A low carbohydrate low fat ready-to-eat pudding includes water and a combination of carrageenan and other proteins such as calcium caseinate and/or sodium caseinate and soy protein isolate. It may also include whey proteins, soybean oil, sodium chloride, potassium chloride, dipotassium phosphate, flavoring, cocoa tricalcium phosphate, sucralose powder and acesulfame potassium. However, the pudding is free of starch, hydrogenated oils and trans fatty acids.