How a Sardine Gets From the Ocean to a Can

Episode Summary

Executive Summary: The episode examines the rise of premium canned fish through the lens of Fishwife founder Becca Milstein, covering brand-building, global sardine and anchovy supply chains, seafood sustainability, climate-driven fish stock shifts, tariffs, and the practical realities of scaling a long-lead food business. It shows how consumer demand, scarcity, and branding have turned tinned fish into a high-end category while exposing fragility in global fisheries.

Main Topics: Fishwife’s brand origin and premiumization of canned fish (Priority: 5/5): Becca Milstein explains how Fishwife was inspired by Spanish and Portuguese tinned-fish culture, and how the company positioned itself against commodity canned fish with distinctive packaging, high-quality sourcing, and a premium brand story. Global seafood supply chains and processing (Priority: 5/5): The conversation details how sardines and anchovies move from fishery to cannery, including auction systems, curing, salting, and processing in Spain, Portugal, the U.S., and elsewhere. It highlights the complexity and locality of seafood supply chains. Sardine shortage, Morocco export ban, and market disruption (Priority: 5/5): The hosts and guest discuss Morocco’s export restrictions and the resulting supply shock, noting that the issue affects raw material availability in Europe and drives demand and pricing pressure across the canned fish market. Climate change, fisheries science, and sustainability (Priority: 4/5): Milstein argues the sardine shortage is likely driven more by warming waters, migration patterns, and plankton changes than by overfishing alone, while emphasizing that restricted fishing can reflect responsible management rather than crisis. Scaling a food brand and managing long lead times (Priority: 4/5): Fishwife’s growth created supply-chain challenges, including inventory planning a year ahead, balancing retail demand, and shifting from small domestic canneries to larger-scale manufacturing capacity. Pricing, tariffs, and channel strategy (Priority: 4/5): The episode covers how tariffs on European imports and rising input costs affect margins, and how Fishwife relies mainly on retail rather than DTC, with influencer and collab strategies designed around product and brand fit rather than pay-to-play tactics. Consumer behavior and trading up (Priority: 3/5): The discussion suggests that when commodity fish becomes scarce or expensive, consumers may trade up to premium alternatives, helping brands like Fishwife capture demand during shortages.

Key Arguments: Premium canned fish can succeed in the U.S. if the product is positioned as high quality, culturally aspirational, and visually distinctive rather than as a commodity. Seafood supply chains are highly specific by species and region, making scaling much harder than in many other consumer categories. Morocco’s sardine situation appears more tied to climate and ecological shifts than simple overfishing, though all are intertwined. Responsible fisheries management may involve caps or bans that temporarily reduce supply but help stocks recover. Fishwife’s growth has been constrained more by its own scale and demand than by aggressive competitor entry. Retail is the main growth channel for food brands; DTC is useful but not the core economics of the business. Tariffs materially hurt margins on imported products and can add millions in costs. Consumers are willing to pay more for premium food when quality, provenance, and branding are compelling.

Data Points: Morocco share of world sardine supply: about 50% - Joe introduces the sardine shortage by noting Morocco’s outsized role in global sardine exports. Canned fish category growth during COVID-19: about 10% year-over-year increase - Milstein says the category saw a pandemic-era boost that helped validate demand for canned fish. Anchovy curing time: 12 to 36 months - She explains the traditional salt-curing process used for Cantabrian anchovies. Fishwife anchovy curing time: 12 to 18 months - Typical duration for Fishwife’s anchovies in rock salt. Anchovy shelf life: about 1 year - Because anchovies are salt-cured rather than heat-treated, they have a shorter shelf life than other tins. Other Fishwife tins shelf life: 5 to 7 years - Most Fishwife canned fish products are heat-treated and can last several years. Initial domestic cannery scale: about 500 cans per customer order - The Oregon micro-cannery served sport fishermen who brought in their own catch. Early MOQ at first Spain cannery: about 20,000 units - Milstein describes a manageable early production run during Fishwife’s first year. Fishwife workforce: 18 employees - She notes the company has grown enough to improve internal sourcing and supply-chain capability. Supply-chain transformation year: 2023 - Fishwife shifted from its original supply chain to a version intended to support much larger U.S. scale. Target cannery scale: 80 million to 100 million cans a year - Milstein says Fishwife sought partners capable of effectively unlimited scale in the American market. Sardine catch decline in Morocco: down about 46% in 2023 - Cited as evidence that fish stocks have materially weakened in recent years. MSC certification status: only certified sustainable sardine fisheries in Europe - Fishwife sources from Cornish and Iberian sardine fisheries that carry MSC certification. Sales spike for Fishwife sardines: 2x to 5x - She says demand surged sharply after shortages and broader sardine interest increased. Tariff refund received: $1.5 million - Milstein mentions a tariff refund that hit the company’s bank account, though total tariff costs are much larger. Tariff refund to host: $7.14 - Joe jokes about receiving a small tariff refund himself. DTC share of Fishwife business: about 20% - Milstein says direct-to-consumer is important but a minority channel; retail drives volume. Influencer flat-fee quote: $30,000 to $40,000 - She says large influencers can demand very high flat fees, making affiliate models more practical. Global farmed salmon share: 70% to 80% - Milstein explains why farmed salmon is easier to source and scale than wild-caught salmon. European tariff rate: 15% - She says a 15% tariff on imports from Europe was imposed in April 2025. Tuna and olive oil import duty: 35% - Fishwife has long faced a 35% duty on tuna packed in olive oil.

Pivotal Quotes: "Americans deserve a better product, and I think they'll be willing to pay for it." — Becca Milstein: She explains the founding thesis behind Fishwife and the premium canned-fish opportunity. "Every seafood supply chain and canned seafood supply chain is completely different and very strange." — Becca Milstein: She describes why sourcing fish is unusually complex and species-specific. "Don't freak out when you see those empty shelves. Like, be happy that people are putting these restrictions into place." — Becca Milstein: She frames sardine bans and caps as responsible fisheries management rather than simple failure.

Implications: Premium tinned fish is now a real consumer category, but it depends on fragile ecology, long lead times, and careful sourcing. Expect more price pressure, more supply shocks, and more value for brands that can tell a provenance-driven story.