Disclosed is a process for the recovery of a phytolipid composition from a vegetable oil by-product. The phytolipid composition produced comprises squalene, phytosterols, mixed tocopherols and tocotrieneols, and vegetable wax and is useful as an emollient. The phytochemical composition may be applied directly to the skin to provide emolliency. Alternatively, the phytoiipid composition may be formulated in various aqueous or anhydrous cosmetic compositions such as creams, lotions, gels, ointments, lip balms, sticks, or pencils for treatment of the skin and lips. The phytolipid composition also may be incorporated into foods, beverages, and nutraceuticals to provide health benefits.