Supermarket shelves have been left bare as French bakers grapple with the doubling of butter prices to £5.34 (€6) a kilo.
The shortage – which has spread across the country – is the result of falling milk production and rising butter demand globally.
Some French suppliers have halted deliveries, while others have passed higher costs onto retailers and shoppers.
The result is a nightmare not only for croissant lovers, but also under-fire Mr Macron.
During his election campaign earlier this year, he vowed to change practices in the food chain so farmers get a better deal.
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But the 39-year-old proposed reforms to France‘s complex labour laws have sparked an angry backlash.
Mr Macron’s approval ratings have plummeted, with critics claiming the changes will benefit business leaders, not workers.
Speaking in parliament yesterday, France’s Agriculture Minister Stephane Travert played down the suggestion of acute shortages.
He told MPs: “This scarcity will not last.”
But he urged retailers and suppliers to agree price adjustments in order to maintain deliveries.
European dairy processors and food industry groups have been warning of a squeeze for several months.
Danish-based Arla Foods said in August that the continent might face shortages by year-end.
And experts believe the effects of the crunch could linger until Christmas, when butter is in high demand.
Dominique Charge, head of France’s federation of dairy cooperatives, said farmers get little benefit from soaring butter markets.
He said their income is more often tied to cheaper raw milk and milk powder prices.
Mr Charge explained: “The problem is that, on the French market the right signal was not given to dairy farmers.
“Prices were not adjusted in relation to the drop in dairy supply.”