Del Monte, the 138-year-old titan of the canned food industry, has filed for Chapter 11 bankruptcy as it struggles with pandemic-era overproduction mistakes, inflation side effects, rising steel and aluminum costs, and a costly debt burden. The cash-strapped company, which also produces Contadina tomato sauces and College Inn broths, is currently seeking a buyer, but whoever those new owners are, they'll still face an unresolved existential problem: Consumers aren't buying canned food like they used to.
The past five decades haven't been kind to the canned food industry. According to the United States Department of Agriculture, 30 percent of vegetables and 11 percent of fruits available for consumption in 1970 were canned. These days, canned vegetables account for just 23 percent of available vegetables, and canned fruit has dropped to a puny 5 percent.
According to the New York Times, consumers today are more likely to opt for fresh options over canned, and grocery budgets are tighter than ever, thanks to higher retail prices — about 30 percent higher on average than just three years ago and still climbing. When consumers do choose canned foods, they're more likely to buy store brand options, which are typically priced below name brands.
