U.S. Dairy Farm Transition and Exits, 1987–2017

Miyeon Son, Jessica Richard and Dayton Lambert

Journal of Agricultural and Applied Economics, 2022, vol. 54, issue 2, 242-261

Abstract: This analysis examines aggregate structural changes in the United States dairy industry, 1987–2017. We estimate the likelihood of operation changes in herd size, entry, or exits for each of the lower 48 states using a semiparametric Markov process model. Small- and medium-sized dairy longevity correlates with higher dairy margins and productivity improvements. An increase in consumer expenditures on dairy products is associated with smaller operation exits. Industry dynamics exhibit a persistent trend toward consolidation in most states. The exit probability for each state and all size classes has increased significantly for most states since 2002.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jagaec:v:54:y:2022:i:2:p:242-261_3

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