The present invention comprises a process for producing a feed and a feed product from proteins like fish meal, soybean meal, rape meal, feather meal etc, binders like wheat, starch containing sources etc, lipids being of marine and/or vegetable origin and containing at least one of the conventional additives like minerals, vitamins, enzymes and pigments like astaxanthin. A storage stable intermediate product is manufactured by mixing the protein material with binders and possibly also the minerals which then are extruded, pelletized, granulated and formed into porous pellets suitable for transport or storage. The intermediate product is further processed by introducing a gel containing water and lipids or an emulsion containing water and lipids into the pores in a vacuum chamber, and where vitamins and possibly pigments and enzymes have been mixed with the gel or emulsion prior to introduction to the vacuum chamber, and that the vacuum is released from said chamber and the thus produced feed is transferred to storage or directly to the consumption site, like a fish farm. The new feature of the feed product is that the major part of the water and lipids are present in the form of a gel or emulsion in the pores of an intermediate product containing the proteins, minerals and minor amounts of water and lipids.