A product in the form of an oil in water emulsion is provided. The emulsion includes an oil phase which is an admixture of about 30-60% oil by weight, 0.01-15% wax by weight and a surfactant component, a combination of non-ionic and ionic surfactant in a ratio of at least about 10:1 to 30:1； and an aqueous phase comprising about 30-50% by weight of the emulsion. The product is useful as a fat substitute.
