Phosphate rock is the foundational raw material for modern agriculture: more than 95% of mined output is converted to phosphoric acid for fertilizers (DAP, MAP, TSP) and animal feed supplements, with a small fraction directed to elemental phosphorus synthesis for industrial uses such as glyphosate herbicide. Global mine production reached an estimated 240 million metric tons in 2024, up slightly from 233 million metric tons in 2023. China (46%), Morocco (12.5%), the United States (8.3%), Russia (5.8%), and Jordan (5.0%) are the five largest producers. The US f.o.b. mine price was approximately $100 per metric ton in 2024, barely changed from 2023, after rising sharply to $99–101 in 2022–2023 from $76 in 2020.

Morocco's geopolitical position is uniquely consequential: it holds approximately 68% of proven global reserves (50 billion of 74 billion metric tons), primarily in its Western Sahara deposits managed by state-owned OCP Group. This single-country concentration — unmatched in any other major commodity — creates a structural dependency for net-importing regions. The EU depends substantially on imports for its fertilizer sector, and has listed phosphate rock on its Critical Raw Materials list continuously since 2014. In the 2024 EU Critical Raw Materials Act (Regulation 2024/1252), both phosphate rock (Annex II Critical) and phosphorus (Annex I Strategic) are designated, reflecting food security concerns. There is no agricultural substitute: phosphorus is biologically irreplaceable as a plant macronutrient.

The emerging demand driver is the LFP (lithium-iron-phosphate) battery sector. In 2024, more than 90% of all LFP batteries were manufactured in China, but new high-purity phosphoric acid plants are under development in Quebec, Canada targeting LFP cathode active material. Phosphate production disruptions in central Florida from Hurricanes Helene and Milton (September–October 2024) temporarily shut multiple facilities but had limited annual-scale impact. World phosphate resources exceed 300 billion metric tons with no imminent shortage horizon; the structural challenge is geographic concentration of reserves and political stability of supply routes rather than absolute scarcity.