The present invention provides a dairy product which endures cryopreservation for a long period, and also has viscosity suited for use in a dispenser for beverage. An emulsified composition containing a milk fat content, a milk protein content, a disaccharide alcohol and an emulsifier in a certain ratio is prepared. A ratio of each component of the emulsified composition can be obtained by accurately adjusting the amounts of raw materials such as milk, whole milk powders, butter, cheese, cream, condensed milk, butter oil, butter milk and butter milk powders serving as a milk fat source and a milk protein source; a disaccharide alcohol; an emulsifier; and moisture.