Just from using, with and without, it FEELs like the food increases bottles and gunny sacks as well. I definitely suggest fishing with other people, I think someone said 4 is the magical number, but if that's the case, you might want to do 3, since the food is supposed to simulate it as if you're fishing with another person.
Also, likely, since fishing with a bunch of people helped get psijic satchels faster...