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Brazil China India UK USA
Source: Euromonitor, J.P. Morgan
Euromonitor shows that KVUE has higher market share in the U.S. (10%) and the UK
(9.9%) in the digestive remedies category, while the company has a market share of
7.2% in the category globally. For OTC analgesics/pain relief, KVUE has a global
market share of 7.1%, with the largest market share in the U.S. of 20.5% followed by
the UK of 11.3%.
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
55
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 76: Market Share by Country - Digestive Remedies
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Brazil China India UK USA
Source: Euromonitor, J.P. Morgan
Figure 77: Market Share by Country - Analgesics
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Brazil China UK USA
Source: Euromonitor, J.P. Morgan
Turning to beauty, KVUE has global market share of 8.2% in mass adult sun care and
4.4% in skin care (including market share of 6.3% in mass body care and 4.1% in mass
face care – more below under segment analysis), according to data from Euromonitor.
The company has market share of 37.4% in Brazil and 16.0% in the U.S. in the sun care
category and 12.4% in the U.S. and 6.1% market share in Brazil in the mass skin care
category.
Figure 78: Market Share by Country - Sun Care
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
Brazil China India UK USA
Source: Euromonitor, J.P. Morgan
Figure 79: Market Share by Country - Body Care
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
Brazil China India UK USA
Source: Euromonitor, J.P. Morgan
Additionally, we looked at five-year CAGR growth rates (2017 to 2022) of KVUE􀋖s
categories. The Euromonitor data shows analgesics/pain care (+9.1%), pediatric
consumer health (+7.5%), digestive (+6.0%), and allergy (+5.1%) had the highest fiveyear
CAGR growth rates globally. Similarly in the U.S., categories with the largest fiveyear
CAGRs include pediatric consumer health (+13.3%), analgesics/pain care
(+12.6%), and digestive (+12.3%). This is in line with management􀋖s commentary that
the company concentrated on products that were in high retail demand, especially
during the pandemic. Based on KVUE􀋖s largest categories as per the Euromonitor data,
skin care grew +2.9%, baby/child products increased by +1.0%, and oral care increased
+2.8% on a five-year CAGR globally, and in the U.S. the data shows that the largest
categories include mass skin care, including mass body care and facial care (+2.5%),
and allergy care (+5.3%) besides analgesics/pain care (+12.6%) as mentioned above.
See below scatter plots for market share both globally and in the U.S.
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
56
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 80: Global Market Share Growth by Category
Y-Axis: KVUE Market Share change (2017 - 2022); X-Axis: KVUE Category 5Y CAGR
Baby/Child
Products
Bath/
Shower
Haircare
Wound
Care
Analgesics
Dermatologicals
Allergy
Sun Care
Smoke Cessation
Digestive
Paediatric Consumer
Health
Hygiene