Carrot waste is a rich source of pro-vitamin A, β-carotene, recognized for its immunomodulatory and health-promoting properties. The present study was aimed at formulating an innovative table spread (ITS) enriched with concentrated carotenoid extract derived from carrot pomace. Prior extraction of carotenoids in flaxseed oil was optimized resulting in extract (CE) rich in carotenoids (82.66 µg/g) and alpha-linolenic acid (ALA). The effects of three ingredients i.e. CE, tri-sodium citrate (TC), and common salt (CS) on ITS formulated using 33 factorial experiment (27 treatment combinations) were determined employing three-way ANOVA of Proc GLM method of SAS 9.3 for its textural and sensory acceptability. The optimized formulation contained 15% CE, 1.0% CS and 0.3% TC. ITS displayed medium (≈51% fat) internal phase emulsion (confirmed via fluorescence microscopy) stabilized (-56.867 mV ± 0.850 zeta potential) by whey protein concentrate and possessed high thermal stability (studied through thermogravimetric analysis). The control table spread (CTS) was prepared using all ingredients except CE replaced with flaxseed oil. ITS showed significantly (p < 0.05) higher carotenoid, antioxidant (ABTS, DPPH and FRAP), yellowness index and b* value than CTS; while non-significant (p > 0.05) difference existed for proximate composition and acidity. ITS turned out to be a naturally colored functional product and excellent source of carotenoids (24.276 μg/g ± 0.076) and ALA (13.816 g/ 100 g fat).