Ethyl 2-(benzofuran-3-yl)acetate finds application in the synthesis of various organic compounds, particularly in the pharmaceutical and agrochemical industries. It serves as a key intermediate in the production of benzofuran derivatives, which are known for their biological activities, including antimicrobial, anti-inflammatory, and anticancer properties. Additionally, this compound is utilized in the development of fragrances and flavoring agents due to its aromatic benzofuran structure. Its versatility in chemical reactions makes it valuable for researchers and industries aiming to create novel molecules with specific functional properties.