What is the Bottleneck Effect? — Definition & Examples

Imagine that you are a baker. You have a large and unique population of cakes for sale in your bakery. Your supplies, or the genes of the cakes, are also very diverse. You have a full rainbow of food coloring to use. During a hurricane, your bakery floods, and a lot of your food coloring is ruined. You can only make gray and orange cakes! Nobody seems to want to buy those color combinations and you eventually close your bakery business. What kind of natural process is this most like?