinot Noir, Gusbourne and best white over £15 went to a Chardonnay from Chapel Down Estate named Kits Coty Estate.

This is not the first time English wine has won prestigious awards. Last year, the Denbies wine estate in Dorking, Surrey, left the International Wine Challenge 33 awards heavier and have previously won gold awards for their Rosé and sparkling wines.