Concentration levels in many U.S. agricultural markets have risen in recent decades, resulting in fewer buyers accounting for a growing share of purchases of agricultural commodities. This is particularly true for livestock markets. The four largest packers now account for nearly 70 percent of the value of all livestock purchased for slaughter, compared to 26 percent in 1980. For fed cattle, the concentration level is even higher, as the share of the top four firms increased from 36 percent to 85 percent between 1980 and 2012.