Yes. There certainly will be a food shortage.
In agriculture, the crops grown organically must be produced without the use of conventional pesticides, artificial fertilizers or sewage sludge, and that they have to be processed without food additives (like chemical preservatives). When it comes to animals, they must be reared without the routine use of antibiotics and growth hormones and fed a diet of organic foods.
In most countries, organic produce must not be genetically modified. Genetically modified seeds reduce cost of production of foodcrops and hence, food becomes less expensive and can be produced more.
The failure to implement genetic engineering techniques will also drive millions of people to starvation, malnutrition and hunger.
Organic farmers cannot produce enough to feed everybody. Reports suggest that the yield for organic farming is far less than the yield for conventional farming. It is also not economically viable in poorer countries since the cost of organic farming is pretty high.
So , you pay for what not actually is in your food but what actually goes into the production of your food. The organic food is criticized for its price premium. Also, the organic produce has to milled and processed separately. Shipping costs are also high.
In case of animals, the number of animals raised per acre affects the cost. This affects the farmers adversely. These regulations restrict the farmers to opt for organic farming on a very small scale.
In short, even though organically grown foods have a positive impact on us and on the environment the cost of the food production through organic methods leave a negative impact on the quantity of food produced.
Very few countries do allow genetically modified seeds for organic farming but that is not enough for the ever growing size of this world.
Hope this answers all your queries on organic food.