To obtain a fine powdery emulsifier composition suitable for improver, etc., for preparing cake or bread, excellent in dispersibility and emulsion stability to cold water by adding an organic acid glycerol fatty acid ester to a water phase containing a whey milk protein to prepare O/W type emulsion and powdering the emulsion.

This powdery emulsifier composition is obtained by adding an organic acid glycerol fatty acid ester which is an ester compound of a glycerol mono or di-fatty acid ester with an organic acid (e.g. succinic acid) to a water phase containing a whey milk protein (preferably in a concentration of ≥1% in terms of protein) such as whey separated in production of cheese and emulsifying the mixture to prepare O/W type emulsion and powdering the O/W type emulsion by spray drying, etc.