Used in the flavor and fragrance industry, this compound contributes fruity and creamy notes to food flavorings and perfumery. It serves as a chiral building block in organic synthesis, particularly in pharmaceuticals where its hydroxy ester functionality allows for further chemical modifications. Its structural features make it useful in creating enantiomerically pure intermediates. Additionally, it may act as a solvent or additive in specialty chemical formulations due to its polar nature and biodegradability.