An egg replacer composition is provided that has a low cholesterol content and that can be used for preparing bakery products. It includes, calculated on dry matter, 35-85 wt % protein, 10-50 wt % vegetable oil, 0.5-5 wt % stearoyl lactylate and 0.5-15 wt % carbohydrate and optionally vegetable lecithin in an amount, expressed as phosphatides, not exceeding 3 wt %. The cholesterol content is less than 0.5 wt %. The protein includes soy protein and egg white protein, at least half of the protein being soy protein. The PDI is at least 60%. Bakery product prepared with the egg replacer composition may include amongst other things flour and, expressed on dry matter, 1-25 wt % of the egg replacer composition. A method is provided for making bakery product by preparing a dough that is free of egg yolk and of egg yolk powder and that comprises flour and, expressed on dry matter, 1-25 wt % of the egg replacer composition, and baking the dough in an oven.