A process for the preparation of a bake stable nut butter emulsion which comprises the following steps (a) selecting a sugar syrup solution and diluting it with water until it contains an amount of sugar solids which is in the range 55-80 wt. %, (b) heating the solution to a temperature in the range 40-100° C., (c) dispersing a starch into the heated solution until it contains 1-5 wt. % of dissolved starch, (d) dispersing an emulsifier into the heated solution until it contains 0.5-3 wt. % of dissolved emulsifier, (e) dispersing a gelling agent into the heated solution until it contains 0.2-1 wt. % of dissolved gelling agent, (f) cooling the heated solution into which the starch, emulsifier and gelling agent have been dispersed to a temperature which is in the range of 20-50° C., (g) dispersing under vigorous stirring conditions a nut butter into the cooled solution, while controlling the rate of addition such that the resulting emulsion remains water continuous, (h) allowing the emulsion to cool and to obtain a plastic consistency. The process delivers an edible nut butter containing emulsion which comprises 10-25 wt. % of a dispersed fat phase and 75-90 wt. % of a continuous aqueous phase which comprises sugar solids, starch, gelling agent and emulsifier, which emulsion has a plastic consistency and which emulsion possesses bake stability. The invention also relates to a bake stable nut butter emulsion.