A process of preparing a soy protein product having a protein content of at least 60 wt% (N x 6.25) on a dry weight basis, which comprises: (a) extracting a soy protein source to solubilize soy protein in the source material and to form an aqueous soy protein solution having a pH of 5 to 7, (b) optionally subjecting the aqueous soy protein solution to a colour removal step, (c) concentrating the aqueous soy protein solution to a concentration of 50 to 400 g/L, (d) optionally diafiltering the concentrated soy protein solution to form a concentrated and optionally diafiltered soy protein solution, (e) optionally treating the concentrated and optionally diafiltered soy protein solution with an adsorbent to remove colour and/or odour compounds, (f) optionally subjecting said concentrated and optionally diafiltered soy protein solution to a pasteurization step by heating the solution at a temperature of 55° to 70°C for 30 seconds to 60 minutes, and optionally cooling the pasteurized solution to a temperature of 25° to 40°C for further processing, (g) (i) acidifying the concentrated and optionally diafiltered optionally pasteurized soy protein solution to a pH of 2.0 to 4.0 and drying the soy protein solution, or (ii) diluting the concentrated and optionally diafiltered soy protein solution into chilled water having a temperature of less than 15°C to cause the formation of soy protein micelles, permitting the protein micelles to coalesce into a soy protein micellar mass, separating the soy protein micellar mass from the supernatant, acidifying the separated protein micellar mass to a pH of 2.0 to 4.0, and drying the acidified separated soy protein micellar mass. (a) extracting a soy protein source to solubilize soy protein in the source material and to form an aqueous soy protein solution having a pH of 5 to 7, (b) optionally subjecting the aqueous soy protein solution to a colour removal step, (c) concentrating the aqueous soy protein solution to a concentration of 50 to 400 g/L, (d) optionally diafiltering the concentrated soy protein solution to form a concentrated and optionally diafiltered soy protein solution, (e) optionally treating the concentrated and optionally diafiltered soy protein solution with an adsorbent to remove colour and/or odour compounds, (f) optionally subjecting said concentrated and optionally diafiltered soy protein solution to a pasteurization step by heating the solution at a temperature of 55° to 70°C for 30 seconds to 60 minutes, and optionally cooling the pasteurized solution to a temperature of 25° to 40°C for further processing, (g) (i) acidifying the concentrated and optionally diafiltered optionally pasteurized soy protein solution to a pH of 2.0 to 4.0 and drying the soy protein solution, or (ii) diluting the concentrated and optionally diafiltered soy protein solution into chilled water having a temperature of less than 15°C to cause the formation of soy protein micelles, permitting the protein micelles to coalesce into a soy protein micellar mass, separating the soy protein micellar mass from the supernatant, acidifying the separated protein micellar mass to a pH of 2.0 to 4.0, and drying the acidified separated soy protein micellar mass. (ii) diluting the concentrated and optionally diafiltered soy protein solution into chilled water having a temperature of less than 15°C to cause the formation of soy protein micelles, permitting the protein micelles to coalesce into a soy protein micellar mass, separating the soy protein micellar mass from the supernatant, acidifying the separated protein micellar mass to a pH of 2.0 to 4.0, and drying the acidified separated soy protein micellar mass.