This compound is primarily used in organic synthesis as a versatile intermediate. It serves as a building block for the preparation of more complex molecules, particularly in the pharmaceutical industry. The benzyloxy group offers protection for carboxylic acids during synthetic processes, allowing for selective reactions to occur elsewhere in the molecule. Additionally, the cyclopropane ring in its structure is of interest due to its unique reactivity and potential to confer stability or specific biological activity to the final compounds. It is often employed in the development of drugs targeting various diseases, including neurological disorders and cancer, where cyclopropane-containing molecules have shown promise.