Why is There Not More Consolidation in Audio?

I’m new here and know I have a lot to learn about various equipment, but it strikes me that there is an almost unlimited amount of options in audiophile-level products.  This is not just in models offered by a given manufacturer but also in the number of manufacturers.

When I look at most product lines, there were once many companies that produced the items, but over time some became financially insolvent and closed, or they were bought up by better-positioned competitors.  This was true with beer.  This was true for soft drinks.  This was true with automobiles.  This was true with gems and jewelry.  This has been true with all sorts of food manufacturers.  We had many more options before and now we have few options.  

I know that some audiophile brands have gone by the wayside. There are references here to, “If you can find one of the old __________, they were pretty good.” And a bit of research shows me that the manufacturer went out of business and/or was absorbed by a competitor.  Still, choices abound.

My questions are:  Why hasn’t consolidation happened more with high-end audio?  Do you think the choices will remain plentiful or will a few manufacturers come to dominate the market and squeeze out weaker competitors?  Is there something about the audiophile customer, or the audiophile market, that makes it likely that more options are sought rather than fewer options (e.g., each person seeking a unique collection of equipment rather than to own the same equipment as others)?