Abstract: The present invention concerns a process for manufacturing an infant formula product comprising: (a) subjecting an aqueous mixture having a protein component and a carbohydrate component to a heat treatment step; (b) mixing the aqueous mixture with a lipid component; (c) subjecting the aqueous mixture comprising the lipid component, the carbohydrate component and the heat-treated protein component to a homogenization and emulsification step to obtain a homogenized oil-in-water emulsion having a total solids content in the range of 45-80 wt %; (d) conveying the homogenized emulsion into an extruder, independently adding digestible carbohydrates and optionally dietary fibres to the extruder and extruding the contents of the extruder wherein a gas is injected into the extruder, to obtain an extruded aerated material (e) preparing an infant formula product from the extruded aerated material.