The processing of the pumpkin (Cucurbita maxima Duch) generates a large amount of by-products of low or no added value, especially the peels. Therefore, the objectives of this work were to prepare rich-carotenoids ethanolic extract from pumpkins peels, to emulsify it, to atomize the emulsions, and to study the stability of the powdered carotenoids during storage for 90 days.Emulsions were produced using Ultra-turrax at 12000 for 3 min or high pressure homogenization using microfuidizer for one cycle at 100 MPa, with the following carotenoids extract and gum arabic ratios (1: 2, 1: 3 and 1: 4 w/w). The emulsions were spray dried using inlet air temperatures of 130 oC and outlet air temperature of 90 oC. The free extract was also submitted to the stability test. The powders and the free extract were stored in desiccators containing saturated solutions of magnesium chloride MgCl2 (RU 32,8%) for 90 days at 25 oC. The highest concentrations of carotenoids were found in the 1: 2 formulation in both treatments. The powders produced after atomization of emulsions from ultraturrax and mcrofluidizer showed high retention of carotenoids (92% and 87.56%, respectively) in the very beginning of the storage. After 90 days, the microcapsules presented 59.11% and 75.06%, respectively. The retention of carotenoids in free extract after storage period was 53.17%, indicating that microencapsulation provided protection to the bioactive compound. In conclusion, the emulsion produced in the microfluidizer in the 1: 2 formulation, followed by the spray dryer drying represents an alternative to add value to a by-product of the food industry, making it possible to obtain a natural dye with potential for use in food, pharmaceuticals, and other materials.