This compound is primarily utilized in organic synthesis as a versatile intermediate. It plays a significant role in the production of fine chemicals and pharmaceuticals, particularly in the synthesis of complex molecules. Its structure, featuring both hydroxyl and ester functional groups, makes it valuable for constructing larger molecular frameworks through reactions like esterification, reduction, and Michael addition. Additionally, it is employed in the development of fragrances and flavoring agents due to its ability to contribute to the desired aromatic profiles. In research, it serves as a building block for studying biochemical pathways and designing novel compounds with potential therapeutic applications.