Food products, are preserved or stabilized against deterioration of organoleptic properties during storage by contacting the food products with an aqueous solution of a stabilizing composition containing at least one acid and a protein-polysaccharide complex composition including at least one water-soluble polysaccharide and at least one substantially water-insoluble protein. Methods of preparation of the stabilizing composition and numerous methods of use of the protein-polysaccharide complex composition in the preservation of a variety of perishable seafood or other food products are also provided.