The preparation of a finely-divided carotinoid or retinoid suspension comprises dissolving the material in a volatile water-miscible organic solvent at 50-250 degrees C (optionally under increased pressure) within 10 seconds and then immediately mixing the solution with an aqueous medium at 0-90 degrees C in the absence of protective colloid and in the presence of a physiologically acceptable emulsifier. Also claimed is a finely-divided carotinoid or retinoid suspension free from protective colloid contains an emulsifier chosen from lecithin, mono-, di- or tri-glycerides of aliphatic (optionally acetylated) polycarboxylic acids (eg citric or tartaric acid) or ascorbyl palmitate.