This compound is primarily used in the food industry as an emulsifier and stabilizer. It helps blend ingredients that would otherwise separate, such as oil and water, improving the texture and consistency of products like spreads, dressings, and baked goods. In cosmetics, it acts as a moisturizing agent, enhancing skin hydration and softness by forming a protective barrier that locks in moisture. Additionally, it is utilized in pharmaceutical formulations to improve the solubility and absorption of active ingredients, making medications more effective. Its versatility in various industries stems from its ability to interact with both water and oil-based components.