Abstract: The present invention pertains to a process for preparing a powder coating composition, the process comprising the steps of: a. providing a set of base compositions, each base composition comprising a liquid carrier and one or more constituents responsible for an intended property of the coating product, at least one base composition A being an aqueous dispersion or emulsion of a film-forming material, b. selecting base compositions to be used to obtain the intended end product property, said base compositions comprising at least one base composition A as specified; c. mixing the selected base compositions in a ratio suitable to obtain the intended end product property; d. drying, preferably spray-drying, the mixture of base compositions or otherwise removing the liquid carrier(s), and e. simultaneously or subsequently, combining the particles of the base compositions into larger particles. Preferably, the particles of film-forming material in base composition A have a d(v,50)<5 ?m.