A beverage containing a natural colorant and one or more components of an Indian gooseberry extract and having sufficient color photostability is described. The active component in the Indian gooseberry extract is at least one of tannic acid, chebulinic acid, chebulagic acid, and phyllemblin. The natural colorant is a carotenoid and/or an anthocyanin. When the natural colorant is beta-carotene, it is preferably provided in a form of microemulsion. The beverage further contains a preservative, such as benzoic acid, sorbic acid, and a salt thereof. A method of formulating the beverage is also described.