According to Oghma Partners, since 2019, the European food ingredients market has seen 305 M&A deals worth €87.3bn, ranging from under €1m to over €10bn, including landmark mega-deals such as IFF/DuPont N&B (€25.8bn), DSM/Firmenich (€22.2bn), and Novozymes/Chr. Hansen (€11.6bn). While most transactions fell within the €1m–€50m bracket, notable large-cap deals included Astorg/Solabia (€1.1bn, 2025). Distribution led activity, accounting for 21% of volumes, with Azelis driving consolidation. Additives (15%) and blends (10%) also saw strong momentum, supported by Solina’s 11 transactions under Astorg’s buy-and-build model. Flavours were another active category, with Nactarome and Turpaz particularly acquisitive. Cross-border activity made up 65% of deals, reflecting the drive for geographic expansion. Consolidation, consumer trends in health and sustainability, and private equity interest, representing over 40% of deal flow, are underpinning record activity in 2025.