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711
DWIGHT
HALEON
4W 13W 52W
Source: NielsenIQ, J.P. Morgan
Figure 129: Mouthwash - Volume Share
For Periods Ending 5/06/23, YOY (bps)
(109)
(71)
6 12
(115)
260
0
(59)
(41)
(25)
1
(108)
210
5
(151)
17
(17)
16
(66)
155
23
(200)
(150)
(100)
(50)
-
50
100
150
200
250
300
KENVUE PROCTER &
GAMBLE
COLGATE SANOFI PRIVATE
LABEL
CHURCH &
DWIGHT
HALEON
4W 13W 52W
Source: NielsenIQ, J.P. Morgan
Wound Care. KVUE has the largest global market share in the wound care category
with 19.2%, with a large gap from the next couple of competitors, Beiersdorf (11%) and
3M (5.3%). This is also evident in the brand share analysis as shown below with
KVUE􀋖s Band-Aid well above the others.
Figure 130: Wound Care Global Market Share by Company
19.4% 19.2%
10.7% 11.0%
5.5% 5.3%
3.6% 3.6%
3.1%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Kenvue Beiersdorf 3M Yunnan Baiyao Paul Hartmann
Source: Euromonitor, J.P. Morgan
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
80
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 131: Wound Care Global Market Share by Brands
16.1%
10.8%
2.5%
1.5%
3.8%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Band-Aid Hansaplast Nexcare Johnson's Dermaplast
Source: Euromonitor, J.P. Morgan
For the U.S. alone, we analyzed the NielsenIQ data for both bandages and antiseptic
categories as part wound care. Within bandages, KVUE lost -72 bps of value share in
the four-week period ending 5/6/23 (vs. flat of -1 bp as of PYE but gaining +181 bps as
of PY) and lost -176 bps of volume share in the four-week period ending 5/6/23 (vs. -
111 bps as of PYE but gaining +260 bps as of PY) in the bandages category. There are
other competitors outside of KVUE􀋖s main peers in the bandages category that we did
not capture in our U.S. analysis. KVUE􀋖s antiseptic category in the U.S. appears to be
much smaller in comparison as per total category sales data from tracked channel. The
company gained +456 bps value share in the four-week period ending 5/6/23 (vs. +418