Colgate's India toothpaste biz to equal China in 2030: UBS

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26 Aug, 2025 12:21

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Moneycontrol Bureau

India has often been underappreciated as a contributor to Colgate Palmolive's global growth relative to other markets, suggests a report by foreign brokerage firm UBS.

The report that draws a parallel between Colgate's success in Latin America's Brazil, says Colgate India's toothpaste business is likely to be almost as big as Colgate's China business by 2030, adding that it might contribute more to the company's total global growth over the timeframe.

The company has cemented its presence in India by way of an oral care-focused strategy that is focused on five strategic pillars, states the report These pillars are: innovation; consumer/professional reach; mix improvement; marketing, and  cost efficiency.

The brokerage has a buy rating on the stock but highlights that the Colgate Palmovie will have to acquire the whole of Colgate India in order to participate in India's 100 percent potential upside.

Excerpts from the report:

- Colgate's India strategy is one that has been proven in LatAm

While our analysis focuses on toothpaste, we expect a similar dynamic to materialise in toothbrushes. We also believe expansion into adjacent categories is possible, such as mouth rinses, and potentially some personal care categories as we have witnessed in other markets around the world, such as Brazil and Mexico.

- India – a big potential story with a long runway for growth

Despite significant historical expansion, the per capita toothpaste consumption in India is still the lowest among the major emerging countries (122ml per day, as per Euromonitor) implying a significant runway for growth.(Posted by Ritika Dange)