Europeans are consuming more and more butter at a time when prices are skyrocketing, stockpiles are running low and dairy giants are warning of an imminent shortage.

Chef Séverine Nobis, who jointly runs a Parisian pastry school in the French capital, told CNBC that market fears of a European butter shortage cannot be ignored.

"The real fear would be the expansion of global changes in eating habits. If butter demand were to explode, there could be a shortage and in this case the price of the viennoiseries (sweet baked pastries) would also explode," she said via email.

Nobis explained that Pâtisserie à la Carte had not yet passed the increase in butter prices on to their consumers. However, she admitted the patisserie would be forced to consider doing so in a "reasonable" way if the market had not stabilized by the fall.

"Today milk producers produce at a loss. We need to rethink the system so that they can make a living, avoid the closures of dairy farms and avoid the future shortage of butter."