Red palm oil not only supplies fatty acids essential for proper growth and development, but also it contains an assortment of vitamins, antioxidants, and other phytonutrients important for good health. Red palm oil gets its name from its characteristic dark red color, which comes from carotenes such as alpha-carotene, beta-carotene and lycopene—the same nutrients that give tomatoes, carrots and other fruits and vegetables their rich red and orange colors.