The present invention is directed to a method for preparing a low fat or substantially fat-free food product such as pourable dressings and viscous dressings. The method includes the steps of heating and repeatedly shearing at least two times an aqueous dispersion consisting of from about 3 to about 10 weight percent of microcrystalline cellulose and from about 90 to about 97 weight percent water. The shearing occurs in a high shear zone having a pressure drop of at least 12,000 psi and the shearing is sufficient to fragment the microcrystalline cellulose to submicron sized microcrystalline cellulose fragments. The microcrystalline cellulose fragments are reagglomerated under high shear conditions to produce an aqueous dispersion of porous microreticulated microcrystalline particles having a void volume of at least about 25 volume percent, a mean particle size in the range of from about 5 to about 20 microns, and a particle size distribution such that at least about 75 weight percent of the particles have a maximum dimension of less than about 25 microns. The microreticulated microcrystalline cellulose dispersion is combined with from about 2 to about 33 weight percent of xanthan gum, based on the dry weight of the microreticulated microcrystalline cellulose dispersion. The xanthan stabilized microreticulated microcrystalline cellulose dispersion is then blended with additional food components to provide a low fat or fat-free food product. The food product has from about 0.25 to about 4 weight percent of dispersed microeticulated microcrystalline cellulose, from about 50 to about 99 weight percent of water, from about 1 to about 35 weight percent of carbohydrates, from about 0 to about 10 weight percent protein, and less than about 7 weight percent triglycerides.