July 15, 2020 — Tuna fish has surged in popularity thanks to pantry loading during the coronavirus pandemic, but producers of the canned fish are dealing with higher prices and other challenges that are making it difficult to keep up with the increased demand.
Americans have been buying more canned tuna during the economic downturn, in part because it is one of the cheapest proteins on the market, costing as little as $1 for a 5-ounce can. Bumble Bee Foods said sales of canned and pouched tuna jumped as much as 100% from mid-March to early April, while Costco Wholesale Corp. put limits earlier this year on how many tuna containers a customer could purchase.
Even after the initial feeding frenzy, canned tuna producers say sales for these products have remained significantly higher than a year earlier.
Companies have been able to keep retail prices steady for tuna so far, even though average wholesale prices for tuna were up 41% from a year earlier in the year through May after reaching decade lows late last year, according to data from the Food and Agriculture Organization of the United Nations.
Prices vary depending on where the fish is bought. Skipjack tuna purchased in Bangkok cost $1,200 a metric ton in June, up 14% from December 2019 but down from a peak of $1,500 in March, according to data from Thai Union Group, a global seafood-based food producer that owns the Chicken of the Sea canned tuna brand.