Hunger has left the developed world, but is still an issue in poor countries. Our society is so incredibly wasteful with food, there are massive amounts of perfectly edible food send to trash every year. This leads me to believe that even with a massive reduction in the use of fertilizers and pest control exactly nothing would change in the developed world in terms of food supply.

However, to enable that we'd probably have to get away from monocultural agriculture which is not only an issue for agriculture, but for instects and other wildlife as well.