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ccording to 2030 Australian Wool Innovation (AWI) Stratigic Plan published in July 2020 economic growth and consumer incomes in the major wool consuming countries are now the key drivers of the demand for wool. There is a strong relationship between the per capita consumption of wool and the per capita income levels in each of the major wool consuming countries. The eight major wool consuming countries at retail are: China, USA, Japan, Italy, Germany, South Korea, UK and France. Collectively these countries account for 65% of world consumption of apparel wool (source: International Wool Textile Organisation). In 2021 global growth is projected at 5.4%. China is projected to grow by 7-8%. Overall, this would leave 2021 GDP some 6½% lower than in the 10 | wool2yarnglobal 2020
