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.

So far this year, companies with better-for-you, high-protein, international or sustainable positioning made up 67.7% of branded acquisition activity, according to Corporate Finance Associates, the highest share since 2019. 

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. 

Many of this year's transactions highlight companies' efforts to muscle into less processed offerings and capitalize on demand for functional ingredients. 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.