Primarily used in the field of organic synthesis, this compound serves as a key intermediate in the production of various flavonoids and related natural products. It exhibits notable antioxidant and anti-inflammatory properties, making it valuable in pharmaceutical research for developing treatments for oxidative stress-related and degenerative diseases, such as cardiovascular disorders, neurological conditions, and cancer. In cosmetics, it is incorporated into skincare formulations to reduce wrinkles, protect against UV damage, and shield the skin from free radical-induced harm. Additionally, it is utilized in the food industry as an antioxidant preservative to extend the shelf life of products.