The present invention relates to a method for preparing a palatability enhancerfor use in pet foodsof low, mediumor high moisture content, comprising at least:a) providing a first stage reaction product obtained by: (i) reacting with atleast one protease, in the absence ofany added lipase, a substrate comprisingproteinaceous and fatty materials, (ii) heat-inactivating said protease andfiltrating the resulting digest product, b) optionally adding fat c) emulsifyingsaid first stage reaction product d) reacting said emulsion with at least onelipase, inthe absence of any added protease, so as to obtain a second stage reactionproduct e) adding at least one reducing sugar and at least one nitrogen compoundto said second stage reaction product and heating the resulting mixture.