Culinarily, to boil a liquid (usually stock, wine or a sauce mixture) rapidly until the volume is reduced by evaporation, thereby thickening the consistency and intensifying the flavor. Such a mixture is sometimes referred to as a reduction.
From The Food Lover's Companion, Fourth edition by Sharon Tyler Herbst and Ron Herbst. Copyright © 2007, 2001, 1995, 1990 by Barron's Educational Series, Inc.
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