Even as inflation and lower consumer spending impacts earnings, food companies continue to rely on M&A to remain strategically positioned to grow in trending areas like clean-label ingredients and protein. Multibillion-dollar megadeals were rare this year, though CFA said the volume of transactions were in line with historical averages. Three of this year's biggest transactions involved players in the ingredients sector, including McCormick's $44.8 billion merger with Unilever's foods business, IFF's $4.3 billion sale of its food ingredients segment, and Ingredion's $3.6 billion purchase of Tate & Lyle. But snacking also experienced some deal-making activity, notably Utz's $2.9 billion sale to a Germany-based snack company. Here's a look at some of the biggest deals of 2026.