Colgate's wide lead in emerging markets and its high operating profits leaves plenty of rooms for multinational (i.e. cash-rich Procter & Gamble) and local competitors which can quickly take marketshare.
Ultimately, there may be a limit to the amount of times that you can reinvent toothpaste.
Colgate does not have the same product exposure as its competitors. The dominance of a few product types such as toothpaste makes it heavily dependent on rebranding and brand extensions.
Colgate is overly-dependent on Latin America which has been the company's prime growth engine in recent years, contributing 40% of organic growth. Maturing and increasingly saturated Latin American markets will hardly be able to keep pace with past growth.