This work focuses on studying the effects of pH (7.0 and 4.5) and protein concentration on the foaming and emulsifying properties of fresh (F) and spray-dried (SD) porcine red cell protein (RCP) concentrates in order to evaluate the proper use of this blood protein as a functional food ingredient. Also, protein solubility is measured through the pH range from 3.0 to 8.0. In each case, all concentrates show a high solubility, although this is significantly affected by pH. Spray drying slightly reduces the solubility at mild acid and neutral conditions. The foaming capacity is found to be dependent on pH as well as on the drying treatment. SD-RCP concentrates show better foaming capacity than F-RCP. The minimum protein concentration required to attain the highest foaming capacity is found under acid pH for the spray-dried concentrates. Although F-RCP shows low foam stability at acid and neutral pH, spray drying and protein content enhance the stability of foams. Emulsifying properties show dependence on pH as well as on protein content. Furthermore, spray drying affects the emulsifying properties but in different ways, depending on pH and protein concentration.