Process for synthesizing polyol fatty acid polyesters which includes the steps of reacting an excess of lower alkyl ester with polyol to esterify hydroxyl groups thereof and form polyol fatty acid polyester, separating at least a portion of the unreacted lower alkyl ester from the polyol fatty acid polyester, and recycling the separated unreacted lower alkyl ester for further reaction with polyol or partially esterified polyol. The recycled lower alkyl ester is substantially free of lower alkyl ester degradation reaction products, such as carbonyls and free fatty acids.