Carotenoid pigments are used in the food industry as natural coloring agents. The application of carotenoids in the food industry will enhance the nutritional value of the foodstuff and also extend the shelf-life. Additionally, carotenoids are used as a nutraceutical and flavoring compounds in the food industry. Carotenoids can prevent and lower the risk of chronic illnesses like cancer, heart disease, dementia, inflammatory diseases, and macular degeneration, and hence, they have applications in the pharmaceutical industry. Carotenoids such as annatto and saffron have applications in the cosmetic industry. Carotenoids are widely distributed in plants; however, their contents are low, and variation in the content is also due to varied agricultural practices and seasonality. Therefore, considerable research has been carried out for the production of carotenoids in cell and organ cultures. In this review, we present detailed information on the strategies for the production of carotenoids and apocarotenoids in plant in vitro cultures. Furthermore, details regarding metabolic engineering and additional techniques to increase metabolite levels in cell and organ cultures are given.