Maillard reaction is important for aroma, taste, and color in foods like roasted coffee beans, baked bread, and cooked meats. It involves a condensation reaction between reducing sugars and amino acids to form glycosylamine compounds, which then undergo rearrangement and further reactions depending on pH. In acidic conditions, these reactions form compounds like furfurals responsible for roasted flavors, while in basic conditions they form reductones and other products that contribute to toasted and caramelized aromas through additional reactions with amino acids.