The process by which production is organized into fewer but larger plants or farms. For example, in 1987, 243,000 U.S. farms reported inventories of hogs and the total on-farm inventory in the week of the survey was just over 52 million. Ten years later, the on-farm hog inventory reached over 61 million hogs but on only 110,000 farms. As farm numbers fell, average sizes rose. While consolidation focuses on the size of firms and plants, concentration focuses on the number of competing firms, particularly on cases in which the number of competitors is small.
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