Colgate competes with other leading personal care companies such as Procter & Gamble ( PG ), Unilever ( UL ) and Kimberly-Clark ( KMB ). While a volume-driven growth strategy might put Colgate at an advantage in the lower-income but high-growth emerging markets, we fear that persistent inflation could erode profit margins. Here we highlight two key trends that investors should keep an eye on - how margins have trended over the past quarter and the outlook for market share.