A soy protein product having a protein content of at least about 60 wt % (N×6.25) d.b., preferably an isolate, is formed by a procedure in which soy protein is extracted from a soy source material using an aqueous calcium chloride solution at low pH, generally about 1.5 to about 5, and separating the resulting aqueous soy protein solution from residual soy protein source. The resulting clarified aqueous soy protein solution may be diluted and the pH adjusted within the range of 1.5-5.0. The solution may be concentrated by ultrafiltration, diafiltered and then dried to provide the soy protein product. The soy protein product is soluble in acidic medium and produces transparent, heat stable solutions and hence may be used for protein fortification of soft drinks and sports drinks.