It may soon be time for bacon lovers to hit the panic button.

An industry group said Tuesday that a worldwide bacon shortage is unavoidable.

The United Kingdom's National Pig Association said Europe's pig herd is declining fast, and the trend is being mirrored globally.

Farmers around the world are scaling down their herds because the recent drought has made it more expensive to feed their animals, the group said.

Officials are predicting that the price of European pork will double by next year.