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Global and U.S. Sales and Market Share
Trends
We did a deep dive into the various categories pertinent to KVUE using a few data
sources including Euromonitor, which includes a global perspective; NielsenIQ, mainly
for market share analysis and sales trends within the U.S.; and independent consultant
Numerator data for U.S. household penetration. Below we delve further into our
analysis by the different categories and brands. We also highlight the global note we
collaborated on last year (link).
Considering KVUE􀋖s key categories globally, including analgesics, allergy care,
mouthwash, digestive remedies, baby care, body care, sun care, and smoking cessation,
the company has the largest global market share in mouthwash and smoking cessation,
above 30% each, with allergy care and baby care following in the mid to high teens,
digestive remedies, analgesics, and adult mass sun care in HSDs, and mass skin care
(including face care and body care) at about MSD global market share as per data from
Euromonitor. We explore KVUE􀋖s global market share in depth under the three
segments below.
Figure 71: Global Market Share by Category
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
Baby Care Mouthwash Skin Care Smoking
Cessation
Digestive
Remedies
Sun Care Analgesics Allergy Care
Source: Euromonitor, J.P. Morgan
Looking further into each of these key categories􀋖 market share performance in crucial
markets including the U.S., UK, China, India, and Brazil gives us a better sense of how
KVUE􀋖s market share is doing in these geographies, as per Euromonitor data. Starting
with the mouthwash category, KVUE has a market share of about ~45% in the U.S. and
~40% in the UK, with market share of roughly 30% in both Brazil and China. Although
KVUE has an extremely high market share of over 70% in the Indian market, it is
comparatively a much smaller region in terms of revenues for the company. Overall,
KVUE has a market share of 35.1% globally. For smoking cessation, KVUE has 31.4%
global market share, and we note that KVUE distributes the brand Nicorette only
outside the U.S., where the company has a market share above 40% in both the U.K.
and Brazil, among the regions we are analyzing.
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
54
Andrea Teixeira, CFA AC
(1-212) 622-6735
andrea.f.teixeira@jpmorgan.com
North America Equity Research
29 May 2023 J P M O R G A N
Figure 72: Market Share by Country - Mouthwash
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
Brazil China India UK USA
Source: Euromonitor, J.P. Morgan
Figure 73: Market Share by Country - Smoke Cessation
40.2%
40.4%
40.6%
40.8%
41.0%
41.2%
41.4%
41.6%
41.8%
42.0%
Brazil UK
Source: Euromonitor, J.P. Morgan
From the regions we are considering, KVUE has the largest market share in the U.S.
(~27%) followed by China at about 15% and the UK with 9% in the allergy category,
whereas globally it is 17.2%. KVUE􀋖s baby care category is more prevalent outside the
U.S., especially with its iconic brand, Johnson􀋖s. As such, the Euromonitor data
unsurprisingly points to higher market share in emerging markets with India of 32.5%
and Brazil of 23.1%. KVUE has a total market share of 14.4% globally.
Figure 74: Market Share by Country - Allergy
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
China UK USA
Source: Euromonitor, J.P. Morgan
Figure 75: Market Share by Country - Baby Care
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%