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Deutsche Bank Markets Research

Industry

BRIClash

Date

27 April 2016

North America

United States

Consumer

Cosmetics, Household & Personal Care

F.I.T.T. for investors

The forgotten but enduring emerging markets opportunity

EM remains the silver bullet in a low growth industry

While many companies and investors have moved on from the great per capita consumption potential in developing and emerging markets, we continue to see a powerful latent growth opportunity as the bottoming process progresses. While we aren’t suggesting more pain isn’t coming, currency cross rates better reflect the EM opportunity and several stocks levered to the emerging world like Coke, Colgate, Avon, Nu Skin, IFF and P&G, and to a lesser extent, PepsiCo and Kimberly-Clark, could see significant growth acceleration as emerging markets consumption trends improve.

Bill Schmitz

Research Analyst

(+1) 203 863-2285

[email protected]

Faiza Alwy

Research Analyst

(+1) 203 863-2284

[email protected]

________________________________________________________________________________________________________________

Deutsche Bank Securities Inc.

Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 057/04/2016.

Deutsche Bank Markets Research

North America

United States

Consumer


Industry

BRIClash

Date

27 April 2016

FITT Research

The forgotten but enduring emerging markets opportunity

EM remains the silver bullet in a low growth industry

________________________________________________________________________________________________________________


Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 057/04/2016.

Bill Schmitz

Research Analyst

(+1) 203 863-2285

[email protected]

Faiza Alwy

Research Analyst

(+1) 203 863-2284

[email protected]

Companies Featured

Avon (AVP.N),USD4.82 Buy

Church & Dwight (CHD.N),USD92.48 Buy

Colgate-Palmolive (CL.N),USD69.42 Hold

Clorox (CLX.N),USD123.63 Hold

Dr Pepper Snapple Group (DPS.N),USD87.63

Hold

Estee Lauder (EL.N),USD94.72 Buy

Kimberly-Clark (KMB.N),USD126.21 Hold

Coca-Cola (KO.N),USD44.71 Buy

Nu Skin Enterprises (NUS.N),USD38.26 Buy

Newell Brands (NWL.N),USD44.04 Buy

PepsiCo (PEP.N),USD102.80 Buy

International Flavors & Fra (IFF.N),USD120.11

Hold

Source: Deutsche Bank

While many companies and investors have moved on from the great per capita consumption potential in developing and emerging markets, we continue to see a powerful latent growth opportunity as the bottoming process progresses. While we aren’t suggesting more pain isn’t coming, currency cross rates better reflect the EM opportunity and several stocks levered to the emerging world like Coke, Colgate, Avon, Nu Skin, IFF and P&G, and to a lesser extent, PepsiCo and Kimberly-Clark, could see significant growth acceleration as emerging markets consumption trends improve.

As GDP goes, so does consumer products consumption In these volatile times, the relationship between commodities, currency, pricing and consumption is as pronounced as ever, with inflationary pricing to offset f/x transaction driving bulk of EM growth as benign commodities and modestly improving macro drives modest growth in developed markets. As we discuss in this report, GDP growth is the primary industry consumption driver, with multiples tracking this growth trajectory. For instance, in 2010, when EM growth was solid and commodities high, US and EM-centric CPG companies traded at roughly the same 12% PE premium to the market; by 2015, US-centric names jumped to a 40% premium versus 22% for the EM exposed names. With commodity complex still depressed and geopolitical risks omnipresent, we understand the consensus negative views on emerging markets but several stocks in our coverage have substantial leverage to improving trends in these demographically privileged markets.

BRIC by brick Noting clear cultural, geopolitical and demographic differences across Brazil, Russia, India and China, in addition to myriad other developing markets, the per capita consumption opportunity is significant for branded consumer packaged goods manufacturers. Despite the recent malaise, emerging markets are still growing at least 3x faster than demographically challenged developed markets, with often cited but still powerful dynamics of younger, upwardly mobile populations, urbanization, female workforce participation and shift from agrarian to services jobs supporting sales, margin and cash flow growth for those who have already built the critical infrastructure.

Valuation supports market perform view on group Group is trading above average relative to the market on historical P/E multiples; and industry DCF, which we use to derive our target prices and assumes 2.5% sales growth and 0.6 pts of margin expansion per year through 2023 (7% WACC, 1.5% TVG) suggests group is about 2% undervalued relative to its cash flow. Downside risks include cost inflation, rising rates, dollar strength, consumption declines and EM slowdown. Upside risks are US recovery, M&A rational pricing, flat commodities and f/x, accelerated restructuring, EM stabilization, and cost savings, and aggressive balance sheet redeployment.

27 April 2016


BRIClash

Page 2 Deutsche Bank Securities Inc.

BRIClash

Reviewing the EM slowdown and latent industry potential

Despite the recent slowdown, we continue to believe, supported by copious

datasets, the industry’s path to growth leads down roads heading south and

east. In this low rate, benign commodity, volatile and risk averse environment,

investors have flocked to the relative safety of slower growing, US-centric

names that are growing earnings, largely free from the brutal f/x headwinds

that have clipped more than two years of earnings growth from the industry

over the last 5 years. Still, the bulk of the industry’s growth potential is

squarely in developing and emerging markets, supported by the following well

known EM data points:

88% of the world’s population (source: World Bank, 2015);

62% of global GDP at purchasing price parity (source: World Bank,

2014);

54% of $5.2 trillion total consumer packaged goods (alcoholic

beverages, food, home care, retail hygiene, personal care, pet care,

soft drinks and tobacco) retail, at home sales in EM – from 43% in

2010 (source: Euromonitor) in constant dollars;

Local currency growth CAGR of 11% from ’10-’15 in EM, largely due

to inflationary pricing vs. 1.6% in developed markets and 6% globally

(source: Euromonitor);

More than 20% of the population is between 15 & 24 years old in Latin

America, the Muslim World, South Asia and Sub-Saharan Africa

(source: UN World Population Prospects); and

Per capita consumption of CPG products is $415 in emerging markets

versus $2,767 in developed markets, suggesting significant room to

catch up as GDP and disposable income expands.

Acknowledging that dissecting the emerging markets opportunity for the

industry is a broad mandate and no two markets are the same (for instance,

soft drink consumption is greater in warm climates), the purpose of this report

is to highlight the forgotten latent opportunity in developing markets for this

growth starved industry, discussing the relative winners when trends stabilize

and ultimately improve in these markets. Importantly, the companies in our

coverage have allocated significant resources over the last few decades

building a production and distribution infrastructure in these markets while

investments in tailored innovation and brand awareness position many to

capitalize on these capital and income statement investments when markets

recover, which history and demographics tell us they should as more of the

dust settles, even if there is a bit more pain to come in the short term,

especially in Brazil and Russia.

Recently, the bulk of emerging markets growth has been driven by inflationary

pricing to offset currency transaction headwinds, with price and mix far

surpassing healthier core volume growth. For many investors, inflationary

pricing is a tough pill to swallow as part of a broader investment thesis,

especially when currency is erasing the bulk of the pricing benefits and

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BRIClash

Deutsche Bank Securities Inc. Page 3

severely constricting dollar-based sales, profits and cash flows. Ultimately,

pricing has to lap and volume has to pick up the slack, which is a more difficult

proposition. All things being equal, we expect this shift to avail itself in the

back half of 2016. Moreover, with the market in defense mode and algos,

indexers and the investors that follow them crowding into high multiple, US-

centric perceived safe havens with earnings momentum, the long-term

potential of emerging markets consumption expansion has been greatly

discounted.

As a result of slowing GDP growth, rising inflation, lower commodity prices

and general global growth malaise, the relative appeal of emerging markets

has been justifiably compromised, with forward valuation multiples on EM

exposed names broadly decoupling from the domestic players, further

exacerbated by the lost earnings from translating and transacting sales and

earnings back to US dollars which is driving negative earnings momentum. In

the current EM setup, the once virtuous cycle has become viscous, with

consensus view that trends will get worse before they get better.

Figure 1: The vicious EM growth cycle

Source: Deutsche Bank

To understand the consumer staples stock reaction to worsening EM trends,

one only need look at relative multiples of US-centric names versus those with

greater EM exposure. In 2010, the developed markets-centric group (Church &

Dwight, Clorox, Dr Pepper Snapple, Estee Lauder and Newell with greater than

80% of sales in developed markets) traded at roughly the same multiple as the

more EM exposed multinationals (Colgate, Coke, Nu Skin, Kimberly-Clark,

PepsiCo and P&G) at around 14x forward earnings. By 2015, the US-centric

basket rose to an average multiple of 22.5x versus a multiple of ~19.5x for

those with greater EM exposure. Relative to the market, more US-centric

names rose from a 12% premium in 2010 to a 40% premium by 2015 while

more EM exposed companies rose from an 11% market premium to 22%.

Recently, both groups gave up some of this relative outperformance. We note

that this has happened even as overall GDP growth rates in emerging markets

exceeded those of developed markets, although the gap has narrowed.

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BRIClash


Figure 2: Absolute multiples – US-centric vs. EM exposed Figure 3: Market relative multiples – US centric vs. more

EM exposed names

13.9x

22.5x

13.8x

19.6x

2010 Average Current

US-centric EM-exposed

12% 11%

40%

22%

US-centric EM-exposed

2010 Average Current

Source: Deutsche Bank and Thomson Reuters

Source: Deutsche Bank and Thomson Reuters

Figure 4: Real GDP growth % - average 2011/2012 actual vs. 2016/2017

expected

8.5

6.1

3.9

2.9

6.4

5.5

1.9

0.6 0.4

3.1

5.5

1.0

6.1

7.0

0.4

-1.1

5.6

3.1

2.4

0.7

1.7

2.93.5

1.6

China India Russia Brazil Indonesia Turkey US Japan Eurozone Global Average D&E

Weighted Average

Developed2011/2012 2016/2017

Source: Deutsche Bank, BMI Research

Making matters worse for the developing markets exposed names, the rising

dollar has and should continue to reduce sales, profits and cash flow. On

average, companies with more than 20% of sales in emerging markets saw

over 20% cumulative negative currency translation on average from 2012-

2016E vs. ~10% for developed market centric players, with further pain from

f/x transaction as many of these companies have to source products

denominated in dollars. So, the EM exposed players had to absorb a double

whammy over the last several years of more constrained multiple expansion

and reduced EPS from f/x pressures that should revert to the mean as

conditions begin to stabilize and ultimately improve.

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Figure 5: Average cumulative f/x sales impact, 2012-2016E

-9.5%

-20.3%

more developed more emerging

Source: Deutsche Bank, company filings. Based on 2011 base sales adjusted for annual currency changes

As we highlight below, looking at the individual stocks in our coverage, there is

an obvious correlation between cumulative currency hit (the horizontal axis)

and developing markets exposure (the vertical axis). Ultimately, for negative

earnings momentum to reverse for those with outsized EM exposure, the dollar

needs to stop going up which is starting to happen and which we and others

believe should continue.

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Figure 6: Cumulative f/x sales impact vs. EM contribution to sales

Brown-Forman

Church & Dwight

Clorox

Coca-Cola

Coty

Colgate

Dr Pepper

Estee Lauder

Jarden

Kimberly-Clark

Newell Rubbermaid

Nu Skin

PepsiCo

P&G

Spectrum Brands

IFF

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

-30% -25% -20% -15% -10% -5% 0%

EM c

on

trib

uti

on

to

sal

es

2012-2016 cumulative f/x sales hit

-50%

Avon

Source: Deutsche Bank, company filings. Cumulative f/x impact based on base 2011 sales adjusted for annual f/x changes

27 April 2016


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Playing the potential EM recovery: company exposures and critical success factors

Figure 7: Company exposure by major emerging region

LatAmAvon: 51%Colgate: 27%Coca-Cola: 9%PepsiCo: 13%P&G: 10%Kimberly-Clark: 17%IFF: 17%

Developing AsiaAvon: 11%Colgate: 14%Coca-Cola: 13%PepsiCo: 7%P&G: 15%Kimberly-Clark: 15%IFF: 25%

ME & AfricaAvon: 7%Colgate: 3%Coca-Cola: 5%PepsiCo: 2%P&G: 6%Kimberly-Clark: 1%IFF: 4%

Eastern EuropeAvon: 18%Colgate: 4%Coca-Cola: 3%PepsiCo: 7%P&G: 8%Kimberly-Clark: 2%IFF: 4%

Source: Deutsche Bank, company filings, Euromonitor, Nielsen. Kimberly-Clark EM exposure includes ~5% of sales in South Korea. Coke isn’t pro forma for North America bottler refranchising which overweights NA sales exposure, NA is roughly 20% of Coke system volume and a higher contributor to sales. Avon is pro forma for sale of North American business to Cerberus and P&G is pro forma for sale of select beauty assets to Coty.

While we are not brave enough to call a recovery in the emerging markets

consumption slowdown, the worst of the f/x and commodity pain seems to be

over. The names that will benefit the most are as follows (in descending order

of EM sales exposure):

Avon (88% of pro forma sales in EM): In addition to brutal top-line

impact, we estimate that the company has seen almost 10 points of

gross operating margin pressure from the strengthening dollar,

exacerbated by painful, largely self inflicted declines in its North

American business. Now that North America has been sold and

company is working diligently to improve productivity and realize

better price and mix off its smaller sales base, any material

stabilization in developing markets, especially in Latin America and

Eastern Europe, should disproportionately benefit the company across

its financial statements. With 53% of sales in Latin America and over

20% in Brazil alone, recovery in these markets remains crucial to the

story, although we believe the current depressed stock price also

reflects ongoing liquidity fears which are unlikely given the recent

capital raise and dividend elimination. In terms of playing the EM

recovery, Avon has the most upside in the group if trends in these

markets stabilize or improve, even if market share remains under

modest pressure.

Nu Skin (69% of sales in EM): Like its direct selling sister Avon, Nu

Skin is disproportionately exposed to a specific region and market,

Asia and China, respectively. China represents 25% of sales and Asia

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BRIClash


broadly is about 80%, with this stock a compelling way to play any

potential recovery in this region off a low valuation base. Of course,

unlike Avon and others, much of the company’s recent softness in the

core Chinese market relates to regulatory pressure and disappointing

new product launches which are more difficult to overcome than just

macro pressure. Still, as its Asian business goes, so does Nu Skin with

the company targeting a more affluent consumer with higher average

selling prices than the broader consumer products group.

IFF (51% of sales in EM): IFF is unique in that most of its EM sales

agreements are priced in hard currencies with 70% of sales transacted

in US Dollars or Euros (mostly USD). Therefore it doesn’t have

significant exposure to EM currencies but is reliant on volume growth

in these markets. Sales to multinationals comprise approximately half

of the business with local/regional customers comprising the rest.

With multinationals struggling to drive volume growth in the face of

pricing to offset f/x, the company has been increasingly focused on

local/regional players who are gaining market share. To the extent

pricing laps, f/x stabilizes, and multinationals are able to drive volume

growth via marketing and innovation, IFF is positioned well to take

advantage of a recovery, not just from volume growth of existing

products, but also new products. If the development of EM middle

class gets back on track we should also see an acceleration in the

growth of packaged food as consumers desire convenience, which

should help drive IFF’s growth. Over the last five years the company

has invested heavily in major markets such as China, South Africa,

Indonesia, and Turkey, noting slowdown and macro uncertainty in

Brazil and China (15% of sales combined), have pressured the top line

recently.

Colgate (48% of sales in EM): Colgate, to management’s credit, has

done a much better job than most navigating the changing tides in

emerging markets, reflected in the current valuation on the stock.

With dominant oral care market share in Latin America and strong

share progress in Eastern Europe and Asia, Colgate is executing in

local currency with a strong business that is leverageable when the

macro dust settles. For us, valuation is still stretched and company

needs to rebuild advertising support which should contain meaningful

earnings growth, even with incremental restructuring savings. So,

while this is clearly one of the safest ways to play a Latin American

recovery, especially in Mexico and Brazil where competitors have

dialed it back, we have a tough time seeing material upside from these

levels until its target markets start to cooperate. Fundamentally,

volume growth, gross margin, and cash flow should start to inflect

and the entire industry needs to shift organic growth from price/mix to

volume as inflationary pricing laps, which likely requires more

strategic spending and is more difficult to achieve but Colgate, is likely

best positioned to do so given attractive competitive dynamics.

Procter & Gamble (39% of sales in EM): P&G, more than other

traditional consumer products names, has its work cut out for it in

emerging markets. In addition to clear slowdown in category growth

rates, the company continues to lose market share in its biggest and

most important categories such as diapers, hair care and fabric care.

With the largest emerging markets business in the industry in dollars

and still solid absolute shares despite the recent losses, the company

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BRIClash


has a strong base to grow from in its biggest markets such as Greater

China and Eastern Europe (with Latin America a smaller contributor to

sales than many peers). Thankfully, management understands the

challenges it faces and guidance and restructuring initiatives shows a

willingness to reverse trends, but fixing what is broken is going to take

time, especially since company is playing from behind in important

channels such as eCommerce in China since it has so much to lose

with its entrenched position with traditional retailers and distributors

there. Moreover, as we’ve seen in markets such as Mexico and China,

P&G is very good in the early stages of an economy’s development but

tends to struggle as competition enters and the categories expand,

which is disappointing and unexpected because premiumization and

category development is embedded in the company’s DNA but hasn’t

been realized in most markets. Still, we believe P&G is the safest way

to play the recovery of China and Eastern Europe in the group.

Kimberly-Clark (35% of sales in EM, including Korea): Leveraging

distribution opportunities and ongoing development of the EM diaper

category, Kimberly has been in a strong competitive position in these

critical growth markets. From a solid base in Latin America where

diaper category growth is still respectable, the company has done

what P&G should have, leading category development from the top

with premium offerings tailored to the markets where it competes,

leveraging the insights it learned in Korea to successfully compete

across traditional and expanding channels (baby stores and

eCommerce) in China. While the company’s EM exposure is broad

across geographies and is not beholden to a given market, providing a

more stable, defensible position broadly across EM, growth is slowing

with the macro. It is still early days and Kimberly is still winning in the

marketplace, but the entire industry needs to shift organic growth

from price/mix to volume as inflationary pricing laps, which likely

requires more strategic spending and is more difficult to achieve.

Moreover, pace of share gains in key markets like China, Brazil and

Russia is slowing as P&G, Japan’s Unicharm and Kao and myriad local

players reinvest, suggesting slowing organic growth which would also

impact the multiple, especially if rate of earnings upside from benign

commodities slows. We note challenges such as the impact of the

Zika virus in Brazil and Latin America is still unknown.

Coca-Cola (35% of sales in EM): Coke’s contribution from emerging

markets is misleading given the higher sales associated with owning

the US bottling assets. Once the bottler refranchising program is

complete, Coke’s EM exposure will increase to about 55% of total

sales. Like Colgate, Latin America is the most important and a highly

profitable market for the company, but consumption rates are already

high, with outsized volume growth likely driven by frontier markets

such as India, Africa and developing Asia. For Coke, strategy pivots on

driving volume growth in frontier markets such as India, mix of volume

and price/mix in developing markets such as Mexico and Brazil and

revenue realization in developed markets such as the US. While

investor focus is clearly on restructuring the business and overhauling

its US bottling infrastructure, volume acceleration from improving

trends in developing markets and further per capita consumption

gains in frontier markets as GDP growth recovers would add

incremental growth legs to the margin, ROIC and cash flow story here.

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PepsiCo (29% of sales in EM): Outside select markets such as Russia

and the Middle East in beverages, the company’s EM opportunity

should continue to be driven largely by further penetration of its salty

snacks portfolio. Unlike beverages, snacks consumption is still highly

localized with significant room for the company to further build out its

brand and distribution footprint with its dominant global Frito/rising

sun franchise. Since the company still owns many of its bottling assets

in the US, EM sales contribution is optically lower than it should be,

but we continue to see an ongoing opportunity to bolster growth and

profitability in core markets such as Brazil, Mexico and Russia as these

markets recover. China, one of the most challenging markets for

PepsiCo, continues to have high potential but management and its

bottling partner Tingyi need to stabilize and grow this compelling

market after ceding significant beverage share to Coca-Cola.

Coty (21% of sales in EM): With the P&G transaction pending, Coty’s

EM opportunity rests firmly in further building out its distribution in

fragrance heavy Latin America, with acquisition of Brazil’s

Hypermarcas further solidifying the company’s presence in the region.

With the incremental brands and manufacturing and distribution

capabilities, footprint to expand in Latin America is significant and

should help accelerate anemic organic growth in this region as the

categories stabilize and company likely expands reach of makeup

brands and hair colorants. While the company is still centered on

developed markets and specifically Europe, white space potential in

emerging markets is significant as mastige and premium beauty

categories accelerate development.

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Potential EPS impact from changes in spot rates

Recognizing that currency and commodity changes are interlinked and nothing

moves in a vacuum, we attempt to quantify the EPS impact of a 10% move in

spot rates across the entire basket of currencies we focus on. On average,

more than 50% of the group’s exposure is outside the US on a sales basis,

with the Euro and Pound comprising almost 20%.

Figure 8: Average sales exposure by currency

Currency % of Sales

USD 48%

Euro 13%

Pound 6%

Brazil Real 4%

Canadian $ 3%

Renmimbi 3%

Mexican Peso 3%

Australian $ 2%

Japanese Yen 2%

Russian Ruble 2%

Korean Won 1%

Others 1%

Poland Zloty 1%

Philippine Peso 1%

Colombian Peso 1%

Hryvnia 1%

Taiwan $ 1%

Indonesia Rupiah 1%

Turkish Lira 1%

HK $ 1%

Indian Rupee 1%

Chile Peso 1%

Others 5% Source: Deutsche Bank, company filings

In our currency volatility analysis, we assume: (i) companies don’t get a margin

benefit from a weaker USD as better transaction f/x YoY is offset by higher

commodity/raw material costs; and (ii) better consumption environment results

in volume acceleration but is offset by lower pricing. We note that companies

with relatively high gross margins like Avon should see margin expansion as

EM currencies improve since likely higher commodity costs are unlikely to fully

offset f/x transaction noting Avon saw over 4 pts of margin decline from f/x in

2015 (or $475m). Similarly, others like ENR and PG typically bear high

transaction f/x and should be able to see some re-tracing of margins as f/x

headwinds reverse.

With the above caveats in mind, on average, a 10% upside move across the

entire basket of currencies, will have a +6% impact on PF CY 16 EPS and a

10% downside move will have a -6% impact on PF CY16 EPS. The analysis is

only illustrative given that many companies hedge international profits so the

impact is likely to be delayed. We also believe analysis could be conservative

since margins would likely rise in a falling dollar environment, even with

modest commodity inflation.

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Figure 9: Impact on PF EPS from change in f/x rates

-6%-5%

-4%-2%

-1%

0%1%

2%4%

5%6%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

-10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10%

% c

han

ge in

PF

CY

16

EP

S

% change in spot rates

Source: Deutsche Bank, company filings, Thomson

Looking at it more granularly by company, a 10% move up in spot rates vs. the

US dollar would have the most positive impact on Avon. Again, this assumes

no acceleration in organic growth or margins.

Figure 10: PF EPS CY 16 impact if spot rates on average increased vs. USD by 10% and stayed constant

17%

11%

9%8%

7% 7% 7% 6%6% 6% 5% 5% 5% 5% 5% 4%

3%

2% 2%1%

Source: Deutsche Bank, Company filings, Thomson

According to Deutsche Bank’s f/x research team, the latest results for EM

exchange rates for March point to overvaluation (in REER terms) across all

three approaches in China, Hong Kong and Indonesia and undervaluation in

Hungary, Poland and Turkey. On the other hand, in G10, the March results

point to undervaluation in Japan and Sweden and overvaluation in Australia.

The team’s preferred Behavioral Equilibrium Exchange Rate (BEER) model

suggests that exchange rates in March were significantly overvalued (in REER

27 April 2016


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terms) in China and Hong Kong in EM, and in the US, Australia and

Switzerland in the developed world. Unsurprisingly, most of EM FX is

undervalued on BEER, with Malaysia, Poland, Russia, Turkey, South Africa,

and Mexico being significantly undervalued. Please see additional details in

report published 5 April 2016 titled FX Valuation Snapshot by DB strategists

Gautam Kalani and Daniel Brehon.

Figure 11: Behavioral Equilibrium Exchange Rate (BEER) misalignment

-20

-15

-10

-5

0

5

10

15

20

HK

D

AU

D

US

D

CH

F

CN

Y

CO

P

BR

L

NO

K

IDR

SG

D

INR

CZK

KR

W

PH

P

ILS

TH

B

TW

D

PE

N

CA

D

RU

B

GB

P

CLP

HU

F

EU

R

TR

Y

NZD

JP

Y

MX

N

SE

K

PLN

MYR

ZA

R

% Misalignments in BEER model

Overv

alu

ed

Un

derv

alu

ed

Source: Deutsche Bank, Haver Analytics

Figure 12: Currency misalignments (from DB FX team)

PLNHUF

SEKZAR

JPY

MXN

TRY

EUR

TWD

INR

RUB

KRW

THB

MYRNZD

CLPCZK

GBPNOK

CADILS

BRL

COP

PEN

CHF

SGD

PHP

CNY

USD

IDR

AUDHKD

BEERFEERPPPAverage

larger distance from centre equivalent to a cheaper currency

World's cheapest currency

More expensive

Most expensive

Source: Deutsche Bank, Haver Analytics

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Reviewing category development and the enduring, long-term emerging markets potential

To simplify our analysis, we are focusing on the 30 biggest GDP markets in the

world (excluding Venezuela), analyzing consumption trends across 3 tranches

of economic development: (i) emerging markets (<$6K of per capita GDP); (ii)

developing markets ($6-$30K of per capita GDP) and (iii) developed markets

(>$30K of per capita GDP).

Figure 13: Overview of addressable market by stage of economic development

emerging developing developed

countries

Pakistan, India, Ukraine, Vietnam,

Nigeria, Philippines, Morocco,

Indonesia, Egypt, Sri Lanka,

Thailand, South Africa, Colombia

Ecuador, China, Brazil, Mexico,

Turkey, Malaysia, Poland, Chile,

Argentina, Russia, Saudi Arabia,

Korea

Japan, Western Europe, Canada,

Australia, USA

% world GDP (not @ PPP) 7.8% 26.9% 56.4%

% world population 34.6% 27.3% 11.4%

population growth 0.9% 0.7% 0.4%

per capita GDP $3,372 $12,858 $43,332

per capita CPG* $214 $731 $1,779

gross margin lowest higher highest

category growth** 11.3% 10.0% 1.8%

% industry sales 9.4% 33.4% 57.2%

contribution to growth 1.1% 3.3% 1.0%

CPG/GDP 6.3% 5.7% 4.1%

% population under 30 54.5% 42.3% 34.9%

source: Euromonitor, BMI Research, World Bank and DB estimates

* consumer packaged goods = beverage, food, home care and personal care.

** category growth is 5 year CAGR using fixed exchange rates. Source: Deutsche Bank, Euromonitor, BMI Research, World Bank * Consumer packaged goods = beverage, food, home care and personal care ** Category growth is 5 year CAGR using fixed exchange rates

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Figure 14: Implied per capita GDP vs. consumer products per capita consumption

$-

$500

$1,000

$1,500

$2,000

$2,500

imp

lied

pe

r ca

pit

a C

PG

per capita GDP

Pakistan, India, Ukraine, Vietnam, Nigeria

Philippines, Morocco, Indonesia, Egypt, Sri Lanka

Thailand, South Africa, Colombia, Ecuador

China, Mexico, Brazil, Malaysia

Poland

Chile, ArgentinaRussia

Saudi

Korea

Japan, W. Europe

Canada

Australia, USA

emerging developing developed

Source: Deutsche Bank, Euromonitor, World Bank

27 April 2016


BRIClash


Figure 15: CPG per capita consumption by economic development

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

$-

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

$0-$3K $3-$6K $6-$10K $10-30K $30-$40K >$40K

CP

G %

of

pe

r ca

pit

a G

DP

pe

r ca

pit

a C

PG

($

)

per capita GDP ($)

per capita CPG spend (ex tobacco and alcohol) CPG % per capita GDP

volume balance price/mix

Pakistan, India, Ukraine, Vietnam, Nigeria,

Philippines, Morocco, Indonesia, Egypt, Sri

Lanka, Thailand, South Africa, Colombia.

Ecuador, China, Brazil, Mexico, Turkey, Malaysia, Poland, Chile, Argentina,

Russia, Saudi Arabia, Korea.

Japan, Western Europe, Canada, Australia, USA


Emerging markets, with GDP per capita of less than $6,000, represent 34.6%

of the world’s population, 7.8% of the world’s GDP, 9.4% of the industry’s

(food, soft drinks, household and personal care) sales and contributed 1.1% to

total weighted industry growth of 5.4% over the last 5 years. These markets

have high potential and there are compelling pockets of consumption amongst

affluent consumers but, for the most part, broad income dynamics mean

meaningful category development is much longer term. Still, entering these

markets early builds important, long duration brand equity and serves as a

seed investment to secure growth over the longer term. Countries included in

this cohort include: Colombia, Egypt, India, Indonesia, Morocco, Nigeria,

Pakistan, Philippines, South Africa, Sri Lanka and Thailand, with growth driven

primarily by volume expansion as categories develop. As expected, profitability

is typically low in these markets due to required investments and lower unit

pricing.

Developing markets, with GDP per capita between $6,000 and $30,000,

represent 27.3% of the world’s population, 26.9% of the world’s GDP, 33.4%

of CPG industry sales and contributed 3.3% to total industry weighted growth

of 5.4% over the last 5 years. These markets are in the sweet spot of category

development, with sales typically driven by a mix of volume enhancement and

price and mix realization as incomes rise and categories premiumize. Winning

in these markets is critical to sustainable growth and sets the stage for

meaningful gross margin inflection in the later stages of category

development. With a higher percentage of the population in services jobs in

urban areas, population growth is modestly slower than emerging markets at

0.7% but still better than tepid population growth in more mature developed

27 April 2016


BRIClash


markets. Countries in this critical cohort, in order of economic development

from lowest to highest include China, Malaysia, Mexico, Poland, Chile, Russia,

Argentina, Saudi Arabia and South Korea.

Developed markets have per capita GDP of greater than $30,000, represent

just 11.4% of the world’s population but account for 56.4% of the world’s

actual GDP (not at PPP), 57.2% of industry sales and contributed about 1% to

total weighted industry growth of 5.4% over the last 5 years. With low

population growth, revenue in these market is driven primarily by price and

mix due to premiumization. Moreover, industry growth, while it certainly

fluctuates with GDP, is much more stable since even in a recessionary or slow

growing environment, consumption is still relatively stable. Due to higher price

points and better distribution scale, gross margins are often highest in these

markets, with SG&A ratio modestly higher due to higher labor, media and

services costs. With slower category growth, competition in these markets is

often driven by zero sum competitive share battles, often paid for by

aggressive cost savings. Countries in this cohort include Japan, Western

Europe, Canada, the US and Australia.

27 April 2016


BRIClash


In the balance of this report, we review the categories and subcategories

within CPG to better understand how they develop and what the outlook is for

further consumption growth.

Starting with personal care where industry per capita consumption has a

correlation coefficient of 0.75 to GDP, we see clear opportunities for

consumption to rise and fall across different stages of economic development.

As we show in the chart below, early stage developing markets like China,

Turkey and Russia have significant room for per capita consumption to rise as

premiumization via price and mix accelerates, along with the US, to per capita

GDP levels based on the correlation line. Conversely, per capita consumption

relative to per capita GDP is above what it statistically should be in Latin

America, Korea and Japan, although cultural preferences likely skew this

relationship. Still, with low population growth and an aging population, per

capita consumption could decline in Japan where P&G and Nu Skin are most

relatively exposed.

Figure 16: GDP per capita vs. personal care spend per capita (bubble size=total sales)

US

W. Europe

China

Japan

Brazil

India

Russia

CanadaKorea

Mexico

Indonesia

Turkey

Saudi Arabia

Nigeria

Poland

Argentina

Thailand

Colombia

South Africa

Malaysia

Philippines

Chile

Ukraine

Ecuador

y = 0.0051x + 33.946R² = 0.7524

$-

$50

$100

$150

$200

$250

$300

$- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000

pe

rso

na

l ca

re p

er

cap

ita

($

)

GDP per capita ($)

macro impact?

latent

potential?

below trendline, room to expand per caps

above trendline, potential per cap declines

bubble size = total beauty and personal care market

Source: Deutsche Bank, Euromonitor, BMI research

In soft drinks, per capita consumption has a correlation coefficient of 0.64 to

per capita GDP, making it one of the least correlated of all CPG categories. Like

other categories, Latin American consumers spend more than statistically

expected, with clear opportunity for consumption to grow with economic

development in most low per capita GDP countries. For Coke and PepsiCo,

driving trial in the early stages of emerging markets’ development is a critical

driver of volume growth and brand loyalty over time, even if this means

accepting a lower margin as it requires smaller and more competitively priced

products and distribution needs to be better leveraged with scale. Supported

by various other data sources including Nielsen, soft drink consumption trends

27 April 2016


BRIClash


in Western Europe are well below where they should be relative to per capita

GDP and it is incumbent on Coke, Pepsi and their bottlers to continue to invest

in driving consumption here. Conversely, Japan per caps are high relative to an

aging population and tepid economic growth outlook, suggesting per caps

should weaken going forward, putting more pressure on manufacturers to

innovate to build out increasingly important still beverage portfolio at higher

price points as traditional carbonated soft drinks lose relevance.

Figure 17: GDP per capita vs. soft drinks spend per capita (bubble size=total sales)

USA

W. Europe

China

Japan

Brazil

India

Russia

Canada

Australia

Korea

Mexico

Indonesia

Turkey

Saudi Arabia

Nigeria

Poland

Argentina

ThailandColombia

South Africa

MalaysiaEgypt

Philippines

Chile

VietnamUkraine

Morocco

Ecuador

Sri Lanka

y = 0.0054x + 32.421R² = 0.6405

$-

$50

$100

$150

$200

$250

$300

$350

$400

$450

$- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000

pe

r ca

pit

a so

ft d

rin

ks (

$)

per capita GDP ($)

pressure from sugar taxes, health concerns? impact of aging

population?

latent volumeopportunity


Looking at packaged food, which is 0.85 correlated to per capita GDP, a

pronounced consumption curve is evident. In lower per capita GDP markets,

per capita food sales follow similar trends of other markets, with lower income

markets consuming less than statistically expected but poised to close the gap

as per capita GDP expands and food consumption moves from the field to the

store. With notable exceptions, food market is much more local than other

categories with a long-term penetration opportunity for multinationals to

expand their reach in a fragmented industry through organic investments and

further M&A. Food per capita consumption tends to flatten out in developed

markets as health and wellness concerns fuel lower calorie diets and focus on

clean labels and natural ingredients, a clear threat to the large, center-store

centric packaged food players.

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BRIClash


Figure 18: GDP per capita vs. packaged food spend per capita (bubble size=total sales)

USA

W. Europe

China

Japan

Brazil

India

Russia

Canada

Australia

Korea

Mexico

Indonesia

Turkey

Saudi Arabia

Poland

Argentina

Thailand

Colombia South Africa

MalaysiaEgypt

Philippines

Chile

Vietnam

Ukraine

Ecuador

Sri Lanka

y = 0.0242x + 105.21R² = 0.8535

$-

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000

pe

r ca

pit

a p

acka

ged

fo

od

($

)

per capita GDP ($)

per caps flatten above $30 k of GDP

per capita


27 April 2016


BRIClash


Below we show that in aggregate, per capita consumption growth (using

Euromonitor data in local currency) is often correlated with per capita real GDP

growth, but CPG growth is still more resilient than GDP per capita growth,

even in earlier stage developing markets, supporting the prevailing view once

consumers enter these categories. We note our fairly limited sample size as we

only have CPG per capita spending since 2001 but think our analysis provides

a broad, directional understanding of the drivers of per capita CPG spending

growth over time.

Figure 19: In China, GDP and CPG per capita growth

have tracked together with R² of 61%

Figure 20: In Brazil, CPG per capita growth has generally

moved in line with GDP growth but more resilient

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

China GDP per capita

China - Total Value RSP - CNY Per Capita CPG per capita

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Brazil GDP per capita

Brazil - Total Value RSP - BRL Per Capita CPG per capita


Source: Deutsche Bank, Euromonitor, BMI Research

Figure 21: In Mexico, per capita CPG growth has been

relatively stable despite volatility in GDP growth

Figure 22: CPG per capita growth has decelerated in

Russia but strongly correlated with GDP (R²=55%) but

more stable

-5%

0%

5%

10%

15%

20%

25%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Mexico GDP per capita

Mexico - Total Value RSP - MXN Per Capita CPG per capita

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Russia GDP per capita

Russia - Total Value RSP - RUB Per Capita CPG per capita



27 April 2016


BRIClash


Figure 23: In South Korea, per capita CPG growth

decoupled from GDP growth from 2011 onwards

Figure 24: India CPG per capita growth has a low

correlation with GDP growth

0%

2%

4%

6%

8%

10%

12%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

South Korea GDP per capita

South Korea - Total Value RSP - KRW Per Capita CPG per capita

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

India GDP per capita

India - Total Value RSP - INR Per Capita CPG per capita



Figure 25: In Turkey, per capita CPG also trended down

as GDP per capita declined (R²=75%)

Figure 26: In the US CPG per capita is surprisingly highly

correlated with GDP growth per capita

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Turkey GDP per capita

Turkey - Total Value RSP - TRY Per Capita CPG per capita

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

United States GDP per capita

USA - Total Value RSP - US$ Per Capita CPG per capita



27 April 2016


BRIClash


China case study: strong latent opportunity, locals winning big

Despite slowing GDP growth, an aging population and growing pains in

shifting its economy from one based on manufacturing and exports to internal,

consumer led consumption, the latent consumption opportunity in this key

market remains one of the most compelling in the world. With Tier 1 cities

largely penetrated and volume growth predicated on zero sum market share

battles as categories slow, distribution expansion and further premiumization

are key value drivers in the market as middle class expands in inland cities and

outside Tier 1 cities (Beijing, Guangzhou, Shanghai, and Shenzen) as noted

below (for more information on this topic, please see “Mapping China’s Middle

Class”, McKinsey Quarterly, June 2013). Outside the entrenched markets like

Shanghai, Beijing and Guangzhou, there is clear room for many to enhance

their distribution depth and breadth in smaller cities and regions, offsetting the

slowdown in mature cities. For instance, Estee Lauder has been aggressively

building out its distribution and retail store presence in smaller cities to offset

tepid sales trends in its more mature, coastal markets.

Figure 27: Middle class is moving inland… Figure 28: …and towards 3rd & 4th tier cities

13%

39%

87%

61%

2002 2022

inland China coastal China

40%

16%

43%

45%

18%

39%

2002 2022

Tier 1 Tier 2 Tier 3 & 4

Source: Deutsche Bank, McKinsey Quarterly June 2013

Source: Deutsche Bank, McKinsey Quarterly June 2013

In carbonated soft drinks, Coke is clearly winning as PepsiCo works to improve

its disappointing, recently impaired bottling partnership with Tingyi. As Nielsen

data show, category has softened recently, with sales negative over the 2, 4

and 12 month periods, despite low per caps. Coke remains the dominant

player in the market, with 66% share growing while Pepsi’s 28% share is

falling and local player Wahaha remains small and private label is non-existent.

For Coke, the biggest concern is driving category growth through consumption

building strategic investments, noting Sprite is a bigger brand in the market

than Trademark Coke, and Zero is growing rapidly off a low base. Pepsi, if it

wants to remain relevant in this important market, needs to improve its go to

market efforts with partner Tingyi noting cola is 65% of Pepsi CSD sales.

Interestingly, Nielsen reported CSD category growth doesn’t correspond with

typical consumption in similar GDP growth environments, suggesting the

consumption component of China’s GDP is well below the headline reported

number.

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BRIClash


Figure 29: China carbonated soft drink growth has been

lackluster …

Figure 30: …with Pepsi ceding significant share to Coke

over the last year

3.7%

-2.2%

-0.5%

0.9%

-10.6%

-0.4%

MA 15 MJ 15 JA 15 SO 15 ND 15 JF 16

Source: Deutsche Bank, Nielsen


Looking at developments in household and personal care, P&G has been the

biggest share donor across categories from a high base and needs to reverse

these trends in this important market to accelerate recently weak organic

growth that is impacting the broader business. At over 8% of sales and the

biggest market for P&G outside the US, getting China right is critical in

accelerating organic growth and moving earnings and the share price higher.

Overall, as we discuss below and something we see in developing markets,

local brands are executing well and taking share from the Western incumbents

like P&G and Unilever as they better align themselves with the subtleties of

these markets and are perhaps advantaged since they aren’t forced to take

pricing to offset currency movements.

Figure 31: P&G estimated Greater China sales by category (100% = $6B)

Diapers17%

fabric care11%

hair care33%

oral care6%

skin/ personal

care17%

all other16%

Source: Deutsche Bank, Euromonitor, Nielsen, and industry sources

27 April 2016


BRIClash


Figure 32: China market share and share change in selected categories

market share (LTM Dec '15)

P&G Unilever Kimberly Colgate* L'Oreal Kao Unicharm Heng An others

traditional diapers 31% - 15% - - 7% 13% 14% 19%

baby store diapers 12% - 16% - - 17% 8% 2% 45%

laundry detergent 16% 13% - - - 1% - - 71%

shampoo 49% 17% - - 3% - - - 30%

toothpaste 13% 7% - 33% - - - - 46%

manual toothbrushes 5% - - 28% - - - - 67%

market share change (LTM Dec '15)

traditional diapers -3.9% - 2.4% - - 2.9% -1.9% 0.3% 0.3%

baby store diapers -4.2% - 2.4% - - -0.7% -0.7% -0.5% 3.7%

laundry detergent -0.4% -1.5% 0.0% - - 0.1% - - 1.8%

shampoo -1.6% -0.7% 0.0% - 0.6% - - - 1.6%

toothpaste -2.3% -1.3% - 0.1% - - - - 3.5%

manual toothbrushes -1.2% - - -1.1% - - - - 2.3% Source: Deutsche Bank, Nielsen

27 April 2016


BRIClash


China eCommerce study: accelerating adoption, new opportunities

Looking forward, developing a strong online presence is crucial to success in

China, with eCommerce share gains significant in recent years and showing

few signs of slowing. For the big, well-distributed brands, eCommerce threat is

exacerbated as the Internet democratizes product availability, making it easier

for niche brands to penetrate the market. As we show below, eCommerce has

grown to 22% of China’s color cosmetics market, 11% of fragrances, 17% of

hair care, 19% of skin care, 15% in adult incontinence, 27% in diapers and 9%

in sanitary protection.

Figure 33: eCommerce % of category sales Figure 34: Store-based retail % of category sales

4% 3%

1%3% 3%

5%

2%

22%

11%

17%

19%

15%

27%

9%

color cosmetics

fragrances hair care skin care adult incontinence

diapers sanitary protection

2010 2015

84%90%

94%

81%

97% 95% 98%

66%

86%

77%

64%

85%

74%

91%

color cosmetics

fragrances hair care skin care adult incontinence

diapers sanitary protection

2010 2015

Source: Deutsche Bank, Euromonitor


During this migration, direct selling has largely held share, but needs to better

embrace social selling to maintain or expand it while store-based retail faces a

bleak future given increasingly entrenched Internet consumption patterns.

Interestingly, local players are significant in the market and after effectively

obviating Avon are taking share from Nu Skin, Amway and others.

Figure 35: Direct selling % of category sales

11%

7%

4%

16%

12%

3%

5%

17%

color cosmetics fragrances hair care skin care

2010 2015


27 April 2016


BRIClash


Brazil case study: healthy per capita consumption, uncertain volume rebound

Once the darling of the global CPG world, macro slowdown and geopolitical

uncertainty in Brazil is contributing greatly to the negative sentiment

surrounding emerging markets, despite the clear long-term opportunity. With

real GDP falling 4% this year and expected to decline at the same rate in 2016

as prices for exported commodities that funded the historical growth have

fallen, outlook for this key market that punched above its weight for several

years remains negative with few signs of recovery other than currency

stabilization.

Figure 36: Brazil real GDP growth

4.4

1.3

3.1

1.2

5.7

2.8

4.0

6.15.1

-0.1

7.5

3.9

1.93.0

0.1

-3.8-4.0

Source: Deutsche Bank, World Bank

Unlike the other BRIC countries, per capita consumption of personal care and

soft drink categories is already high, greater than the US and Europe in

fragrances, greater than Europe in hair care and only modestly lower than

Europe in carbonated soft drinks. Given this dynamic, per capita consumption

increases in an improving macro environment is less likely here than in other

developing markets, even if the ranks of middle class consumers expands.

27 April 2016


BRIClash


Figure 37: Per capita consumption by category ($)

$6 $1 $0

$10

$27 $24

$28

$10 $6

$2

$10

$27

$37

$30

$6 $4 $1

$5

$19

$25

$11

$23

$7 $1

$20

$51

$122

$46

$6 $5 $0

$10 $12

$19

$9

world China India Russia W. Europe US Brazil

fragrances hair care oral care CSDs diapers


As we show below, direct sellers Avon and Natura and the long tail of all other

companies have been the biggest share donors in the personal care market,

with privately held franchisor Botica and multinationals the biggest share

winners over the last several years as modern trade and franchise channels

continue to expand rapidly. In carbonated soft drinks, Coke has gained about a

half a point of share with a 68% share of a slowing market, with ABI owned

Antarctica Guarana taking about 0.3 points of share to 15% of the market and

PepsiCo holding nearly steady with 5% of the market using ABI as its primary

bottler and despite a sizable snacks business built organically and via

acquisitions.

Figure 38: Brazil personal care market share

10.4

14.9

6.9

7.8

5.55.98.8

39.8

12.1

11.4

10.0

9.1

6.75.75.8

39.2

Unilever, 12.2

Natura, 11.1

Botica, 10.9

P&G, 9.7

L'Oreal, 6.8Colgate, 5.8

Avon, 5.7

all other, 37.8

2015

2014

2010


27 April 2016


BRIClash


Figure 39: Brazil LTM CSD share and share change

Coke80%

Pepsi5%

Antarctica15%

LTM CSD share 0.5%

0.0%

0.3%

Coke Pepsi Antarctica

LTM share chg.


Looking at select category growth rates over the last 12 months, it is clear that

the bulk of growth has been driven by inflation to offset aforementioned

currency transaction headwinds. As big f/x moves are lapped in upcoming

quarters and pricing rolls off, it remains to be seen how quickly volume growth

recovers, potentially creating a troubling organic growth dilemma for many of

the companies with outsized exposure to this market, noting the already high

per capita consumption levels in several key categories. For consumer

products categories to continue growing again at historical levels, we believe

middle class creation that drove much of the upward trajectory prior to the

recent slowdown has to accelerate again which isn’t likely in the upcoming

quarters, exacerbated by troubling geopolitical environment and low

commodity prices. As such, while we remain sanguine about the longer-term

potential of the market, 2016 should be another difficult year in Brazil which is

supported by commentary from most of the US multinationals like Colgate and

Avon with material exposure to this market. In the interim, we believe growth

will be driven more by market share battles to drive volume growth which will

also raise the cost of competition and impact margin trajectory.

Figure 40: Sales derivation in Brazil across select categories

-6.7%

1.6% 0.6% 0.6%

-1.8%

8.4%8.0%

6.7% 6.5%8.9%

carbonated soft drinks

diapers laundry detergent

shampoo toothpaste

volume price/mix


27 April 2016


BRIClash


Figure 41: Middle class income contribution needs to expand to accelerate

growth

34.234.5

35.2

35.9 36.136.6

37.538.0

38.538.8

39.2 39.4

38.8 38.9

39.0

31.0

32.0

33.0

34.0

35.0

36.0

37.0

38.0

39.0

40.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Source: BMI and Deutsche Bank analysis

27 April 2016


BRIClash


CPG Per Capita Spending by market and category

Figure 42: Bath and Shower Figure 43: Beer

$0

$5

$10

$15

$20

$25

$30

Ch

ina

Ind

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Jap

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Eu

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USD

per

cap

ita

2005

2015

$0

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$120

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Ch

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fric

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ey

USD

per

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2005

2015



Figure 44: Bottled Water Figure 45: Carbonated Soft Drinks

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

Ch

ina

Ind

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Figure 46: Color Cosmetics Figure 47: Deodorants

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BRIClash


Figure 48: Diapers Figure 49: Fragrances

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Figure 50: Hair Care Figure 51: Juice

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Figure 52: Laundry Care Figure 53: Mass Beauty and Personal Care

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27 April 2016


BRIClash


Figure 54: Men’s Grooming Figure 55: Oral Care

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Figure 56: Premium Beauty and Personal Care Figure 57: Skin Care

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Figure 58: Spirits Figure 59: Wine

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27 April 2016


BRIClash


Category growth (fixed USD)

Asia

Figure 60: Bath and Shower Figure 61: Beer Figure 62: Bottled Water

5%

9%9%

6%

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4%

6%8%

12%

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10%

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AVG 2005-2010 AVG 2011-2014 2015

12%

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35%

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AVG 2005-2010 AVG 2011-2014 2015




Figure 63: CSD Figure 64: Color Cosmetics Figure 65: Deodorants

1%

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2%

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5%4%

1%

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0%

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AVG 2005-2010 AVG 2011-2014 2015

11%

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4%

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7%10%

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AVG 2005-2010 AVG 2011-2014 2015

6%

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58%

4%

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10%

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30%

40%

50%

60%

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AVG 2005-2010 AVG 2011-2014 2015




Figure 66: Diapers Figure 67: Fragrances Figure 68: Hair Care

11%

31% 29%

5%

16%

5%

0%

10%

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-5%

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AVG 2005-2010 AVG 2011-2014 2015

10%

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16%

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AVG 2005-2010 AVG 2011-2014 2015

5%

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6%4%

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0%2%4%6%8%

10%12%14%16%18%20%

AVG 2005-2010 AVG 2011-2014 2015




27 April 2016


BRIClash


Figure 69: Juice Figure 70: Laundry Figure 71: Mass Beauty

1%

26%

17%

5%

15%

4%

-4%

3%11%

-10%

0%

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AVG 2005-2010 AVG 2011-2014 2015

7%9%

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AVG 2005-2010 AVG 2011-2014 2015

9%

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0%2%4%6%8%

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AVG 2005-2010 AVG 2011-2014 2015




Figure 72: Men’s Grooming Figure 73: Oral Care Figure 74: Premium Beauty

11%

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6%8% 8%

15%

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5%

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20%

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AVG 2005-2010 AVG 2011-2014 2015

8%

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0%2%4%6%8%

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AVG 2005-2010 AVG 2011-2014 2015

11%

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50%

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AVG 2005-2010 AVG 2011-2014 2015




Figure 75: Skin Care Figure 76: Spirits Figure 77: Wine

10%

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6%

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5% 6% 6%

18%

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AVG 2005-2010 AVG 2011-2014 2015

8% 7%

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AVG 2005-2010 AVG 2011-2014 2015

8% 7%

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12%

4%6%

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0%

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10%

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20%

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AVG 2005-2010 AVG 2011-2014 2015




27 April 2016


BRIClash


Eastern Europe


3%5%

2%

0%

5%

10%

15%

20%

25%

Poland Russia Ukraine

AVG 2005-2010 AVG 2011-2014 2015

1%3%

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AVG 2005-2010 AVG 2011-2014 2015

7%6%

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AVG 2005-2010 AVG 2011-2014 2015




Figure 81: CSD Figure 82: Color cosmetics Figure 83: Deodorants

0%

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AVG 2005-2010 AVG 2011-2014 2015

7%

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AVG 2005-2010 AVG 2011-2014 2015

3%

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AVG 2005-2010 AVG 2011-2014 2015




Figure 84: Diapers Figure 85: Fragrances Figure 86: Hair care

1%

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AVG 2005-2010 AVG 2011-2014 2015

1% 1%0%

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3% 2%0%

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AVG 2005-2010 AVG 2011-2014 2015




Figure 87: Juice Figure 88: Laundry Care Figure 89: Mass Beauty

3%

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AVG 2005-2010 AVG 2011-2014 2015

3%

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AVG 2005-2010 AVG 2011-2014 2015

3% 3%

0%0%2%4%6%8%

10%12%14%16%18%20%


AVG 2005-2010 AVG 2011-2014 2015




27 April 2016


BRIClash



3%1%

4%

0%2%4%6%8%

10%12%14%16%18%20%

Russia Ukraine Poland

AVG 2005-2010 AVG 2011-2014 2015

4%6%

3%

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AVG 2005-2010 AVG 2011-2014 2015

4%3%

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AVG 2005-2010 AVG 2011-2014 2015




Figure 93: Skin care Figure 94: Spirits Figure 95: Wine

4% 3%

-3%-5%

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AVG 2005-2010 AVG 2011-2014 2015

2%

-2%

9%

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5%

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AVG 2005-2010 AVG 2011-2014 2015

2%

-2%

9%

-5%

0%

5%

10%

15%

20%

25%


AVG 2005-2010 AVG 2011-2014 2015




27 April 2016


BRIClash


Latin America


31%

7% 8%7% 6% 5%

0%

5%

10%

15%

20%

25%

30%

35%

Argentina Brazil Chile Colombia Ecuador Mexico

AVG 2005-2010 AVG 2011-2014 2015

30%

9%7%

3% 4% 5%

0%

5%

10%

15%

20%

25%

30%

35%


AVG 2005-2010 AVG 2011-2014 2015

36%

26%

12%10%

12%

6%

0%

5%

10%

15%

20%

25%

30%

35%

40%


AVG 2005-2010 AVG 2011-2014 2015





32%

6%3% 2% 3% 4%

0%

5%

10%

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20%

25%

30%

35%


AVG 2005-2010 AVG 2011-2014 2015

36%

9% 10%6% 6% 4%

0%

5%

10%

15%

20%

25%

30%

35%

40%


AVG 2005-2010 AVG 2011-2014 2015

38%

11%9%

5% 6% 7%

0%5%

10%15%20%25%30%35%40%45%


AVG 2005-2010 AVG 2011-2014 2015




Figure 102: Diapers Figure 103: Fragrances Figure 104: Hair Care

31%

9%5%

2%6%

4%

0%

5%

10%

15%

20%

25%

30%

35%


AVG 2005-2010 AVG 2011-2014 2015

39%

11%9%

6% 4% 4%

0%5%

10%15%20%25%30%35%40%45%


AVG 2005-2010 AVG 2011-2014 2015

35%

10%5% 6% 6% 5%

0%

5%

10%

15%

20%

25%

30%

35%

40%


AVG 2005-2010 AVG 2011-2014 2015





44%

19%

4%

12%

4% 3%

0%5%

10%15%20%25%30%35%40%45%50%


AVG 2005-2010 AVG 2011-2014 2015

26%

6% 6%3%

7%5%

0%

5%

10%

15%

20%

25%

30%


AVG 2005-2010 AVG 2011-2014 2015

36%

10%7% 6% 6% 5%

0%

5%

10%

15%

20%

25%

30%

35%

40%


AVG 2005-2010 AVG 2011-2014 2015




27 April 2016


BRIClash



33%

13%

5% 5% 6%8%

0%

5%

10%

15%

20%

25%

30%

35%


AVG 2005-2010 AVG 2011-2014 2015

37%

12%7% 7% 6% 6%

0%

5%

10%

15%

20%

25%

30%

35%

40%


AVG 2005-2010 AVG 2011-2014 2015

43%

11% 8% 8%

-6%

7%

-10%

0%

10%

20%

30%

40%

50%


AVG 2005-2010 AVG 2011-2014 2015





33%

7% 6% 5% 4% 4%

0%

5%

10%

15%

20%

25%

30%

35%


AVG 2005-2010 AVG 2011-2014 2015

39%

9%5% 5% 6%

12%

-5%0%5%

10%15%20%25%30%35%40%45%


AVG 2005-2010 AVG 2011-2014 2015

28%

7% 7%

11% 10%

16%

0%

5%

10%

15%

20%

25%

30%


AVG 2005-2010 AVG 2011-2014 2015




27 April 2016


BRIClash


Middle East and Africa

Figure 114: Bath and Shower Figure 115: Beer Figure 116: Bottled water

13%

12%

10%

5%

0%

2%

4%

6%

8%

10%

12%

14%

16%

Egypt Saudi Arabia South Africa Turkey

AVG 2005-2010 AVG 2011-2014 2015

16% 16%

10%

3%

0%2%4%6%8%

10%12%14%16%18%


AVG 2005-2010 AVG 2011-2014 2015

8% 9%11%

14%

0%

5%

10%

15%

20%

25%


AVG 2005-2010 AVG 2011-2014 2015





18%

7%

10%

6%

0%2%4%6%8%

10%12%14%16%18%20%


AVG 2005-2010 AVG 2011-2014 2015

10%

13% 13% 13%

0%

2%

4%

6%

8%

10%

12%

14%

16%


AVG 2005-2010 AVG 2011-2014 2015

14% 15%

8%

11%

0%

2%

4%

6%

8%

10%

12%

14%

16%


AVG 2005-2010 AVG 2011-2014 2015




Figure 120: Diapers Figure 121: Fragrances Figure 122: Hair care

11%

7%

9%

13%

0%

2%

4%

6%

8%

10%

12%

14%

16%


AVG 2005-2010 AVG 2011-2014 2015

12%

16%

12%

7%

0%2%4%6%8%

10%12%14%16%18%20%


AVG 2005-2010 AVG 2011-2014 2015

13%12%

5%

9%

0%2%4%6%8%

10%12%14%16%18%


AVG 2005-2010 AVG 2011-2014 2015





14%

6%

15%

12%

0%

2%

4%

6%

8%

10%

12%

14%

16%


AVG 2005-2010 AVG 2011-2014 2015

14%

8% 7%9%

0%2%4%6%8%

10%12%14%16%18%20%


AVG 2005-2010 AVG 2011-2014 2015

26%

12%9% 10%

0%

5%

10%

15%

20%

25%

30%


AVG 2005-2010 AVG 2011-2014 2015




27 April 2016


BRIClash



10%

13%

9% 9%

0%

2%

4%

6%

8%

10%

12%

14%

16%


AVG 2005-2010 AVG 2011-2014 2015

10%9%

7%9%

0%

2%

4%

6%

8%

10%

12%

14%

16%


AVG 2005-2010 AVG 2011-2014 2015

15% 14%

12% 11%

0%2%4%6%8%

10%12%14%16%18%


AVG 2005-2010 AVG 2011-2014 2015





12%10%

9%

13%

0%2%4%6%8%

10%12%14%16%18%


AVG 2005-2010 AVG 2011-2014 2015

15%

9% 10%

0%2%4%6%8%

10%12%14%16%18%20%

Egypt South Africa Turkey

AVG 2005-2010 AVG 2011-2014 2015

17%

8%

27%

0%

5%

10%

15%

20%

25%

30%

35%

Egypt South Africa Turkey

AVG 2005-2010 AVG 2011-2014 2015




27 April 2016


BRIClash


Market Share

Bath and Shower market share

Figure 132: China Figure 133: India Figure 134: Indonesia

25.0 25.1 23.2

8.7 6.47.1

6.06.5

5.7

4.0 5.75.6

3.5 3.12.9

2005 2010 2014

Meiri

Shanghai Jahwa

Amway

Unilever

P&G

54.348.2 46.9

4.47.5 8.9

8.39.1 8.4

6.0 7.8 7.6

8.64.1 1.5

2005 2010 2014

Nirma

Wipro

Godrej Group

Reckitt Benckiser

Unilever

40.3 39.0 39.2

17.8 18.5 17.2

5.6 6.0 5.9

3.0 4.4 4.35.0 4.7 4.2

2005 2010 2014

Johnson & Johnson

Bina Karya Prima

PZ Cussons

Wings Corp

Unilever




Figure 135: Malaysia Figure 136: Pakistan Figure 137: Philippines

18.022.0 24.2

16.015.6

15.8

10.412.0

11.2

14.28.7 7.2

5.8 4.3 3.2

2005 2010 2014

Lam Soon Group

Colgate-Palmolive

Wipro

Reckitt Benckiser

Unilever

29.5 27.234.6

5.4 9.8

11.25.0

7.6

8.7

6.25.6

6.7

10.29.0

5.7

2005 2010 2014

Megasurya Mass

Zulfeqar Industries

Reckitt Benckiser

P&G

Unilever

36.5 36.8 37.5

21.917.0 12.3

2.06.6 11.2

7.2 5.5 5.6

6.4 5.9 4.8

2005 2010 2014

Johnson & Johnson

Splash Corp

Cosmetique Asia

Colgate-Palmolive

P&G




Figure 138: South Korea Figure 139: Thailand Figure 140: Vietnam

25.1 24.029.9

20.029.0

27.4

16.57.2

6.30.0 4.54.05.9

5.4 3.1

2005 2010 2014

Amway

Lion Corp

Unilever

AmorePacific

LG Household

18.6 20.7 21.6

18.919.9 19.1

4.36.4 7.95.9

6.4 6.06.3

5.2 4.7

2005 2010 2014

Johnson & Johnson

PZ Cussons

Lion Corp

Colgate-Palmolive

Unilever

34.940.5 40.4

15.814.1 13.4

7.88.5 8.3

6.8

9.4 7.67.0

3.53.6

2005 2010 2014

Colgate-Palmolive

Henkel

Wipro

P&G

Unilever




Figure 141: Poland Figure 142: Russia Figure 143: Ukraine

6.812.7

18.59.8

9.7

8.811.1

9.2

7.88.5

8.56.97.2

8.5 6.8

2005 2010 2014

Henkel

Beiersdorf

Colgate-Palmolive

Unilever

Private Label

9.87.6 8.2

7.48.6 7.5

7.56.8 6.6

5.6 7.95.1

4.4 4.1

5.1

2005 2010 2014

Nevskaya Kosmetika

Oriflame Cosmetics

Colgate-Palmolive

Avon Products

Unilever

12.48.0 9.8

6.88.8

8.8

9.67.0

8.6

14.9

8.88.1

5.4

14.4 7.6

2005 2010 2014

Oriflame Cosmetics

P&G

Colgate-Palmolive

Avon Products

Unilever




27 April 2016


BRIClash


Figure 144: Argentina Figure 145: Brazil Figure 146: Chile

36.443.1 43.2

0.0

10.4 8.312.2

8.07.8

1.0

2.4 4.7

4.2

4.8 4.2

2005 2010 2014

Beiersdorf

Natura Cosméticos

Colgate-Palmolive

Alicorp

Unilever

29.925.4 27.8

12.814.8

15.0

12.111.8

12.4

12.39.9

8.8

2.6

2.73.8

2005 2010 2014

Botica

JBS SA

Colgate-Palmolive

Natura Cosméticos

Unilever

41.6 43.4 47.6

14.0 14.114.90.5

3.0

6.2

5.04.4

3.8

0.6

4.6

3.7

2005 2010 2014

Miguel Maritano

Beiersdorf

Colgate-Palmolive

Natura Cosméticos

Durandin

Unilever




Figure 147: Colombia Figure 148: Ecuador Figure 149: Mexico

29.4 29.2 26.0

21.415.1

13.7

5.3

6.4

4.9

2.4

2.7

4.7

1.02.5

4.1

2005 2010 2014

Belleza Express

Avon Products

Johnson & Johnson

Unilever

Colgate-Palmolive

30.5 29.4 26.6

24.6 25.9

19.4

0.0 2.712.5

6.45.8 6.00.82.6 4.9

2005 2010 2014

Avon Products

Laboratorios Fabell

La Fabril

Unilever

Colgate-Palmolive

38.634.4 33.6

23.623.2 23.9

8.59.0 8.7

4.34.1 3.9

0.01.0 3.5

2005 2010 2014

4E de México

Sanchez y Martin

Unilever

Colgate-Palmolive

P&G




Figure 150: Egypt Figure 151: Saudi Arabia Figure 152: South Africa

20.6 18.4 19.0

3.04.8

6.5

7.0 7.05.3

5.3 4.4 3.6

6.5

2.9 2.5

2005 2010 2014

Henkel

Colgate-Palmolive

P&G

Evyap Sabun

Unilever

34.5 37.2 37.8

12.514.1 13.5

4.8

9.3 9.78.0

5.6 5.67.0

5.5 5.1

2005 2010 2014

PZ Cussons

Johnson & Johnson

Reckitt Benckiser

P&G

Unilever

15.5

33.7 31.8

24.9

22.9 23.18.9

13.7 15.8

14.8

8.6 6.4

1.0

2.2 2.8

2005 2010 2014

Avon Products

Private Label

Reckitt Benckiser

Colgate-Palmolive

Unilever




Figure 153: Turkey

27.5 23.8 24.2

21.019.9 18.0

6.69.3 14.0

4.9 7.17.1

4.8 8.16.4

2005 2010 2014

Avon Products

Unilever

Private Label

Evyap Sabun

Colgate-Palmolive


27 April 2016


BRIClash


Beer Market Share


13.020.4 23.2

13.4

13.8

18.410.7

11.0

14.0

10.2

11.1

10.7

1.0

1.9

4.6

2005 2010 2014

Carlsberg

Beijing Yanjing

AB InBev

Tsingtao

China Resources

49.4 52.5 51.1

33.2 24.4 25.6

0.03.9 7.6

8.03.9

3.11.8

2.42.5

2005 2010 2014

Mount Shivalik

Mohan Meakin

Carlsberg

SABMiller

UB Group

42.9

5.2

44.4

22.5

28.9

28.9

25.9

18.1

16.9

4.5

6.0

4.64.1

3.7

4.0

2005 2010 2014

Carlsberg

Bali Hai

Diageo

San Miguel

Heineken





46.3 44.3 44.4

37.1 39.4 40.2

9.0 8.2 7.30.9 0.8 1.9

2005 2010 2014

AB InBev

Diageo

Heineken

Carlsberg

83.2

86.084.7

0.1

2.1

2.3

0.0

1.9

1.4

0.0

0.9

1.4

0.0

1.6

1.4

2005 2010 2014

Aujan

Bavaria

Anadolu

Carlsberg

Murree

90.888.7

91.1

3.45.4

4.6

5.0 5.23.8

2005 2010 2014

Asia Brewery

SABMiller

San Miguel





38.3 41.555.7

57.2 54.632.8

2005 2010 2014

Hite Jinro

AB InBev

37.4

55.1 59.2

47.4

34.3 31.7

5.43.9 4.5

2005 2010 2014

Heineken

Thai Beverage

Boon Rawd Brewery

44.0 47.1 45.7

16.817.7 18.1

14.217.2 16.7

7.0

9.2 9.7

2005 2010 2014

Carlsberg

Heineken

Habeco

Sabeco





35.7 39.9 37.6

33.6 30.228.0

14.4 13.715.7

5.5 5.6 6.81.8 2.5 3.4

2005 2010 2014

Van Pur

Private Label

Carlsberg

Heineken

SABMiller

32.838.2 38.1

9.3

10.3 11.913.6

14.8 10.79.0

13.19.24.2

6.4

3.9

2005 2010 2014

SABMiller

Anadolu Group

AB InBev

Heineken

Carlsberg

35.6 32.827.1

14.827.8

25.7

20.8

24.9

15.2

0.0

1.8

6.1

12.5

4.2

1.4

2005 2010 2014

SABMiller

Persha Pryvatna

Obolon

Carlsberg

AB InBev




27 April 2016


BRIClash



76.0 77.2 74.8

9.013.4

11.92.3

3.14.76.4

4.9 4.3

2005 2010 2014

SABMiller

Heineken

Cía Cervecerí

AB InBev

67.9 66.2 63.9

16.0 15.413.3

5.1 8.2 11.50.1

6.8 6.7

2005 2010 2014

Heineken

Cervejaria Petrópolis

Kirin

AB InBev

80.7 76.165.5

11.014.1

23.8

3.3 4.0 6.3

2005 2010 2014

Heineken

AB InBev

Cía Cervecerías





97.2 97.4

92.0

0.0 0.0

1.1

2005 2010 2014

Bogotá Beer

SABMiller

97.2 97.4

92.0

1.7 1.9

7.7

2005 2010 2014

AB InBev

SABMiller

51.4 53.7 51.0

42.7 40.9 44.3

4.4 3.8 3.3

2005 2010 2014

Damm

Heineken

AB InBev





83.872.1 73.1

0.015.1 13.5

0.02.9 2.8

2.2

2.3 1.8

2005 2010 2014

Egyptian International Beverage

Carlsberg

Hurlimann

Heineken

43.050.2 54.6

29.9

29.026.7

6.83.4 2.36.36.8 1.3

2005 2010 2014

Heineken

AB InBev

Aujan Industries

Carlsberg

77.8 79.7 82.0

6.3 7.1 7.06.7 6.7 6.71.0 1.4 1.1

2005 2010 2014

Namibia Breweries

Heineken

UB Group

SABMiller




Figure 175: Turkey

85.0 85.472.8

11.1 9.923.8

1.5 1.5 1.40.0 2.3 0.7

2005 2010 2014

Central Bottling

SABMiller

Carlsberg

Anadolu Group


27 April 2016


BRIClash


Bottled Water Market Share


9.0 11.1 11.4

9.2

14.68.1

2.3

3.2

7.810.7

13.1

7.5

10.2

5.3

6.0

2006 2010 2015

Danone

Hangzhou Wahaha

China Resources Enterprise

Ting Hsin

Yangshengtang

21.326.4 23.0

18.4

25.2

17.0

8.8

8.5

9.6

6.8

4.9

4.3

3.0

2.6

2.1

2006 2010 2015

Manikchand

Parle Agro

PepsiCo

Coca-Cola

Parle Bisleri

43.4 44.2

56.4

2.3 3.9

11.4

0.70.6

2.2

4.1 3.5

2.0

2.2 2.5

1.7

2006 2010 2015

Oasis Waters

Tangmas

Sinar Sosro

Asahi

Danone





27.934.5 38.4

28.526.3 22.5

6.66.8 7.67.06.0 5.95.24.8 4.6

2006 2010 2015

MP Mineral Water

Asahi

Thai Beverage

Gold Leaf

Yee Lee

51.558.0 53.7

4.0

11.0 19.58.9

8.410.5

4.5

3.0

5.2

6.8

4.5

1.5

2006 2010 2015

Fluid Technology

Murree Brewery

Coca-Cola

PepsiCo

Nestlé

5.7 5.87.8

7.8

5.0

5.7

2.5

3.5

4.20.7

0.6

0.6

2006 2010 2015

JG Summit Holdings

Philippine Spring Water

Coca-Cola

Asia Brewery





18.1 18.9

38.55.6 6.0

11.5

11.8 11.8

9.4

18.4 17.3

7.018.1 18.9

6.2

2006 2010 2015

Nong Shim

Hite

Lotte Group

Coca-Cola

Kwang Dong Pharm

16.9 19.9 20.2

11.4

17.1 20.212.3

12.915.9

9.2

9.6

10.3

2.2

2.8

3.9

2006 2010 2015

Tipco Foods

Coca-Cola

Thai Beverage

Nestlé

Boon Rawd Brewery

24.4 27.3 30.4

22.024.4

26.0

17.615.2

12.0

12.8 11.2 10.91.2 1.3

5.3

2006 2010 2015

Coca-Cola

Bitexco

Saigon Pure Water

Nestlé

PepsiCo





12.321.9

29.4

17.4

21.0

19.7

5.9

8.6

9.1

8.9

8.5

7.6

7.3

5.43.6

2006 2010 2015

Coca-Cola

Nestlé

Naleczow Zdroj

Danone

Private Label

8.5 9.4 9.2

10.6 10.26.8

2.64.3

5.4

2.7

4.5

4.9

3.7

4.04.0

2006 2010 2015

Visma

Karachinsky Istochnik

IDS Borjomi

Coca-Cola

PepsiCo

21.028.0

35.9

13.9

14.1

10.85.3

5.5

6.7

3.2

3.6

3.9

4.6

4.3

2.6

2006 2010 2015

Svalyavski Mineralni Vody

Erlan ZAT

Obolon PAT

Coca-Cola

IDS Borjomi International




27 April 2016


BRIClash



15.319.1 20.9

10.110.3

11.26.1

6.97.8

5.3

6.16.4

2.2

3.4

6.4

2006 2010 2015

Coca-Cola

Nestlé

Cimes

IVESS

Danone

13.111.4

9.8

2.7

2.8

2.5

0.5

0.22.3

2.1

2.3 2.0

1.51.9 1.7

2006 2010 2015

Kirin

Danone

Coca-Cola

Empresa de Águas Ouro Fino

Edson de Queiróz

30.337.6 38.8

47.045.0 38.4

1.32.8

4.71.9

4.64.5

2006 2010 2015

Fonterra

Nestlé

Cía Cervecerías Unidas

Coca-Cola





39.0 38.345.4

44.2 43.140.3

4.0 5.64.60.0 0.33.4

2006 2010 2015

PepsiCo

Private Label

Coca-Cola

Postobón

38.2 43.850.3

20.515.5

16.413.9 11.9

13.58.0 12.0

11.84.5 4.5

4.3

2006 2010 2015

Pure Water Manabí

Aje

Resgasa

Coca-Cola

CBC Ecuador

24.019.7 18.9

12.814.3 14.4

7.6 11.4 11.7

1.7 2.1 2.02.0 1.5 1.3

2006 2010 2015

Dr Pepper Snapple

Nestlé

Coca-Cola

Danone

PepsiCo





45.950.3 49.3

0.0

0.9 2.11.2

1.5 1.8

0.7

1.0 1.8

1.6

1.3 1.5

2006 2010 2015

Coca-Cola

Danone

PepsiCo

Battenfeld

Wadi El-Gadid Natural Water

Nestlé

10.514.8

18.1

11.2

13.4

17.1

1.3

5.9

8.1

0.0

5.5

7.1

0.0

6.7

6.4

2006 2010 2015

PepsiCo

Al Rajhi

National Plant For Healthy Water

Bin Zomah Group

Nestlé

29.232.6 32.7

7.8

9.3 9.44.8

5.6 5.90.2

0.25.0

3.0

3.3

3.6

2006 2010 2015

Quindrink

Clover

Ekhamanzi Springs

Nestlé

Coca-Cola




Figure 197: Turkey

8.415.5 17.1

11.8

14.816.9

6.0

5.3

7.3

5.6

5.0

3.6

3.4

3.2

3.3

2006 2010 2015

Coca-Cola

Yasar Holding

Aytac Dis Ticaret Yatirim

Nestlé

Danone


27 April 2016


BRIClash


CSD Market Share


54.3 59.568.1

31.831.1

25.10.0

3.5 1.40.9

1.0 0.80.8

0.8 0.7

2006 2010 2015

Lotte

Calcol

Hangzhou Wahaha

PepsiCo

Coca-Cola

56.7 60.4 61.7

40.4 37.5 34.2

0.3 0.4 0.3

2006 2010 2015

Parle Agro

PepsiCo

Coca-Cola

86.2 90.877.9

0.00.0

16.05.8

4.4 2.81.81.7 1.2

2006 2010 2015

Green Sands

PepsiCo

Aje Group

Coca-Cola





54.3 59.568.1

31.831.1

25.10.0

3.5 1.40.9

1.0 0.80.8

0.8 0.7

2006 2010 2015

Lotte

Calcol

Hangzhou Wahaha

PepsiCo

Coca-Cola

32.437.8

49.8

39.938.9

43.17.1

5.9

0.7

0.70.6

0.7

3.32.8

0.4

2006 2010 2015

Cott

Safa Cola

Pakistan Mineral Water Bottling

PepsiCo

Coca-Cola

71.7 71.460.5

16.6 15.728.9

7.7 11.2 9.40.3 0.3 0.2

2006 2010 2015

Zest-O

Cott

PepsiCo

Coca-Cola





40.5 41.2 43.8

27.3 26.7 26.3

15.5 17.8 15.1

8.9 7.4 7.6

2006 2010 2015

Otsuka Holdings

PepsiCo

Lotte

Coca-Cola

50.743.8

55.3

41.1

35.8 19.0

0.2

0.2 10.6

0.012.9 7.7

5.5 5.8 6.4

2006 2010 2015

Boon Rawd Brewery

Aje Group

Thai Beverage

PepsiCo

Coca-Cola

36.2 35.841.1

33.0 33.5

38.1

9.8 10.1

6.90.0 0.0

3.6

0.0 1.2

1.1

2006 2010 2015

Aje Group

Uni-President Enterprises

Sabeco

Coca-Cola

PepsiCo





26.3 28.4 29.1

14.316.0 17.2

5.6

13.315.4

8.7

10.68.3

5.5

5.2 5.9

2006 2010 2015

Zbyszko

Kofola

Private Label

PepsiCo

Coca-Cola

27.3 25.731.4

17.4 23.5

26.23.6

6.1

3.3

0.0

0.0

3.3

0.9

3.3

2.7

2006 2010 2015

Deka

Aqua-Life

Ochakovo MPBK

PepsiCo

Coca-Cola

17.1 19.2 17.8

0.00.0

11.04.7

11.0

9.2

10.4

7.6

7.0

0.0

2.8

6.2

2006 2010 2015

Carlsberg

Erlan

PepsiCo

Obolon

Coca-Cola




27 April 2016


BRIClash



30.2

44.452.6

11.3

15.2

14.3

2.5

4.5

6.3

3.3

3.2

5.7

3.1

3.1

3.2

2006 2010 2015

Private Label

Pritty

Refres Now

PepsiCo

Coca-Cola

48.553.8 53.2

7.9

8.4 9.35.4

5.3 5.03.5

4.8 4.90.7

0.6 0.5

2006 2010 2015

Private Label

Kirin

PepsiCo

AB InBev

Coca-Cola

74.6 76.4 76.2

7.9 8.6 10.54.9 4.5 3.94.8 4.8 2.52.1 3.9 2.1

2006 2010 2015

Dr Pepper Snapple

Private Label

PepsiCo

Cía Cervecerías

Coca-Cola





44.538.7 39.4

22.924.5 24.6

18.915.0 11.4

0.06.6 10.3

2006 2010 2015

Aje Group

PepsiCo

Postobón

Coca-Cola

56.8 57.6 59.2

10.6 10.6 11.7

12.65.8

5.2

4.64.9 5.4

2006 2010 2015

Induquito

Aje Group

PepsiCo

Coca-Cola

67.4 68.3 68.0

16.5 15.3 15.5

5.5 5.6 5.63.5 4.7 4.64.7 3.7 3.7

2006 2010 2015

Dr Pepper Snapple

Consorcio Aga

Aje Group

PepsiCo

Coca-Cola





51.8 50.7 51.7

39.6 39.5 39.0

0.0 1.1 1.1

2006 2010 2015

Gozour

Coca-Cola

PepsiCo

79.7 79.8 78.4

12.3 12.4 11.9

1.8 2.4 3.1

2006 2010 2015

Mahmoud Saeed Beverage

Coca-Cola

PepsiCo

71.7 71.3 71.6

2.3 5.7 5.32.33.8 5.03.12.9 3.4

1.72.0 2.6

2006 2010 2015

SABMiller

SoftBev

Private Label

PepsiCo

Coca-Cola




Figure 219: Turkey

55.6 58.6 61.1

17.217.7

21.60.00.0

5.0

0.72.4

3.7

2.42.4

2.6

2006 2010 2015

Erbak-Uludag Mesrubatlari

Private Label

Dydo Drinco

PepsiCo

Coca-Cola


27 April 2016


BRIClash


Color Cosmetics Market Share


24.3

32.7 31.8

2.1

4.4 6.0

0.5

2.95.5

3.4

5.64.5

0.3

3.34.3

2005 2010 2014

Estée Lauder

Shiseido

Caran

LVMH

L'Oréal

32.2 29.0 29.7

13.0 15.4 16.4

15.311.5 8.7

2.26.3 5.5

1.7 4.64.3

2005 2010 2014

Colorbar

Oriflame

Revlon

L'Oréal

Unilever

9.817.1 19.6

8.9

17.117.2

8.0

10.312.6

12.0

11.810.6

12.4

13.19.9

2005 2010 2014

Martha Tilaar

Vitapharm

Revlon

Oriflame

L'Oréal





17.622.9 23.6

15.3

15.4 15.53.5

8.310.817.2

17.4 10.45.4

6.87.2

2005 2010 2014

Revlon

Avon

Alliance Cosmetics

Estée Lauder

L'Oréal

0.0

8.113.0

20.1

17.8 10.00.0

11.410.0

9.0

7.4

6.09.2

6.6

6.0

2005 2010 2014

Globe Cosmetics

Revlon

Etude House

Medora of London

L'Oréal

29.0

40.435.5

8.6

16.5 21.89.6

11.7 12.7

4.4

3.7 3.3

4.9

3.3 3.2

2005 2010 2014

Procter & Gamble

Mary Kay

L'Oréal

Ever Bilena

Avon





31.1 32.5 35.7

14.823.3

26.16.4

8.4

7.8

3.9

8.07.7

4.8

4.43.0

2005 2010 2014

L'Oréal

Able C&C

Estée Lauder

LG Household

AmorePacific Corp

10.1 10.9 11.9

5.512.1 11.7

8.5

10.8 11.69.7

8.6 8.314.1

11.1 7.6

8.1

8.67.6

2005 2010 2014

Giffarine

ICC International

Estée Lauder

L'Oréal

SSUP

Better Way

10.415.1 15.5

32.4

9.815.0

5.0

10.6

11.7

1.4

8.1

10.90.05.3

6.4

2005 2010 2014

Revlon

Estée Lauder

L'Oréal

LG Household

Shiseido





15.7 17.5 18.9

18.118.3 14.5

19.1 15.112.8

4.54.4

5.0

7.57.6

4.8

2005 2010 2014

Oriflame

Estée Lauder

Avon

L'Oréal

Coty

10.514.3 16.5

12.2

24.713.6

14.4

14.9

12.34.6

4.7

6.28.5

6.2

5.9

2005 2010 2014

Mary Kay

Procter & Gamble

Avon

Oriflame

L'Oréal




27 April 2016


BRIClash



20.726.5

20.2

8.6

15.0

18.91.6

4.3 9.0

2.8

3.23.7

2.6

3.13.5

2005 2010 2014

Revlon

Coty

Natura Cosméticos

L'Oréal

Avon

28.2 30.524.1

6.57.9

14.2

14.812.1 10.6

0.0

9.3 10.0

2005 2010 2014

Hypermarcas

Natura Cosméticos

Botica

Avon

19.9 18.827.0

6.712.8

12.8

25.220.7

10.0

5.6 6.5 8.41.9

4.1 6.9

2005 2010 2014

Natura Cosméticos

Estée Lauder

Avon

Belcorp

L'Oréal





16.6 15.6 19.6

18.6 19.9 14.7

13.4 14.8 14.3

6.77.7 13.8

4.84.2

5.8

2005 2010 2014

Procter & Gamble

Unique-Yanbal

Belcorp

Avon

L'Oréal

36.5 40.4 39.4

9.9

27.1

16.53.8

16.1

16.4

4.7

4.2

2.3

2005 2010 2014

Oriflame

Belcorp

Avon

Unique-Yanbal

13.7 11.7 10.2

15.3

11.79.6

10.7

9.19.1

8.0

8.18.2

5.1

4.84.8

2005 2010 2014

Procter & Gamble

L'Oréal

Mary Kay

Vorwerk & Co

Avon





21.916.1 14.6

9.613.7 13.7

17.014.3

13.4

7.710.4

10.1

3.6 7.18.4

2005 2010 2014

Oriflame

Chanel

Luna

Coty

Misr

11.5

20.5 21.3

12.5

14.116.514.2

14.415.1

7.7

8.58.8

4.8

4.44.5

2005 2010 2014

Chanel

Procter & Gamble

LVMH

Estée Lauder

L'Oréal

26.3 25.921.1

8.3 11.714.1

5.8

11.9 13.2

27.718.2

12.8

7.3 8.2

8.4

2005 2010 2014

AVI

Estée Lauder

Avon

L'Oréal

Revlon




Figure 241: Turkey

16.6 18.4 21.6

15.3 14.3

20.8

20.829.0

16.5

10.6

8.2 10.99.0

7.5 8.1

2005 2010 2014

Others

Erkul Kozmetik

Avon

L'Oréal

Yves Rocher


27 April 2016


BRIClash


Deodorants Market Share


0.0

16.725.1

17.9

13.6

13.3

13.4

13.6

11.3

8.2

9.8

9.931.611.9

8.2

2005 2010 2014

Avon

Rohto

Amway

Henkel

Unilever

0.0 0.0

16.6

0.0

9.5

10.743.029.7

9.9

1.8

1.7 7.70.0

0.0

6.6

2005 2010 2014

Reckitt Benckiser

ITC

Raymond

Unilever

McNroe

Vini

43.250.5 46.0

13.9

12.3

3.9

9.17.9

3.0

3.85.3

1.7

4.3

6.7

1.5

2005 2010 2014

Amway

Priskila Prima

Oriflame

Mandom Corp

Unilever





0.0

25.2 27.725.3

27.126.7

8.9

13.115.1

25.4

14.511.3

4.8

2.9 2.7

2005 2010 2014

Tohtonku

Avon

Beiersdorf

Unilever

Wipro

34.7 35.9 40.0

8.713.6

15.58.2

12.8

14.5

9.5

11.4

12.5

2005 2010 2014

Henkel

Coty

Nike

Unilever

35.9 39.5 40.7

26.824.7 26.7

8.311.5

11.813.7 5.8

5.50.0 5.1

5.3

2005 2010 2014

Ever Bilena

P&G

Beiersdorf

Avon

Unilever





39.4 41.048.4

2.9 0.0

5.2

0.0 4.2

4.027.6 18.1

3.8

2.9

1.7 2.8

2005 2010 2014

LG Household

Unilever

Able C&C

AmorePacific

Beiersdorf

29.9 30.9 33.4

12.419.0

18.68.9

9.59.8

5.8

7.37.2

6.3

6.16.0

2005 2010 2014

Bio Consumer

Osotspa

Better Way

Unilever

Beiersdorf

15.8

31.539.3

27.8

22.2

25.4

3.7

7.2

5.7

5.3

5.6

5.7

2.4

6.0

5.5

2005 2010 2014

Wipro

Mari

Henkel

Beiersdorf

Unilever





10.816.2

20.0

11.1

14.5

16.511.6

14.5

15.4

0.9

8.2

7.6

9.3

8.1

5.8

2005 2010 2014

Henkel

L'Oréal

Beiersdorf

Coty

Unilever

23.8 22.1 22.9

14.4 15.4 15.5

13.5 11.6 9.3

9.610.1 9.6

10.07.9 8.0

2005 2010 2014

Henkel

Colgate-Palmolive

P&G

Beiersdorf

Unilever

28.4 27.2 28.1

22.2

13.2 14.0

0.3

9.712.3

7.4 10.610.5

8.112.6

9.1

2005 2010 2014

Avon

P&G

L'Oréal

Beiersdorf

Unilever




27 April 2016


BRIClash



22.025.6

28.9

2.6

3.7

3.8

4.7

3.9

3.0

0.9

1.11.0

1.2

0.7

1.0

2005 2010 2014

Henkel

Coty

Avon

Beiersdorf

Unilever

29.9 32.139.3

4.66.8

10.215.2

14.1

8.45.33.8

5.410.2 7.64.1

2005 2010 2014

Avon

Botica

Natura Cosméticos

Beiersdorf

Unilever

39.9 42.8 42.0

18.0 15.0 12.2

5.1 7.5 10.70.3

2.2 7.27.86.7

6.8

2005 2010 2014

P&G

L'Oréal

Beiersdorf

Colgate-Palmolive

Unilever





14.4 17.9 17.7

15.915.3 16.9

15.3 11.9 11.6

13.3 16.5 11.2

9.910.1

10.5

2005 2010 2014

Belcorp

Avon

P&G

Unilever

Colgate-Palmolive

41.836.5 36.6

10.915.7 15.7

4.616.7 14.13.7

6.6 10.5

5.3

5.1 4.3

2005 2010 2014

Beiersdorf

Colgate-Palmolive

Avon

Unique-Yanbal

Unilever

31.3 33.1 35.1

15.9 15.1 14.3

15.0 12.7 12.6

9.1 9.6 7.8

6.1 6.8 6.5

2005 2010 2014

Coty

Avon

P&G

Colgate-Palmolive

Unilever





15.017.5

14.6

18.616.8

13.5

2.84.5

5.3

1.41.5

1.9

0.0

0.8

1.7

2005 2010 2014

Avon

Mirato Nuova

Beiersdorf

Henkel

Unilever

17.826.2 29.2

20.1

17.719.0

12.49.9

9.710.9

8.17.8

7.0 7.16.8

2005 2010 2014

Colgate-Palmolive

Henkel

P&G

Beiersdorf

Unilever

43.552.8

42.9

14.9

12.9

11.2

1.3

5.0

6.71.3

4.8

6.68.7

0.0

5.2

2005 2010 2014

Tiger Brands

Beiersdorf

Avon

Revlon

Unilever




Figure 263: Turkey

24.2 26.3 30.4

16.522.2

29.210.6

20.59.0

11.2

7.9 7.38.2

7.3 7.1

2005 2010 2014

Henkel

Hunca Kozmetik

Avon

Unilever

Beiersdorf


27 April 2016


BRIClash


Diapers Market Share


29.437.7 37.7

25.618.2

11.1

5.18.3

8.8

3.7

6.7

8.85.1

2.64.2

2005 2010 2014

Kao

Kimberly-Clark

Unicharm

Hengan International Group

P&G

25.1

40.449.00.0

3.7

20.056.5

33.3

14.50.0

0.0

2.57.53.6

2.3

2005 2010 2014

Godrej

SCA Group

Kimberly-Clark

Unicharm

P&G

25.532.0

39.8

39.741.0 30.1

0.0

5.3 13.119.25.2

8.611.24.3

2.1

2005 2010 2014

Kimberly-Clark

P&G

Zensei Indonesia

Softex Paper Co

Unicharm




Figure 267: Malaysia Figure 268: Philippines Figure 269: South Korea

4.5

17.525.316.9

20.515.8

1.5

7.5

15.3

20.8

18.2

14.8

4.2

8.9

11.1

2005 2010 2014

Unicharm

Kimberly-Clark

NTPM Holdings

SCA Group

DSG International

18.023.1 27.0

20.3

24.726.4

28.1

25.522.3

5.0

5.0 5.22.6

5.2 5.0

2005 2010 2014

Fiberworld

SCA Group

P&G

Fiberline Industries

JS Unitrade Merchandise

63.2 65.6 65.5

0.0 0.08.3

0.04.0

7.7

7.1

6.9

4.8

0.00.0

4.6

2005 2010 2014

MSS Holdings

LG Household & Health

Unicharm

KleanNara Co Ltd

Kimberly-Clark




Figure 270: Thailand Figure 271: Vietnam Figure 272: Poland

33.846.0

52.5

16.8

18.5

22.0

8.2

12.1

9.4

6.1

6.93.9

9.9

5.8 1.2

2005 2010 2014

Kimberly-Clark

Fu Burg Industrial

SCA Group

DSG International

Unicharm

0.0 0.0

34.5

21.6

35.0

30.1

27.9

15.4

15.0

7.4 8.4

10.0

2005 2010 2014

Tai Sun Enterprise

P&G

Kimberly-Clark

Unicharm

53.7 55.4 52.0

9.316.1 23.04.7

3.9

9.7

10.46.7

9.1

2005 2010 2014

Torunskie Zaklady Materialow

Hygienika

Private Label

P&G




Figure 273: Russia Figure 274: Ukraine Figure 275: Argentina

29.836.1 36.5

22.9

24.1 24.4

12.2

15.5 15.20.0

3.6 4.6

0.0

4.4 4.4

2005 2010 2014


Kao Corp

SCA Group

Kimberly-Clark

P&G

36.749.2

36.9

30.718.7

25.7

18.4 22.420.8

5.15.0

5.50.0

0.02.7

2005 2010 2014

Ontex bvba


SCA Group

Kimberly-Clark

P&G

34.341.6 45.0

24.9

36.041.69.4

9.9

11.3

13.1

5.7

1.3

14.64.9

0.0

2005 2010 2014

Controladora Mabe

Private Label

Empresas

Kimberly-Clark

P&G




27 April 2016


BRIClash


Figure 276: Brazil Figure 277: Chile Figure 278: Colombia

21.0 22.627.3

21.423.1

24.40.0

19.616.9

2.2

3.66.0

0.0

6.75.0

2005 2010 2014

Ever Green Indústria

Mili SA

Hypermarcas

Kimberly-Clark

P&G

8.518.5

35.5

42.3

39.0

33.3

40.835.7

23.7

3.2 3.0 3.72.4 1.9 0.0

2005 2010 2014

SCA Group

Private Label

P&G

Kimberly-Clark

Empresas

32.0 32.443.5

19.1 23.2

24.6

40.6 32.822.7

0.0 7.8 6.7

2005 2010 2014

Empresas

Kimberly-Clark

SCA Group

Tecnoquímicas




Figure 279: Mexico Figure 280: Egypt Figure 281: Saudi Arabia

61.6 64.1 62.1

14.5 13.2 14.8

4.3 6.0 6.92.03.9 4.18.8 3.3 2.9

2005 2010 2014

SCA Group

P&G

Lambi

Private Label

Controladora Mabe

Kimberly-Clark

49.2 51.244.5

23.9 24.4

20.1

5.811.1

10.3

11.07.0

8.1

0.00.0

7.4

2005 2010 2014

Hayat Holding

Arab Paper & Hygienic Products

Egyptian Co for Paper & Tissue Products

P&G

Nuqul Group

56.6 59.3 58.6

5.5

23.4 21.53.4

4.6 5.4

5.8

4.5 5.0

8.6

5.0 3.8

2005 2010 2014

Indevco Group

Kimberly-Clark

Nuqul Group

Unicharm

P&G




Figure 282: South Africa Figure 283: Turkey

15.5

29.6 30.0

12.0

26.2 28.7

5.6

12.613.7

1.5

3.55.1

2005 2010 2014

Private Label

Nampak Ltd

Kimberly-Clark

P&G

30.1 28.435.9

23.1 23.7

21.6

2.2 6.8

13.812.4 9.5

13.7

2005 2010 2014

Ontex bvba

Private Label

Hayat Holding

P&G



27 April 2016


BRIClash


Fragrances Market Share


3.78.9

13.47.8

8.4

12.0

4.1

8.3

9.4

6.6

7.8

3.8

0.0

0.0

3.3

2.2

3.1

2.9

2005 2010 2014

L'Oréal

Burberry

P&G

Coty

LVMH

Chanel

3.78.9

13.47.8

8.4

12.0

4.1

8.3

9.4

6.6

7.8

3.8

0.0

0.0

3.3

2.2

3.1

2.9

2005 2010 2014

L'Oréal

Burberry

P&G

Coty

LVMH

Chanel

8.614.6 17.8

10.6

16.914.79.1

9.011.0

6.0

6.49.1

2.7

5.8

4.8

2005 2010 2014

Mustika Ratu

Mandom Corp

Kino Sentra

Oriflame

L'Oréal





23.031.0

23.7

8.0

6.4

9.1

8.5

8.5

8.5

10.2

7.5

7.4

0.0

4.5

5.0

2005 2010 2014

Alliance

Coty

L'Oréal

Wipro

Avon

4.4 4.26.7

16.0

4.5

5.4

3.3

3.2

3.8

7.5

6.61.9

0.9 1.5

2005 2010 2014

Coty

Marquis Parfum Paris

Parfum Royal Mirage

Revlon

Rasasi

30.6

44.337.1

7.4

7.1

8.87.4

6.48.2

0.5

6.27.8

5.2

6.6 7.1

2005 2010 2014

P&G

Tupperware

Coty

Estée Lauder

Avon





7.311.0

6.6

5.9

9.9

6.3

4.2

6.1

5.70.5

1.8

5.03.5

4.5

3.9

2005 2010 2014

Estée Lauder

LG Household

Coty

LVMH

AmorePacific

10.4 12.7 14.5

11.412.3

13.2

9.410.0

10.87.4

8.88.99.1

6.46.3

2005 2010 2014

L'Oréal

Giffarine

Osotspa

Bio Consumer

Better Way

5.410.9 13.8

8.95.3

10.35.3

9.2

9.3

3.9

9.0

9.1

4.7

6.7

5.5

2.8

4.6

5.5

2005 2010 2014

LVMH

P&G

Estée Lauder

Shiseido

Saigon Cosmetics

Coty





21.9 22.4 21.2

12.6 12.418.4

7.5 8.6

8.51.03.7

4.6

5.34.4

4.4

2005 2010 2014

Chanel

La Rive

P&G

Avon

Coty

7.511.5

15.9

8.9

12.8

13.25.4

7.9

8.2

6.1

10.37.6

2.4

3.0

6.5

2005 2010 2014

Puig

Oriflame

P&G

Avon

LVMH

16.024.6 26.2

7.9

23.9

11.5

3.9

3.5

4.6

4.2

3.2

4.6

4.6

3.3

4.2

2005 2010 2014

LVMH

Coty

P&G

Oriflame

Avon




27 April 2016


BRIClash



33.625.6

18.8

2.4

7.313.1

7.99.8 11.4

8.6 12.0 11.2

15.4 9.5 7.8

2005 2010 2014

Cannon Puntana

LVMH

L'Oréal

Natura Cosméticos

Avon

23.4 24.332.1

31.335.3

26.1

13.412.1

7.3

0.82.2

2.42.0

2.1

1.9

2005 2010 2014

Suissa

Puig

Avon

Natura Cosméticos

Botica

6.0

14.3 13.51.8

7.2 10.725.6

15.9 8.2

7.46.2

7.2

6.16.2

7.1

2005 2010 2014

L'Oréal

Empresas Davis

Avon

Natura Cosméticos

Belcorp





25.8 28.8 28.3

9.9

14.2 18.6

14.9

20.3 14.57.0

6.36.0

2.7

2.9 3.7

2005 2010 2014

Puig

L'Oréal

Avon

Unique-Yanbal

Belcorp

39.3

28.1 29.0

3.118.2

21.8

12.6

22.5 14.55.1

2.51.4

1.1

0.81.1

2005 2010 2014

L'Oréal

Oriflame

Avon

Belcorp

Unique-Yanbal

24.1 21.0 19.4

17.1

14.013.4

11.2

11.38.5

7.4

8.0

8.4

0.03.9

4.2

2005 2010 2014

Arabela

Puig

Tupperware

Avon

Vorwerk





25.719.5 17.1

3.224.7

13.4

2.7

7.7

11.210.8

7.6

10.711.0

8.0

6.6

2005 2010 2014

Coty

LVMH

Oriflame

Avon

Dr El-Chabrawichi

21.5 23.9 27.1

16.619.8

19.24.9

4.65.1

3.5

4.44.8

4.8

4.54.6

2005 2010 2014

Mahmoud Saeed

L'Oréal

LVMH

Arabian Oud

Abdul Samad Al Qurashi

2.7

10.0 11.82.7

10.0 8.6

7.0

7.0 5.9

5.9

6.1 5.8

4.0

5.1 5.1

2005 2010 2014

Chanel

Revlon

Coty

Avon

P&G




Figure 305: Turkey

20.8

32.9 30.9

8.6

8.5 11.8

2.7

5.49.0

2.6

5.9

6.0

2.8

2.1

2.7

0.2

0.4

2.7

2005 2010 2014

Yves Rocher

Coty

Evyap Sabun

Oriflame

Hunca Kozmetik

Avon


27 April 2016


BRIClash


Hair Care Market Share


38.2 40.2 39.9

8.09.2 11.82.02.7

5.78.0

7.14.9

1.22.1

2.8

2005 2010 2014

L'Oréal

Beiersdorf

Henkel

Unilever

P&G

23.018.9 16.2

11.5

11.210.4

6.79.2

9.1

4.6 7.68.9

6.18.6

8.5

2005 2010 2014

P&G

L'Oréal

Mari

Dabur India

Unilever

38.9 39.8 39.1

33.7 27.8 28.8

9.79.2 9.8

4.06.2 6.4

2.43.9 5.4

2005 2010 2014

Kino Sentra Industrindo

Mandom Corp

L'Oréal

P&G

Unilever





18.8 22.1 22.3

26.2 21.0 18.9

8.9 10.1 11.4

3.8 6.6 11.29.0 6.9

5.3

2005 2010 2014

Kao Corp

Wipro

Mandom Corp

L'Oréal

P&G

Unilever

24.5 25.034.1

31.1 30.7

31.1

1.5 3.8

6.6

0.70.4

1.9

0.90.8

1.0

2005 2010 2014

Forvil Cosmetics

Keune Hair Cosmetics

L'Oréal

P&G

Unilever

36.9 38.4 41.7

27.5 23.223.3

13.311.9

13.9

0.00.0

3.43.22.5

2.4

2005 2010 2014

Splash Corp

Li & Fung

Colgate-Palmolive

P&G

Unilever





14.423.6 25.4

19.7

22.1 22.59.0

9.511.620.3

10.66.40.0

0.0 3.8

2005 2010 2014

KT&G

P&G

Aekyung Group

LG Household

AmorePacific

28.6 30.5 33.5

23.3 21.622.5

7.9 9.49.34.7

5.55.24.7

4.44.1

2005 2010 2014

Kao Corp

Henkel

L'Oréal

P&G

Unilever

37.1 37.6 37.5

28.1 29.4 28.7

6.8 7.4 6.0

6.9 5.43.8

0.3 2.23.6

2005 2010 2014

L'Oréal

Wipro

LG Household

P&G

Unilever





12.7 14.518.8

18.321.6

18.3

20.519.7 18.0

7.87.9 7.32.1

3.7 5.9

2005 2010 2014

Private Label

Unilever

P&G

L'Oréal

Henkel

14.1

24.8 24.9

12.9

15.1 14.5

19.4

13.7 11.7

8.8

11.010.30.1

0.72.9

2005 2010 2014

Pervoe Reshenie

Unilever

P&G

L'Oréal

Henkel

29.7 26.1 23.4

17.217.0

18.3

15.115.6 15.8

5.6 8.4 10.4

2.5 2.7 2.8

2005 2010 2014

Avon Products

Unilever

L'Oréal

Henkel

P&G




27 April 2016


BRIClash



30.5 30.3 31.9

15.220.5 20.1

11.5

16.3 17.32.9

5.8 5.0

0.5

0.9 2.4

2005 2010 2014

Natura Cosméticos

Alicorp

L'Oréal

P&G

Unilever

13.021.2 21.8

16.3

18.121.39.4

9.2

11.5

3.7

5.9

6.2

4.2

4.4

3.7

2005 2010 2014

Colgate-Palmolive

Phitoteraphia Biofitogenia

P&G

Unilever

L'Oréal

26.4 23.8 23.9

16.9 18.8 22.4

20.0 16.918.8

8.59.7

9.96.2 8.3

7.1

2005 2010 2014

Cosmética Nacional

Ballerina Group

Unilever

L'Oréal

P&G





26.822.8

19.0

17.7

14.116.3

10.0

13.2 14.0

5.46.4 8.0

2.3 5.8 5.9

2005 2010 2014

Quala

L'Oréal

Henkel

Unilever

P&G

17.8 15.3 13.8

15.814.4

12.6

1.8 8.7

6.2

2.0

5.0

5.00.0

5.0

4.0

1 2 3

Alicorp

Här Kosmetik

Avon Products

Unilever

P&G

28.624.5 22.7

12.912.7 12.4

15.2

12.1 12.3

17.5

15.412.0

0.0

2.17.6

2005 2010 2014

Genomma Lab Internacional

Colgate-Palmolive

Unilever

L'Oréal

P&G





0.0

19.2 20.120.0

18.1 17.812.2

13.2 12.8

12.0

7.6 6.9

3.5

5.8 5.5

2005 2010 2014

Dabur India

L'Oréal

Unilever

P&G

Mari

48.9

37.2 37.4

16.4

21.3 22.6

13.0

12.0 12.0

2.4

6.1 6.70.0 6.0 5.0

2005 2010 2014

Helen of Troy

Dabur India

L'Oréal

Unilever

P&G

23.6 25.4 25.3

20.1 18.9 16.2

11.3 13.114.1

11.013.9 14.0

0.4

5.0 4.8

2005 2010 2014

Tiger Brands

Unilever

Amka Products

P&G

L'Oréal




Figure 327: Turkey

28.9 30.3 28.8

15.1 16.5 21.9

10.114.7

14.96.1

6.07.6

0.6

6.05.3

2005 2010 2014

Biota Laboratuvarlari

Henkel

L'Oréal

Unilever

P&G


27 April 2016


BRIClash


Juice Market Share


8.313.2 12.8

8.4

9.6 8.8

8.7

8.16.3

11.1

5.5

5.8

0.0 0.4 4.1

2006 2010 2015

China National Food Industry


China Huiyuan Juice

Ting Hsin

Coca-Cola

28.4 33.4 32.5

17.4

25.0 26.6

36.4

26.617.2

8.7 8.1

8.8

2006 2010 2015

Dabur India

Parle Agro

PepsiCo

Coca-Cola

0.0

21.1

42.5

0.0

15.3

17.1

8.5

7.3

6.4

0.0

2.0

5.4

6.0

6.7

5.3

2006 2010 2015

Takeda Pharmaceutical

Coca-Cola

Kraft Heinz

Unilever

Wings Corp





28.2 27.8 29.6

10.0 12.0 11.80.0

7.210.4

10.1

8.57.7

9.3

7.06.4

2006 2010 2015

Amoy Canning

Lam Soon

PepsiCo

Thai Beverage

Malaysia Dairy Industries

27.5 31.038.9

14.018.0

21.515.1

15.2

15.7

5.5

6.5

4.8

11.0

8.5

3.4

2006 2010 2015

PepsiCo

Coca-Cola

Haleeb Foods

Shezan International

Nestlé

41.431.9 35.1

6.0 29.2 24.20.0

6.9 7.2

0.0

5.4 3.9

3.9

2.93.4

2006 2010 2015

Cenmaco

Coca-Cola

PepsiCo

Del Monte Pacific

Zest-O Corp





34.3 31.8 29.3

18.8 22.0

16.9

6.08.9

12.2

8.78.1

8.5

2.73.5

4.1

2006 2010 2015

Seoul Dairy Cooperative

Woongjin Food

Coca-Cola

Sunkist Growers

Kikkoman

9.218.5

28.8

20.6

21.8

20.710.9

11.0

13.8

6.1

5.7

6.4

7.5

5.5

5.6

2006 2010 2015


Malee Sampran

Tipco Foods

FoodStar

Coca-Cola

4.8 8.2

23.39.4

19.8

20.4

22.4

22.7

11.3

4.0

7.2

9.1

21.5

16.2 6.7

2006 2010 2015

New Tower

Coca-Cola

Kirin Holdings

Vietnam Dairy Products

PepsiCo





30.9 31.536.6

12.318.0

14.1

14.3

13.5 12.0

11.911.1 10.91.12.5 2.6

2006 2010 2015

Coca-Cola

Agros Nova

Hortex Holding

Private Label

Maspex Wadowice Grupa

43.752.1

39.5

16.7

27.0

24.2

0.0

3.7

10.6

1.2

4.6

8.4

0.0

3.23.1

2006 2010 2015

Sunfruit-Trade

Sady Pridonya

Private Label

Coca-Cola Hellenic

PepsiCo

46.640.0 39.8

19.422.8

18.2

14.410.4

12.8

0.05.8 7.7

2006 2010 2015

Coca-Cola Hellenic

Erlan

Vitmark-Ukraine

PepsiCo




27 April 2016


BRIClash



63.4

50.2

36.5

13.4

16.2

31.5

4.0

9.7 10.8

4.87.0 5.5

2006 2010 2015

Arcor

El Carmen

Coca-Cola

RPB

15.3

26.230.6

5.9

8.9

9.9

0.0

8.2

9.1

0.0

6.8

6.3

10.2

6.8

6.0

2006 2010 2015

Houchens Industries

PepsiCo

Britvic

Wow Indústria e Comércio

Coca-Cola

33.142.0 42.3

41.033.1 30.8

4.8 7.1 8.15.0

6.6 8.0

2006 2010 2015

Grupo Nutresa

Fonterra Co-operative

Coca-Cola

Watt's





0.0

34.2 31.1

17.1

25.024.5

0.0

10.18.8

10.3

7.38.2

26.6

9.35.0

2006 2010 2015

Houchens Industries

Alpina Productos Alimenticios

Aje Group

Postobón

Coca-Cola

0.0

23.9 25.1

5.3

12.5

23.4

32.0

15.8

16.2

9.3

9.9

9.7

11.3

6.8

5.2

2006 2010 2015

Houchens Industries

Quicornac

Nestlé

Coca-Cola

Aje Group

0.8

25.8 25.925.0

23.6 23.520.8

19.0 18.7

11.2

9.5 9.3

0.0

4.8 5.7

2006 2010 2015

Aje Group

Sociedad Cooperativa Trabajadores de Pascual

Grupo Lala

Jumex

Coca-Cola





12.0 15.0 18.0

8.2

11.1

12.96.9

6.7

7.7

0.0

0.0

5.7

0.0

0.0

5.2

2006 2010 2015

Seclam

Alexandria Agric

Can Co Egypt

Juhayna Food

Faragalla

18.1 18.4 18.5

12.8 14.0 14.7

10.912.3 11.6

7.28.1 9.0

5.8

7.3 8.4

2006 2010 2015

Co-Ro Food

NADEC

Aujan Industries

Al Rabie AlSaudia Dairy

Almarai

19.212.8

24.2

24.9

21.4

20.9

5.4

11.5

12.910.4

9.0

5.00.05.2

4.2

2006 2010 2015

Dairybelle

Lactalis

Private Label

Pioneer Food Group

Clover




Figure 349: Turkey

16.3 19.9 23.90.0

8.6

13.0

6.5

7.2

11.7

17.3

13.2

11.4

0.4

5.1

9.2

2006 2010 2015

Private Label

Dimes Gida San ve Ticaret

PepsiCo

Erbak-Uludag Mesrubatlari

Coca-Cola


27 April 2016


BRIClash


Laundry Care Market Share


17.0 17.7 17.0

13.317.3 18.0

9.6

11.4 12.38.9

11.5 10.58.8

4.4 2.4

2006 2010 2015

Shanxi Nafine Chemicals

P&G

Unilever

Guangzhou Liby

Nice Group

40.8 38.0 37.6

11.9 13.5 16.3

6.6 11.211.5

16.4 10.5 7.7

3.33.3 3.1

2006 2010 2015

Jyothy Laboratories

Nirma

P&G

RSPL

Unilever

36.3 38.7 36.5

34.235.7

32.8

5.96.6

8.83.0

1.71.30.0

0.01.1

2006 2010 2015

P&G

Sinar Antjol

Kao Corp

Unilever

Wings Corp





24.9 22.7 22.5

10.7 17.3 18.8

20.717.2 18.4

7.9 7.16.6

4.3 5.26.1

2006 2010 2015

Colgate-Palmolive

United Detergent Industries

Unilever

Lion Corp

P&G

5.09.2

21.9

4.0

7.3

17.4

1.6

1.9

3.5

1.6

1.6

1.4

0.9

1.4

1.0

2006 2010 2015

Rex Enterprises

Reckitt Benckiser

P&G

Unilever

Colgate-Palmolive

45.5 40.5 37.9

29.1

25.2 26.3

4.112.6 15.8

4.6 6.0 6.04.2 4.2 3.5

2006 2010 2015

ACS

Wellmade

Peerless Products

Unilever

P&G





23.2 26.6 30.6

16.113.6

14.2

12.2 12.111.7

16.1 16.8 9.6

3.74.9 9.5

2006 2010 2015

P&G

Pigeon Corp

Reckitt Benckiser

Aekyung Group

LG Household & Health & Health

41.6 45.0 46.8

19.4 17.5 13.4

7.79.8 11.2

6.75.4 9.35.3 5.1

5.9

2006 2010 2015

IP

P&G

Kao

Lion

Unilever

68.475.0

69.9

15.312.9

15.8

4.92.8 3.00.5 0.6 1.31.4 1.2 1.2

2006 2010 2015

Lix Detergent

Lion

VLC

P&G

Unilever





25.734.0 33.4

35.129.0 29.2

18.3 12.9 12.0

2.7 4.8 7.91.2 2.4 2.4

2006 2010 2015

Global Group

Private Label

Reckitt Benckiser

P&G

Henkel

38.5 38.6 36.4

21.3 19.9 21.7

6.5 8.3 10.02.4 5.1

9.43.4

5.75.4

2006 2010 2015

Amway

Nevskaya Kosmetika

Nefis Cosmetics

Henkel

P&G

47.754.8

46.4

13.2

19.9

18.80.0

1.8

5.5

0.0

0.13.8

1.5

4.03.4

2006 2010 2015

Amway

Private Label

Nevskaya Kosmetika

Henkel

P&G




27 April 2016


BRIClash



55.4

69.6 64.7

19.1

14.114.6

10.13.5

3.90.0

0.0 3.84.2 3.6 3.0

2006 2010 2015

Clorox

Queruclor

Alicorp

P&G

Unilever

45.4 42.3 43.1

10.4 13.3 12.9

7.1 7.511.8

3.1 3.84.6

2.2 2.5

3.9

2006 2010 2015

Gtex Brasil

Private Label

P&G

Química Amparo

Unilever

64.6 64.8 64.4

13.318.0 20.0

3.23.2 2.7

2.12.3 2.2

2.32.2 2.2

2006 2010 2015

Reckitt Benckiser

Miguel Maritano Industria de Jabones

Ballerina Group

P&G

Unilever





21.1 20.6 22.8

6.7 7.0

21.218.3 17.2

15.0

22.9 22.5

6.3

0.0 4.6 5.1

2006 2010 2015

PQP

Colgate-Palmolive

Grasco

Unilever

P&G

43.2 46.6 47.9

12.211.3 10.3

6.88.5 9.96.38.6 8.97.2

7.9 5.9

2006 2010 2015

Jabonería Wilson

Colgate-Palmolive

La Fabril

P&G

Unilever

34.0 32.9 35.4

29.5 29.6 25.3

9.5 10.5 11.9

7.6 8.4 9.53.3 3.6 3.8

2006 2010 2015

Ensueño Ltda

Colgate-Palmolive

Henkel

Fábrica de Jabón La Corona

P&G





32.3 30.839.5

35.5

26.5

30.2

0.0

0.9

2.93.4

2.5

1.510.6

1.7

0.7

2006 2010 2015

Unilever

Middle East Chemical

Arma For Soap & Detergents

Henkel

P&G

23.5 27.7

47.3

13.112.6

14.9

12.49.7

13.1

6.6 6.1

6.9

2.5 2.0

2.3

2006 2010 2015

Bolton Group

Reckitt Benckiser

Unilever

Henkel

P&G

60.6 56.050.6

10.112.3

13.0

3.4 6.19.6

0.0 0.08.03.9 5.5

7.0

2006 2010 2015

Bliss Chemicals

P&G

Private Label

Colgate-Palmolive

Unilever




Figure 371: Turkey

21.431.7 35.0

23.4

23.4 17.8

13.1

12.6 16.813.0

10.9 10.72.7

3.9 5.5

2006 2010 2015

Private Label

Hayat Holding

Henkel

P&G

Unilever


27 April 2016


BRIClash


Mass Beauty Market Share


19.016.9

14.6

5.1 8.59.6

2.23.5 4.4

4.13.8 3.8

2.8

4.1 3.7

2005 2010 2014

Shiseido

Unilever

Mary Kay

L'Oréal

P&G

42.738.4

34.6

5.0

5.6

5.1

2.03.9

4.9

2.1 3.83.9

4.2 3.83.6

2005 2010 2014

Dabur India

Reckitt Benckiser

L'Oréal

Godrej

Unilever

26.835.2 37.9

12.8

11.912.5

5.1

7.28.1

2.7

4.23.9

3.3

3.43.7

2005 2010 2014

Kino Sentra Industrindo

Oriflame Cosmetics

L'Oréal

P&G

Unilever





11.514.1 14.1

5.4

9.8 10.59.5

8.6 9.57.0

7.36.88.6

7.1 6.5

2005 2010 2014

P&G

Johnson & Johnson

Wipro

L'Oréal

Unilever

23.0 23.0

32.2

13.7 14.4

14.10.6 1.4

3.5

2.32.7

2.6

2.22.4

2.2

2005 2010 2014

Medora of London

Beiersdorf

L'Oréal

P&G

Unilever

17.022.5 24.3

19.5

17.517.7

8.7

11.7 9.710.4

7.9 7.26.5

5.5 4.9

2005 2010 2014

Johnson & Johnson

Colgate-Palmolive

Avon

P&G

Unilever





19.423.5

27.2

15.8

21.022.33.1

5.9

7.2

3.6

3.8

3.2

1.3

4.2

2.6

2005 2010 2014

Nu Skin Enterprises

Johnson & Johnson

Able C&C

AmorePacific


18.2 17.9 18.1

7.5 8.7 9.9

5.27.8

8.38.8

7.98.2

5.66.2

6.5

2005 2010 2014

Better Way

P&G

L'Oréal

Beiersdorf

Unilever

27.3 27.8 27.5

17.0 15.8 14.8

6.2 6.6 6.6

6.2 5.0 5.8

2.0 3.3 4.3

2005 2010 2014

Beiersdorf


Johnson & Johnson

P&G

Unilever





9.5 11.6 10.6

12.7 8.2 8.6

7.07.6 8.0

9.19.1 7.8

2.5 4.7 6.8

2005 2010 2014

Private Label

P&G

Coty

Avon

L'Oréal

8.7 10.6 10.4

3.63.0

9.710.6 10.1

8.34.77.0

7.27.2

8.5

5.9

2005 2010 2014

Oriflame Cosmetics

Henkel

Avon

Unilever

L'Oréal

10.7 10.9 11.6

10.2 11.4 10.6

10.5 10.3 9.9

4.7 4.28.4

6.4

14.3 7.5

2005 2010 2014

Oriflame Cosmetics

Unilever

P&G

Avon

L'Oréal




27 April 2016


BRIClash



16.6 18.220.8

11.3 10.37.8

3.85.3 5.51.12.9

5.53.7

4.94.4

2005 2010 2014

P&G

Natura Cosméticos

L'Oréal

Avon

Unilever

15.5 17.613.7

12.511.7

13.7

7.38.4 12.5

5.15.4

7.29.4

10.37.0

2005 2010 2014

Avon

L'Oréal

Botica Comercial Farmacêutica

Unilever

Natura Cosméticos

16.2 14.6 17.6

8.1 9.5

12.2

10.4 8.8

8.60.9 4.3

7.48.1 7.0

5.9

2005 2010 2014

Durandin

Natura Cosméticos

P&G

L'Oréal

Unilever





12.4 14.0 13.6

13.415.8

11.6

5.2

7.29.5

9.5

7.48.0

8.36.5

6.0

2005 2010 2014

P&G

Unilever

Unique-Yanbal Group

Avon

Belcorp

18.5 18.5 19.0

7.0

17.912.1

12.9

11.3

10.11.6

8.9

9.94.5

3.9

3.8

2005 2010 2014

Colgate-Palmolive

Belcorp

Unilever

Avon

Unique-Yanbal Group

10.4 10.3 11.6

12.4 11.1 11.0

10.68.2 7.3

9.4

7.9 7.0

8.1

7.9 6.9

2005 2010 2014

Colgate-Palmolive

Vorwerk

Avon

P&G

Unilever





12.811.0 11.8

2.0 4.56.5

4.9 5.1

5.41.0

6.1

5.3

6.2

4.2

4.3

2005 2010 2014

Misr Cosmetics

Avon

P&G

Oriflame Cosmetics

Unilever

14.218.4 19.7

20.917.7 18.0

9.3 9.8 9.5

5.89.2 9.4

7.5

7.6 7.6

2005 2010 2014

Johnson & Johnson

L'Oréal

Beiersdorf

P&G

Unilever

19.6 22.6 20.2

4.0

8.89.75.9

7.0 7.28.3

7.5 7.17.3

5.54.6

2005 2010 2014

P&G

Revlon Inc

L'Oréal

Avon

Unilever




Figure 393: Turkey

6.4 8.7 11.1

12.2

15.8 10.2

8.7

9.19.7

6.2

7.49.17.0

6.7 7.7

2005 2010 2014

Beiersdorf

Unilever

P&G

Avon

L'Oréal


27 April 2016


BRIClash


Men’s Grooming Market Share


1.7

16.3 19.7

36.5

19.7 16.1

0.012.2 13.06.6

7.1 8.8

7.2

10.2 8.5

2005 2010 2014

Beiersdorf

Rohto Pharmaceutical

Unilever

P&G

L'Oréal

30.6 28.8 26.3

6.7 11.49.0

12.9 7.2

5.6

11.0

7.0

5.3

0.45.7

4.9

2005 2010 2014

Reckitt Benckiser

SuperMax

Malhotra Shaving

Unilever

P&G

32.739.4 41.6

37.631.6 29.1

11.0 13.5 13.92.6

2.9 3.00.01.3 2.7

2005 2010 2014

L'Oréal

Kao

Unilever

P&G

Mandom





34.428.5 25.4

7.811.9 20.1

20.3 22.918.9

10.7 11.1 12.1

9.9 9.6 7.7

2005 2010 2014

Marico

Wipro

Unilever

Mandom

P&G

19.126.7

37.6

50.3

23.5

13.3

0.0

9.3 7.4

3.7

3.3 7.4

3.1

2.84.1

2005 2010 2014

Reckitt Benckiser

Darco

Sté Bic

Treet

P&G

13.8

29.5 31.1

34.4

23.5 22.0

5.0

9.7 10.28.3

7.6 8.36.5

7.0 8.0

2005 2010 2014

Mandom Corp

Energizer Holdings

Beiersdorf

P&G

Unilever





18.2 18.6 19.9

9.4

18.2 17.5

12.8

11.3 9.75.7

4.5 4.57.1

4.0 3.1

2005 2010 2014

KT&G

Dorco

P&G


AmorePacific

18.3 20.0 21.3

17.3 11.3 10.6

2.95.5 6.4

5.0 6.6 6.0

3.3 5.4 5.9

2005 2010 2014

Unilever

Bio Consumer

L'Oréal

P&G

Beiersdorf

35.831.5 28.5

4.2 9.4 15.8

17.910.0

8.6

0.8

1.1

8.24.4

6.9

6.6

2005 2010 2014

Wipro

Marico

STADA Arzneimittel

Unilever

P&G





36.3 34.230.1

9.4 10.911.3

7.2 8.99.7

2.55.2

7.34.6

5.7 6.2

2005 2010 2014

Energizer Holdings

Unilever

Coty

Beiersdorf

P&G

50.746.5

40.4

8.08.9

9.7

4.15.3

6.7

1.7 4.95.1

3.6 3.74.1

2005 2010 2014

Energizer Holdings

L'Oréal

Unilever

Beiersdorf

P&G

51.3 51.7 51.0

13.9 15.4 15.3

3.57.8 9.83.7

6.2 2.62.9

2.92.6

2005 2010 2014

Evyap Sabun Yag Gliserin

Oriflame Cosmetics

Unilever

Beiersdorf

P&G




27 April 2016


BRIClash



22.728.5 31.1

35.232.1 28.3

10.610.9 9.0

0.02.3

3.42.72.8 2.4

2005 2010 2014

Energizer Holdings

Henkel

Sté Bic

P&G

Unilever

41.8 43.2 45.3

17.4 18.020.0

10.6 10.0 5.84.4 4.8 4.75.1 5.1 4.2

2005 2010 2014

Sté Bic

Botica Comercial Farmacêutica

Natura Cosméticos

Unilever

P&G

35.3 31.6 33.9

30.7 34.2 31.1

4.7 6.4 8.5

12.8 10.0 7.9

6.2 5.4 5.4

2005 2010 2014

Energizer Holdings

Colgate-Palmolive

Beiersdorf

Unilever

P&G





43.036.8 34.2

10.3

9.9 12.0

9.2

7.9 8.3

6.8

8.4 8.2

5.0

5.9 6.1

2005 2010 2014

Corporación Belcorp

Colgate-Palmolive

Energizer Holdings

Unilever

P&G

27.2 29.8 28.4

27.5 25.618.1

7.9 7.9

8.2

7.9 6.7

6.7

6.2 5.9

3.5

2005 2010 2014

Beiersdorf

Energizer Holdings

Sté Bic

P&G

Unilever

43.735.9 37.5

16.4

17.9 17.2

0.06.2 6.7

8.7 7.5 6.4

3.1 4.5 4.4

2005 2010 2014

Sté Bic

Colgate-Palmolive

Quala SA

Unilever

P&G





29.4 28.123.5

19.5 18.5

17.3

10.210.6

10.0

0.0 5.6

7.0

5.85.9

5.0

2005 2010 2014

Colgate-Palmolive

Marico

Middle East Chemical

P&G

Lord Precision Industries

30.6 32.1 32.2

7.413.7 17.28.8

7.88.810.0

6.26.1

2.13.4

3.5

2005 2010 2014

Coty

Henkel

Beiersdorf

Unilever

P&G

41.4 44.436.1

13.8 11.1

8.2

0.0 0.5

8.0

3.9 5.77.2

7.56.7

5.5

2005 2010 2014

Revlon

Beiersdorf

Tiger Brands

P&G

Unilever




Figure 415: Turkey

41.1 44.8 42.6

20.7 17.114.0

6.1 7.19.1

3.2 5.2 7.75.2

6.4 5.7

2005 2010 2014

Evyap Sabun Yag Gliserin

Unilever

Beiersdorf

Tokai Corp

P&G


27 April 2016


BRIClash


Oral Care Market Share


24.3 27.6 28.6

19.619.3 16.8

0.5

5.0 10.610.1

7.76.7

3.0

3.63.2

2005 2010 2014

Amway

Unilever

Yunnan Baiyao Group

P&G

Colgate-Palmolive

39.945.3 47.7

23.622.2 18.6

8.411.7 10.82.3

4.3 4.62.5

2.7 2.6

2005 2010 2014

Amway

P&G

Dabur India

Unilever

Colgate-Palmolive

57.8 53.5 52.3

15.917.4 18.4

11.0 13.8 13.3

0.8 2.3 5.33.9 4.3 4.4

2005 2010 2014

P&G

GlaxoSmithKline

Lion Corp

Orang Tua Group

Unilever





50.955.5 56.7

10.69.8 9.1

4.65.5 5.14.45.3 4.6

0.0

2.5 3.0

2005 2010 2014

Johnson & Johnson

GlaxoSmithKline

Lion Corp

P&G

Colgate-Palmolive

23.9

41.849.0

6.4

8.6

12.0

9.5

13.2

11.0

1.3

4.0

7.0

8.7

5.2

5.0

2005 2010 2014

Marriana International

P&G

GlaxoSmithKline

Unilever

Colgate-Palmolive

45.2 47.3 47.2

15.6 13.1 15.3

13.8 14.6 14.3

5.010.0 9.7

2005 2010 2014

Lamoiyan Corp

P&G

Unilever

Colgate-Palmolive





13.022.3 23.6

27.7

23.9 22.0

15.311.2 12.2

13.0 11.4 9.1

8.3 8.56.5

2005 2010 2014

Amway

AmorePacific

Aekyung Group


P&G

34.3 36.1 37.7

10.8 10.1 10.0

10.2 9.8 9.90.8

8.19.1

6.5

7.67.9

2005 2010 2014

Amway

Johnson & Johnson

Lion Corp

P&G

Colgate-Palmolive

47.3 46.3 44.8

22.0 23.9 25.5

12.8 11.0 10.1

0.0 1.4 3.20.0 2.6 2.9

2005 2010 2014

Johnson & Johnson

Amway

P&G

Colgate-Palmolive

Unilever





35.4 37.3 39.9

23.5 23.4 19.6

9.811.2 12.9

2.34.7 6.7

1.0

4.15.9

2005 2010 2014

Johnson & Johnson

Private Label

GlaxoSmithKline

P&G

Colgate-Palmolive

27.2 27.0 27.8

17.2 19.6 17.9

0.00.0

9.62.6

5.3

8.2

1.3

7.5

6.4

2005 2010 2014

Amway

Splat-Kosmetika

Unilever

P&G

Colgate-Palmolive

31.821.9 23.3

6.216.7

19.1

25.6 22.6 17.8

11.37.6 8.0

3.38.6 6.2

2005 2010 2014

Amway

Dr Theiss Naturwaren

P&G

GlaxoSmithKline

Colgate-Palmolive




27 April 2016


BRIClash



53.160.6 61.6

18.9

16.5 17.7

11.110.3 8.70.72.8 3.0

1.6

2.8 2.1

2005 2010 2014

Sunstar Inc

Johnson & Johnson

P&G

GlaxoSmithKline

Colgate-Palmolive

42.4 47.0 48.0

10.0

15.8 15.48.1

12.0 11.913.0

8.9 8.04.1

4.1 4.3

2005 2010 2014

GlaxoSmithKline

Unilever

Johnson & Johnson

P&G

Colgate-Palmolive

20.326.4

31.8

38.0 26.125.9

9.513.7

15.2

14.0 12.811.7

1.2 6.16.1

2005 2010 2014

Johnson & Johnson

P&G

GlaxoSmithKline

Unilever

Colgate-Palmolive





53.2 53.2 54.5

13.8 14.4 12.7

4.39.6 8.43.5

4.1 3.90.0

2.0 2.5

2005 2010 2014

Quala

GlaxoSmithKline

Johnson & Johnson

P&G

Colgate-Palmolive

53.547.2 46.1

0.0 16.4 18.00.4

1.7 2.5

1.1

1.1 1.3

0.0

1.0 1.2

2005 2010 2014

Johnson & Johnson

GlaxoSmithKline

Private Label

Quala

Colgate-Palmolive

58.5 56.4 53.7

28.0 27.8 29.3

0.5 5.2 5.44.7 5.0 4.01.4 1.3 2.3

2005 2010 2014

Private Label

GlaxoSmithKline

Johnson & Johnson

P&G

Colgate-Palmolive





39.431.3 33.4

28.132.0 32.1

13.613.7 14.2

4.45.4

5.75.0

4.65.0

2005 2010 2014

Johnson & Johnson

GlaxoSmithKline

Colgate-Palmolive

P&G

Unilever

42.4 43.8 43.9

12.616.4 17.2

19.116.7 16.3

9.711.0 12.1

4.74.0 3.8

2005 2010 2014

Trisa

Colgate-Palmolive

GlaxoSmithKline

P&G

Unilever

37.0 39.5 39.4

15.7 13.4 14.1

9.5 11.7 11.3

5.8 4.1 4.31.14.0 4.2

2005 2010 2014

Johnson & Johnson

Unilever

P&G

GlaxoSmithKline

Colgate-Palmolive




Figure 437: Turkey

37.2 34.628.8

23.1 24.926.7

6.215.2 19.4

9.6

8.8 8.52.6

3.8 5.3

2005 2010 2014

Private Label

Unilever

GlaxoSmithKline

Colgate-Palmolive

P&G


27 April 2016


BRIClash


Premium Beauty Market Share


11.8 13.1 14.6

22.815.6 11.0

3.27.5

10.3

4.2 5.8 6.2

3.17.1 5.3

2005 2010 2014

Shiseido Co Ltd

LVMH

Estée Lauder

Amway

L'Oréal

12.0 14.1 13.7

15.8 12.5 11.6

0.67.2 8.8

8.1

7.0 6.34.4

4.0 4.8

2005 2010 2014

Coty

P&G

Estée Lauder

Amway

L'Oréal

12.522.4

17.2

15.8

15.216.8

20.1

13.812.0

3.97.8

10.00.0

7.77.0

2005 2010 2014

Kao Corp

Nu Skin Enterprises

Amway

Estée Lauder

L'Oréal





21.5 21.1 20.4

11.9 13.9 14.1

9.211.2 11.9

11.010.8 10.8

12.6 8.9 9.5

2005 2010 2014

Amway

Shiseido Co Ltd

P&G

L'Oréal

Estée Lauder

0.0

27.8 27.5

0.7

22.716.9

0.0

4.68.2

0.0

0.0 6.1

0.0

4.63.5

2005 2010 2014

Unilever

Henkel

Estée Lauder

P&G

L'Oréal

19.0 21.0 23.0

8.8 7.17.8

7.4 8.07.1

4.4 5.06.1

7.5 6.35.8

2005 2010 2014

L'Oréal

Elizabeth Arden

P&G

Coty

Estée Lauder





34.9 32.3 32.1

17.3 22.7 22.3

5.97.1 6.2

6.96.4 6.1

4.04.8

3.9

2005 2010 2014

P&G

Estée Lauder

L'Oréal

LG Household & Health Care Ltd

AmorePacific

20.7 22.1 23.4

14.2 13.1 13.6

10.9 11.011.3

9.3 9.710.3

2005 2010 2014

Shiseido Co Ltd

L'Oréal

Estée Lauder

Amway

22.3 19.7 17.2

5.5 11.912.9

6.1

7.97.51.9

4.85.56.3

4.9 4.4

2005 2010 2014

AmorePacific


L'Oréal

Estée Lauder

Shiseido Co Ltd





12.4 15.4 16.0

11.312.0 12.4

12.211.8 9.8

9.07.9 8.2

5.25.4 5.6

2005 2010 2014

LVMH

Chanel

Coty

Estée Lauder

L'Oréal

12.218.4

22.0

14.0

16.815.48.5

8.18.7

6.2

9.48.5

6.6

6.9 6.4

2005 2010 2014

Estée Lauder

P&G

Chanel

L'Oréal

LVMH

19.123.3 21.1

13.911.9

13.2

2.8

14.211.5

5.3

6.37.2

2005 2010 2014

P&G

Amway

LVMH

L'Oréal




27 April 2016


BRIClash



29.5 28.7 31.0

19.9 23.723.9

0.0

11.9 6.99.4

7.96.1

2005 2010 2014

Coty

Puig

LVMH

L'Oréal

35.7 32.9 33.0

4.0 6.6 7.80.0

5.97.1

15.38.1

6.70.0 5.2 6.5

2005 2010 2014

GlaxoSmithKline

LVMH

Puig

L'Occitane International

L'Oréal

37.8 37.5 36.8

14.0 15.3 17.1

6.5 6.8 7.30.06.1 6.5

7.3

6.3 6.3

2005 2010 2014

Coty

Puig

LVMH

Estée Lauder

L'Oréal





17.6 18.1 16.7

0.0

7.8 9.4

18.7

13.79.3

7.87.3

5.2

3.84.7

4.4

2005 2010 2014

P&G

Richemont SA, Cie Financière

Coty

Puig

L'Oréal

4.9 4.85.9

4.03.1

3.4

1.9

1.6

1.7

2.4

1.7

1.6

2005 2010 2014

LVMH

Henkel

P&G

L'Oréal

11.114.0 14.7

15.314.0 13.5

9.7 7.9 7.0

0.05.6 6.2

2005 2010 2014

Puig

LVMH

Estée Lauder

L'Oréal





12.9 15.919.9

11.512.6

10.61.9

6.37.5

0.0

4.6

5.8

2.3

3.5

4.6

2005 2010 2014

Chanel

Puig

L'Oréal

Coty

LVMH

15.8 18.5 21.5

12.315.0

14.98.8

8.19.06.0

7.87.8

6.2

5.46.2

2005 2010 2014

Estée Lauder

L'Oréal

LVMH

Arabian Oud Co

Abdul Samad Al Qurashi Co

21.517.6

13.7

2.8 10.212.9

10.58.4

7.2

5.35.9

6.3

3.55.0

5.8

2005 2010 2014

Elizabeth Arden

Chanel

Clarins

L'Oréal

P&G

Estée Lauder




Figure 459: Turkey

20.916.2 15.7

8.7

8.4 8.2

2.9

6.0 7.3

7.17.4 7.0

4.95.4 5.5

2005 2010 2014

Chanel

Estée Lauder

Pierre Fabre SA, Laboratoires

LVMH

L'Oréal


27 April 2016


BRIClash


Skin Care Market Share


6.810.6

12.6

4.6

6.75.7

10.4

7.2 5.6

3.4

4.5 5.51.0

2.33.4

2005 2010 2014

Estée Lauder

Mary Kay

P&G

Shiseido Co Ltd

L'Oréal

60.9 56.948.5

1.7 6.4

7.5

4.3 4.9

4.9

1.23.3

3.5

1.62.5

3.4

2005 2010 2014

Himalaya Drug Co

Oriflame Cosmetics

Amway

L'Oréal

Unilever

15.2

44.649.5

1.6

11.8

13.7

4.3

7.3

7.5

8.1

4.6

3.6

7.1

3.4

2.9

2005 2010 2014

Vitapharm

Kao Corp

L'Oréal

P&G

Unilever





8.915.1 15.7

10.0

11.4 11.99.1

8.9 8.6

0.0

5.27.6

8.1

7.57.4

2005 2010 2014

Shiseido Co Ltd

Wipro

Estée Lauder

P&G

L'Oréal

21.4 24.3

41.38.0

9.6

9.2

4.23.9

7.2

2.22.3

6.4

2.42.8

4.0

2005 2010 2014

Olivia Cosmetics

Care International Ltd

Laboratories VS

Beiersdorf

Unilever

14.2

27.531.3

10.9

14.510.6

4.8

8.4 8.8

10.4

8.2 8.3

0.9

4.5 5.4

2005 2010 2014

P&G

Splash Corp

Beiersdorf

Avon Products

Unilever





19.326.8 27.7

27.2

27.4 26.8

3.7

5.9 5.3

2.5

3.3 4.2

3.7

3.5 3.1

2005 2010 2014

Estée Lauder

Able C&C Co Ltd

L'Oréal

AmorePacific


9.9 12.2 14.1

8.4

11.512.8

12.0

11.512.0

8.5

8.27.75.9

6.37.2

2005 2010 2014

P&G

Amway

Unilever

L'Oréal

Beiersdorf

10.7 10.8 11.6

5.8 7.6 8.23.8

6.48.08.2

8.47.24.9

5.77.0

2005 2010 2014

Beiersdorf

Shiseido Co Ltd


L'Oréal

Unilever





14.016.9 17.1

0.00.0

7.419.6

8.8

7.1

5.4

6.5

6.4

4.7

5.2

6.0

2005 2010 2014

Laboratorium Kosmetyczne Dr Irena Eris SA

Beiersdorf

Avon Products

Cederroth AB

L'Oréal

11.814.5 13.9

0.30.4

13.311.7 7.6

4.5

5.24.2

4.26.7

6.7

4.1

2005 2010 2014

Oriflame Cosmetics

Mary Kay

Avon Products

Unilever

L'Oréal

24.2 22.4 23.5

0.40.1

9.36.3 7.9

9.26.5

14.1

6.810.7

8.86.0

2005 2010 2014

Avon Products

Oriflame Cosmetics

Beiersdorf

Unilever

L'Oréal




27 April 2016


BRIClash



2.66.2

10.2

21.5 16.0 9.3

6.3 7.98.9

6.0 7.16.3

6.8 4.64.7

2005 2010 2014

Naturel SA

L'Oréal

Beiersdorf

Avon Products

Natura Cosméticos

25.9 27.219.3

4.56.1

12.7

19.6 17.211.8

5.8 7.4

7.9

0.0

6.3

7.1

2005 2010 2014

Hypermarcas

Beiersdorf

Avon Products

Botica Comercial Farmacêutica Ltda

Natura Cosméticos

17.2 18.8 19.5

17.5 14.0 15.6

1.4 8.0

13.85.7

5.2

4.915.2 9.6

4.8

2005 2010 2014

Avon Products

Durandin SAI, Laboratorios

Natura Cosméticos

Beiersdorf

L'Oréal





23.9 21.614.2

7.8 11.9

11.4

16.2 12.1

10.4

11.18.9

9.7

7.28.7

9.4

2005 2010 2014

Beiersdorf

Unilever


Johnson & Johnson

Avon Products

23.6 23.6 24.2

11.2

23.214.4

2.5

12.5

12.510.3

8.7

9.79.0

7.3

7.2

2005 2010 2014

Beiersdorf

Unilever


Avon Products

Unique-Yanbal Group

13.1 13.0 14.3

6.3 8.49.5

11.7 8.78.1

5.8 6.67.1

6.4 6.15.8

2005 2010 2014

Mary Kay

Beiersdorf

Avon Products

L'Oréal

Unilever





17.5 16.2 14.8

19.5

14.412.5

3.710.7

12.3

7.6 8.17.7

0.83.2 5.6

2005 2010 2014

Avon Products

Johnson & Johnson

Oriflame Cosmetics

Unilever

Armanious Group

19.3 20.7 21.0

12.215.8 15.9

8.9

13.4 13.86.7

8.6 8.97.5

6.9 6.6

2005 2010 2014

Kao Corp

P&G

L'Oréal

Unilever

Beiersdorf

23.7 24.6 23.5

8.512.0 11.6

9.7

11.610.6

8.0

8.27.5

6.8

7.36.5

2005 2010 2014

Johnson & Johnson

Tiger Brands

Beiersdorf

Avon Products

Unilever




Figure 481: Turkey

15.7 17.721.7

17.218.1

20.4

8.08.5

9.516.4

13.86.4

0.02.7 5.8

2005 2010 2014

Henkel

Avon Products

Johnson & Johnson

Beiersdorf

L'Oréal


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Spirits Market Share


1.42.6

4.41.7

2.7

3.9

0.0

4.7

3.7

0.7

1.6

2.4

0.0

0.0

2.3

2005 2010 2014

Capital Wine

Jing Brand

Sujiu Group

Luzhou Lao Jiao

Beijing Shunxin Agriculture

44.2 43.437.5

5.0 8.111.2

0.0

6.4 10.35.9

4.7 5.13.6

4.5 4.3

2005 2010 2014

Jagatjit Industries

Radico Khaitan

Allied Blenders & Distillers

Pernod Ricard

Diageo

31.8 30.522.9

24.219.3

21.8

6.5

4.5

3.9

1.3

1.8

3.2

0.7

1.32.6

2005 2010 2014

Pernod Ricard

Diageo

Uto NV

Orang Tua Group

Sumber Sari Mekar Perkasa





13.7 14.9 16.8

6.16.9

6.96.1

6.96.2

4.84.8

5.43.43.4

3.7

2005 2010 2014

LVMH

Luen Heng

Diageo

Thai Seng

Pernod Ricard

0.0 0.0 0.0

75.9 76.8 78.3

0.03.8 4.04.94.0 3.8

2005 2010 2014

Russian Standard

Lucas Bols

Murree Brewery

Companies

15.9 20.2

43.6

47.844.8

29.1

27.4 23.4

21.3

1.71.3

0.40.70.5

0.4

2005 2010 2014

Suntory Holdings

Destilería Limtuaco

London Birmingham

Tanduay Distillers

San Miguel Corp

Alliance Global





49.9 46.8 46.1

9.2 13.0 15.2

7.9 9.114.3

9.6 8.2

7.55.6 5.84.8

2005 2010 2014

Bohae Brewery

Kumbokju

Muhak

Lotte Group

Hite Jinro

73.7 74.6

81.2

4.5 3.3

1.4

1.8 1.8

1.2

0.8 0.7

0.6

0.1 0.2

0.2

2005 2010 2014

Bacardi

Rémy Cointreau

Regency Thai

Diageo

Pernod Ricard

Thai Beverage

64.456.2 52.4

8.212.5

12.0

0.0 7.48.2

5.97.5

7.00.02.1 6.7

2005 2010 2014

Aroma

Diageo

Avina

Sabeco

Habeco





26.721.5

30.1

0.0

28.722.629.0

17.9 17.411.0

9.3 8.4

1.1

1.64.2

2005 2010 2014

Private Label

Pernod Ricard

Belvédère

Stock Spirits

Russian Standard

2.66.2

7.80.4

9.8 6.5

2.0

3.0 5.2

0.0

3.5 3.5

1.7

2.1 1.8

2005 2010 2014

Bashspirt

Alkogolnaya Sibirskaya Gruppa

Tatspirtprom

Russian Standard

Synergya

2.4

16.722.9

0.0

18.6

20.0

0.0

10.6

10.9

18.8

8.2

10.6

8.6

10.2

9.7

2005 2010 2014

Nemiroff

Olimp

Krymska Vodochna

Global Spirits

Bayadera Holding




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24.9 27.235.4

33.5 28.019.5

1.3 3.7 5.84.3 6.0 4.60.0

2.5 2.4

2005 2010 2014

Destilados Argentinos

Diageo

Campari Milano

Pernod Ricard

Branca Distillerie

16.2 17.4 16.8

5.17.3 9.5

5.8

7.99.44.8

7.58.4

4.0

4.8

4.7

3.0

4.24.7

2005 2010 2014

Campari Milano

Indústria de Bebidas Paris

Engarrafamento

Diageo

Indústrias Reunidas

Cia Muller

43.7

26.8 27.7

24.9

17.520.6

2.8

6.78.0

6.5

8.67.0

5.6

4.63.8

2005 2010 2014

Licores Mitjans

Diageo

Pernod Ricard

Cía Cervecerías

Cooperativa Agrícola Pisquera de Elqui





0.0 0.0 0.0

37.345.5 47.2

15.1

14.115.7

14.6

12.812.01.4

3.05.3

2005 2010 2014

Industria de Licores del Valle del Cauca

Diageo

Industria Licorera de Caldas

Empresa de Licores de Cundinamarca

Fábrica de Licores y Alcoholes de Antioquia

Companies

18.9 20.7 23.6

8.912.2

16.38.7

7.6

8.9

4.6

8.5

5.4

3.5

2.3

4.0

2005 2010 2014

Licores San Miguel

Diageo

Industría Licorera Iberoamericana

Embotelladora Azuaya

Azende

16.613.4 12.6

7.89.6 10.8

9.2 10.2 9.7

4.9 8.3 9.0

6.57.2 7.7

2005 2010 2014

Grupo Corona

Diageo

Bacardi

Grupo Cuervo

Pernod Ricard




Figure 500: Egypt Figure 501: South Africa Figure 502: Turkey

26.331.8 30.6

14.1

22.6 21.6

12.5

10.6 13.4

0.0

0.06.4

3.3

3.3

3.0

2005 2010 2014

Campari Milano

Suntory Holdings

Pernod Ricard

Diageo

Heineken

26.8 28.134.2

34.3 32.626.4

10.1 10.9 10.5

4.2 4.8 5.11.9 2.0 1.8

2005 2010 2014

KWV Group

Pernod Ricard

Snell & Co, Edward

Distell Group

Diageo

83.775.3 76.3

2.3

3.8 5.6

0.03.8

4.90.0 5.53.30.1

0.7 1.7

2005 2010 2014

Brown-Forman

Efe Alkollu

Antalya Alkollu

Pernod Ricard

Diageo




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Wine Market Share


4.2 3.82.9

2.32.3

2.0

3.42.6

1.8

1.32.2

1.5

1.71.5

1.5

2005 2010 2014

Jiangsu Zhangjiagang

Yantai Changyu

Bright Food

Kuai Ji Shan

Zhejiang Guyue Longshan

12.320.6

24.70.0

0.0

9.7

3.1

4.3

9.4

6.9

9.0

8.6

1.2

1.5

5.0

2005 2010 2014

John Distilleries

Grover Zampa

Heritage Grape

Diageo

Samant Soma

56.365.4 67.6

1.0

1.82.9

0.2

0.20.2

0.1

0.10.2

0.1

0.10.1

2005 2010 2014

Campari Milano

Bacardi

LVMH

Arpan Bali Utama

Orang Tua




Figure 506: Malaysia Figure 507: Philippines Figure 508: South Korea

0.0 0.0

10.38.1 8.5

8.1

4.9 4.2

3.9

7.5

4.2

3.6

1.1

1.8

1.8

2005 2010 2014

Viña Concha y Toro

E&J Gallo Winery

Constellation Brands

Pernod Ricard

Treasury Wine Estates

11.6

21.9

30.8

17.5

19.5

11.8

3.2

4.3 4.4

2.7

3.2 3.0

2.9

3.1 2.9

2005 2010 2014

Conrad

Félix Solís Avantis

The Wine Group

E&J Gallo Winery

Bel Mondo Italia

30.0

18.926.5

19.5

17.1

18.0

11.2

5.0

4.7

4.8

3.6

3.7

6.3

3.8

3.6

2005 2010 2014

Daegu Takju Association

Pusan Takju Association

Lotte Group

Kooksoondang Brewery

Seoul Takju




Figure 509: Thailand Figure 510: Vietnam Figure 511: Poland

4.9

28.134.5

8.1

15.8

21.1

0.0

0.0

16.8

0.0

0.0

4.8

2.4

2.4

3.1

2005 2010 2014

CPK Plantation

Treasury Wine Estates

Accolade Wines

Pernod Ricard

Siam Winery

20.7 18.921.3

8.09.3

10.7

1.8 2.0

2.11.2 1.6

2.0

2005 2010 2014

Grands Chais de France

Pernod Ricard

LamDong Foodstuffs

Thang Long Liquor

12.8 12.6 11.9

0.0

11.4 11.79.5

9.7 10.5

0.2

3.7 5.9

8.0

6.95.8

2005 2010 2014

Henkell & Co

Warwin

Private Label

Sektkellerei Schloss Wachenheim

Janton

Bartex-Bartol




Figure 512: Russia Figure 513: Ukraine Figure 514: Argentina

1.2

3.21.6

2.6

0.3

3.2

2.4

0.6

3.1

2.3

2.4

3.22.1

2005 2010 2014

Moskovskiy Mezhrespublikanskiy Vinodelcheskiy

Gerrus Group

Igristye Vina

Viktoria

Alvisa

8.67.7

7.9

3.4

5.2

7.0

6.1

6.0

6.2

3.8

4.9

5.2

2.5

3.5

5.2

2005 2010 2014

Logos

Odessavynprom

Cotnar

Alef-Vinal

Kronos-Invest

Alcohol Traditions

16.222.0 25.2

10.2

13.213.112.4

11.811.1

6.2

6.16.1

2.1

3.53.5

2005 2010 2014

Bodegas Valentin Bianchi

Bodegas y Viñedos Garbin

RPB

FeCoVitA

Grupo Peñaflor




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Figure 515: Brazil Figure 516: Chile Figure 517: Colombia

6.1 6.6 7.6

0.0

4.65.1

5.8

4.53.8

2.5

3.13.7

1.4

3.23.5

2005 2010 2014

Vinícola Miolo

Antônio Basso & Filhos

Casa Di Conti

Russell Hobbs

Cooperativa Vinícula Aurora

24.9 29.2 28.9

20.1

24.7 28.3

26.8

30.4 28.03.2

1.8 1.4

0.3

0.5 1.4

2005 2010 2014

Viña Valdivieso

Viña Santa Carolina

Viña Concha y Toro

Cía Cervecerías Unidas

Viña Santa Rita

17.7 17.8 16.1

9.9 9.27.7

7.0 7.7

7.4

5.8 4.6

4.4

6.64.5

3.6

2005 2010 2014

Prorivinos

Casa Grajales

Vinos de la Corte

Hijos de Antonio Barceló

Bodegas del Rhin




Figure 518: Mexico Figure 519: Egypt Figure 520: South Africa

9.9 9.615.2

15.3 15.811.9

16.9

8.19.1

2.4

7.88.8

9.19.2

8.7

2005 2010 2014

Viña Concha y Toro

E&J Gallo Winery

Vinícola LA Cetto

La Madrileña

Pernod Ricard

89.1

65.8 62.5

8.0

32.730.2

1.4 0.90.6

0.4 0.20.2

0.3 0.20.1

2005 2010 2014

Al Ahram Beverages

LVMH

Groupe Laurent-Perrier

Campari Milano

Egyptian International

Heineken

18.8

33.5 31.0

4.9

5.44.9

1.1

1.82.2

2.0

1.61.4

0.0

1.11.2

2005 2010 2014

Co of Wine People

DGB

Van Loveren Wines

KWV Group

Distell Group




Figure 521: Turkey

49.0

28.322.1

12.7

21.0

14.2

0.0

0.0

12.6

6.2

5.9 5.5

0.9

1.0 2.3

2005 2010 2014

Diren Sarapcilik

Yazgan Sarapçilik

Diageo

Doluca Bagcilik ve Sarapcilik

Kavaklidere Saraplari


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Appendix 1

Important Disclosures

Additional information available upon request

*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

Analyst Certification

The views expressed in this report accurately reflect the personal views of the undersigned lead analyst about the subject issuers and the securities of those issuers. In addition, the undersigned lead analyst has not and will not receive any compensation for providing a specific recommendation or view in this report. Bill Schmitz/Faiza Alwy

Equity rating key Equity rating dispersion and banking relationships

Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jected dividend yield ) , we recommend that investors buy the stock.

Sell: Based on a current 12-month view of total share-holder return, we recommend that investors sell the stock

Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell.

Newly issued research recommendations and target prices supersede previously published research.

47 % 50 %

3 %

52 % 43 %

25 %0

50100150200250300350400450500

Buy Hold Sell

North American Universe

Companies Covered Cos. w/ Banking Relationship

Regulatory Disclosures

1.Important Additional Conflict Disclosures

Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the

"Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing.

2.Short-Term Trade Ideas

Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are

consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the

SOLAR link at http://gm.db.com.

http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

https://gm.db.com/equities

http://gm.db.com/

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GRCM2016PROD035452

David Folkerts-Landau Chief Economist and Global Head of Research

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Research

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Asia Pacific Research

Ralf Hoffmann Regional Head

Deutsche Bank Research, Germany

Andreas Neubauer Regional Head

Equity Research, Germany

International locations

Deutsche Bank AG

Deutsche Bank Place

Level 16

Corner of Hunter & Phillip Streets

Sydney, NSW 2000

Australia

Tel: (61) 2 8258 1234

Deutsche Bank AG

Große Gallusstraße 10-14

60272 Frankfurt am Main

Germany

Tel: (49) 69 910 00

Deutsche Bank AG

Filiale Hongkong

International Commerce Centre,

1 Austin Road West,Kowloon,

Hong Kong

Tel: (852) 2203 8888

Deutsche Securities Inc.

2-11-1 Nagatacho

Sanno Park Tower

Chiyoda-ku, Tokyo 100-6171

Japan

Tel: (81) 3 5156 6770

Deutsche Bank AG London

1 Great Winchester Street

London EC2N 2EQ

United Kingdom

Tel: (44) 20 7545 8000


60 Wall Street

New York, NY 10005

United States of America

Tel: (1) 212 250 2500

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