A general process for the extraction of carotenoids from a carotenoid source such as a biomass, which may be various biomasses including the yeast Phaffia rhodozyma, comprises treating the carotenoid source at an elevated temperature with a solvent mixture comprising water, a hydrophobic carotenoid solvent such as vegetable oil and a water soluble co-solvent such as ethanol so as to extract the carotenoid source into the hydrophobic solvent. Benefits include (a) the ease of incorporation into the diet, (b) the increased bioavailability achieved and, (c) the ease of stabilization against oxidation.