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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 KVUEs 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 KVUEs 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 |
KVUEs 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%. KVUEs baby care category is more prevalent outside the |
U.S., especially with its iconic brand, Johnsons. 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% |
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