A wave of European ammonia-plant shutdowns due to soaring natural gas prices has resulted in a devastating fertilizer crunch, worsening by the week, with as much as 70% of production offline.

"Ammonia prices, though volatile, rose 15% in 3Q and could climb higher as Europe's record gas prices curtail output and send ammonia producers to the global market in search of replacement supplies to run upgrade facilities -- with winter still around the corner," Bloomberg Intelligence's Alexis Maxwell wrote in a note.

As of Friday, 70% of capacity is offline across the continent, according to Fertilizers Europe, representing top regional producers.

Producers from Norway's Yara International ASA to CF Industries to Borealis AG recently reduced or halted production because European NatGas prices hit a record high of 343 euros per megawatt hour, making it uneconomical to operate.

The region's fertilizer industry association warned the energy crisis is rippling across many industries and could heavily impact the food industry.

"We are extremely concerned that as prices of natural gas keep increasing, more plants in Europe will be forced to close.

"This will switch the EU from being a key exporter to an importer, putting more pressure on fertilizer prices and consequently affecting the next planting season," said Maximo Torero, chief economist at the United Nations Food and Agriculture Organization.