The present invention is directed to a water-dispersible colorant formulation comprising a mixture of (a) a solid-in-liquid dispersion of one or more carotenoids with (b) a liquid-in-liquid dispersion of one or more carotenoids, wherein the average particle size in said solid-in-liquid dispersion is less than about 600 nm, wherein the average droplet size of the liquid-in-liquid dispersion is less than about 200 nm, and wherein the carotenoids are selected from the group consisting of beta-carotene and lutein.