Bakers Warburton's, the country's largest crumpet producer, have halted production at two of their four plants, while supplies of the gas are running low at the other sites.
Carbon dioxide is used to package crumpets and extend their shelf life.
The gas shortage has already hit production of beer, fizzy drinks and processed meat such as chicken.
A spokesman for Warburton's said the firm was producing only around half of its normal crumpet output.
Carbon dioxide is used to both carbonate and preserve food and drink. The crisis arose when several European suppliers closed for maintenance for longer than usually scheduled.
It has been exacerbated by spikes in demand due to the World Cup and the hot weather.
There is also a lack of the Cypriot cheese halloumi available on shelves this summer due to producers being unable to keep up with demand from British consumers.