Italian Canned Fish Industry Faced Surge in Production Costs in 2023

The Italian canned fish industry experienced a significant increase in production costs, ranging from 20 to 30% year-over-year (YoY) in 2023, a trend that had already been noticeable in 2022. However, these costs escalated to unprecedented levels due to an inflationary shock. Consequently, market volumes suffered, with a decline of 4.8% YoY in volume by Nov-23. Specifically concerning canned tuna, which is the primary product in the canned fish sector in terms of both production and consumption, there was a consumer price increase of 11.6% YoY in 2023.