How a Sardine Gets From the Ocean to a Can

The episode begins with hosts Tracy Allaway and Joe Weisenthal introducing the sardine shortage context: Morocco, which exports roughly 50% of the world's sardine supply, has imposed a ban on sardine exports due to declining catches and overfishing concerns. This prompted a discussion with Becca Milstein, founder of Fishwife, a premium canned fish company that started during COVID-19 when consumers were seeking shelf-stable, high-quality foods.

Milstein shares her origin story, having studied abroad in Spain and been inspired by European food culture—particularly the Spanish tradition of free tapas with drinks featuring high-quality tinned fish, and Portuguese conservatory shops showcasing beautiful canned products. This contrasted sharply with what she found in American supermarkets. During the pandemic, she noticed a 10% year-over-year increase in canned fish consumption and decided Americans deserved better premium products.

The conversation details the complex supply chain for canned anchovies from Santonia, Spain. Fish are caught using the Persene method (a large net that encircles schools), brought to shore within hours, auctioned with quality ratings based on size and fat content, then processed by multi-generational family canneries. Anchovies undergo 12-36 months of salt curing in barrels—longer aging produces higher quality but higher cost. After curing, they're cleaned, packed individually in olive oil, and steamed. Unlike other tinned fish with 5-7 year shelf lives, salt-cured anchovies have only about one year due to sensitivity to heat.

Milstein explains her early sourcing challenges and advantages. American manufacturers initially discouraged her from starting a canned fish business, suggesting pouches instead, since the category was flat or declining. However, this lack of competition and the presence of slack capacity in European canneries made them receptive to a new American entrepreneur. She began with micro-canneries in Oregon and Washington with no minimum order quantities, then moved to a Spanish cannery with a more modest 20,000-unit MOQ for sardines.

In 2023, Fishwife underwent a major supply chain transformation to scale from micro-canneries to facilities capable of producing 80-100 million cans annually. This enabled rapid growth but created demand forecasting challenges, since the supply chain requires 12-month, then 6-month, then 3-month lead times for procurement.

Regarding the sardine shortage, Milstein emphasizes that multiple theories contribute rather than a single cause. Most likely is climate change: warming Atlantic waters cause forage fish like sardines to migrate to colder areas, making them harder for commercial fishermen to access. Additional climate-related factors include unexpected food web changes and the plankton theory—warmer water may produce skinnier, less nutrient-dense plankton, resulting in leaner sardines. Overfishing appears less culpable; the Moroccan fishery remains well-regulated with strong enforcement.

Fishwife sources sardines exclusively from two MSC-certified sustainable fisheries: the Cornish sardine fishery (certified sustainable at the time Fishwife started selling sardines) and the Iberian sardine fishery (recently certified). The Moroccan sardine export ban didn't directly impact Fishwife's supply, but the shortage triggered explosive demand growth—sardine sales increased 4-5x starting in December. This forced difficult decisions: air freighting products (expensive, unsustainable) to meet retailer demand versus preserving margins. The company chose to air freight multiple times to capture new customers and retailers.

Milstein notes that the DTC (direct-to-consumer) channel comprises only 20% of Fishwife's business; retail is the primary volume driver. She argues that high-quality products command premium prices because consumers are willing to pay for genuine quality, especially after experiencing disappointment with earlier DTC brands that promised cheap-but-equal quality. Fishwife positions itself as offering genuinely superior products from multi-generational European family canneries without cutting corners.

On fisheries management, Milstein emphasizes that catch restrictions, while appearing alarming, represent responsible management. When catches decline, fisheries implement shutdowns for 3-5 years, allowing full repopulation and achieving sustainable certification again. She also notes that consumers trade between fish species—sardines, mackerel, tuna, salmon, and trout—when preferred options become unavailable, though anchovies remain a category exception since they're viewed more as a component ingredient than a protein replacement.