Isopropyl 2-hydroxy-2-phenylacetate is primarily used in the fragrance and flavor industry due to its pleasant, sweet, and floral aroma. It is incorporated into perfumes, cosmetics, and personal care products to enhance scent profiles. Additionally, it serves as a flavoring agent in food products, adding a fruity or floral note to beverages, candies, and baked goods. Its ester functional group makes it a versatile intermediate in organic synthesis, particularly in the production of pharmaceuticals and fine chemicals.