The invention relates to a powdered fat composition comprising 10-80 wt. % crystallising fat, 0.5-15 wt. % of one or more proteins, 0.3-20 wt. % emulsifier, 1-4 wt. % water and the balance is made up of carbohydrates(s) as well as optionally 0-10 wt. % of a stabiliser, gelling agent, thickener, processing acid or a mixture thereof. The above powdered fat composition can be converted in a low fat spread having a water content of 50-90 wt %, preferably 60-85 wt. % by hydrating the powdered fat composition with cold water or other aqueous based liquid and cooling the obtained hydrated product to refrigeration temperatures resulting in a material having a final texture of a plastic solid with a hardness of 180-220 gram measured on a Stevens texture analyser. Dips, mousse, pates and food based cosmetic preparations are some of the other applications, which demonstrate the versatility of the said fat composition in both hot and cold applications.