The role played by low molecular weight emulsifiers (mono- and di-glycerides) and non-dairy stabilizers (alginates, carrageenans, gums and gelatins) in the formation and stabilization of liquid milk (and specifically a functionalized milk containing omega-3), yoghurt and ice cream has been reviewed. Attention is given to the interactions that may occur between the reactive sites on polysaccharide stabilizers and milk proteins and other milk components, and to the desirable characteristics, e.g., viscosity/consistency, appearance and mouthfeel, body and texture, imparted to yoghurt and ice cream by addition of emulsifiers and gums.