A mayonnaise product is provided that has a continuous aqueous phase and a dispersed oil phase. The product comprises 25-87 wt % of oil and contains, expressed on the non-oil content of the product, a combined amount of soy protein and whey protein of 0.5-15 wt %. The weight ratio soy protein:whey protein is between 10:1 and 1:4 and the product is free of egg protein. The product has several advantages over conventional egg based mayonnaise. It has improved structural and sensoric properties compared with mayonnaise products based on other egg replacer formulations. The product can be made by preparing an aqueous dispersion that includes soy protein and whey protein, preparing an oil-in-water emulsion that has an oil content of at least 25 wt % by including oil in the aqueous dispersion, and including acid in the oil-in-water emulsion.