Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the development of bioactive molecules. Its functional groups allow for easy modification in multi-step organic reactions. Commonly employed in the preparation of serotonin receptor ligands and other neuroactive compounds. Also utilized in the creation of fragrances and flavoring agents due to its aromatic backbone. Serves as a building block in medicinal chemistry for constructing more complex benzyl alcohol derivatives with potential therapeutic effects.