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North America Equity Research
29 May 2023 J P M O R G A N
Figure 123: Mass Adult Sun Care Global Market Share by Brands
10.3%
4.7%
3.5%
2.6%
1.9%
1.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Nivea Banana Boat Garnier Neutrogena
Coppertone L'Oréal Johnson's Piz Buin
Source: Euromonitor, J.P. Morgan
For the U.S. alone, the tracked channel data for the four-week period observed shows
that KVUE􀋖s dollar value share deteriorated YTD but is a big improvement compared to
PY, with KVUE gaining +38 bps in the four-week period ending 5/6/23 (vs. +172 bps as
of PYE but losing -550 bps as of PY). As it relates to volume share, KVUE gained +81
bps in the four-week period ending 5/6/23 (vs. +343 bps as of PYE but losing -310 bps
as of PY). Below we show how both value and volume share performed for the 4, 13,
and 52 weeks ending 5/6/23 for KVUE and some of its competitors.
Figure 124: Suncare - Value Share
For Periods Ending 5/06/23, YOY (bps)
38 39
9
87
36
99
20
(14)
124
(24)
(148)
31
54
82
(33)
(200)
(150)
(100)
(50)
-
50
100
150
KENVUE PROCTER & GAMBLE BEIERSDORF AG L'OREAL SA PRIVATE LABEL
4W 13W 52W
Source: NielsenIQ, J.P. Morgan
Figure 125: Suncare - Volume Share
For Periods Ending 5/06/23, YOY (bps)
81
16
8
26
42
187
9
(43)
42
(37)
6 11
51
18
(29)
(100)
(50)
-
50
100
150
200
KENVUE PROCTER & GAMBLE BEIERSDORF AG L'OREAL SA PRIVATE LABEL
4W 13W 52W
Source: NielsenIQ, J.P. Morgan
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
77
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
Essential Health
Our analysis of both Euromonitor (for global performance) and NielsenIQ (for U.S.
performance) tracked channel data for some of the major categories within the Essential
Health segment are laid out below.
Mouthwash. In the mouthwash category, KVUE clearly leads with market share of
35.1% globally, albeit decelerating in recent years, and nearly 3x larger than its closest
competitors – OW-rated Colgate-Palmolive (11.9%) and OW-rated Procter & Gamble
(9.6%). As we mentioned earlier, we believe KVUE has superior science, and the recent
claim of plaque removal 5x better than flossing alone will likely help household
penetration globally and market share improvement.
Figure 126: Mouthwash Global Market Share by Company
36.5%
35.1%