The present invention is related to a fermentation process wherein long-chain fatty acid retinyl esters (FAREs) are produced using retinoid-producing host cell, particularly oleaginous yeast, modified such that the activity of certain endogenous lipases is enhanced or overexpressed, said host cells being capable of using triglyceride oils or free fatty acids as carbon source, with the proviso that palm oil or palmitic acid are omitted, to generate those FAREs in a sustainable way.