Thai Union, one of the world's largest suppliers of tuna products, is facing a cascade of challenges to its cornerstone business with rock-bottom skipjack prices, new China-based competitors and declining demand across key markets.

Skipjack tuna prices hit a record-low $900 (€811) per metric ton in October, dragging down Thai Union's third-quarter sales by 1.3 percent.

The low tuna prices primarily hit Thai Union's canned and pouch tuna sales, which make up 45 percent of the business.