It may soon cost more for a refreshing beer, as the cost of hops increases around the world.

The spike in cost stems from a supply and demand problem, with more micro and craft breweries taking a stab at the beer market.  As a result, the supply of hops is being stretched thin.

With fewer ingredients to go around, the value is on the rise and subsequently the price of beer might jump as well.

Chris Ryan, owner of the Walkerville Brewery says it takes between two to three years for hops to reach the optimal age for brewing.

According to a report by USA Hops, the crop cost $1.88 per pound in 2004. That cost has almost tripled – sitting at a $3.59 per pound in 2013.

In Ontario alone the number of breweries strongly outweighs that of hop farmers. MomAndHops.ca lists over 100 breweries throughout Ontario, compare that to the 30 hop farmers registered with the Ontario Hop Grower’s Association.

Prices should stay stable for now, but a close eye must be kept on the markets.