Abstract: The present invention is directed to a liquid concentrate composition containing emulsifier(s), milk protein(s), freezing point depressant(s), sedimentation stabilizer(s), gelation stabilizer(s), flavoring(s), and water. Optionally, the concentrate may also contain nucleating agent(s) and anti-microbial preservative(s). The present invention is further related to a process for preparing a liquid concentrate of this type, as well as a method for preparing a slush beverage made from the liquid concentrate. Advantageously and unexpectedly, certain combinations of ingredients, their order of addition, and other process parameters can be selected so that the concentrate is more shelf-stable and has more desirable properties and so that the resulting slush beverage tends to have good mouthfeel, a smooth texture, and a pleasant, refreshing taste.