The present invention is directed to a process and product by process for preparing a carbohydrate polymer which comprises polymerizing a sugar at a temperature below the point of substantial decomposition thereof and under reduced pressure in the presence of a catalytic effective amount of an organic acid selected from the group consisting of a monocarboxylic acid, a lactone of a monocarboxylic acid and arylol, while removing water formed during said polymerization, said organic acid being non-volatile and having only one acidic functionality and having no amino groups thereon.