Nestle SA expects petfood sales to surpass US$1 billion in Latin America next year as consumers there start buying supplies designed for dogs and cats, according to a Bloomberg article.

In the article, Nestle Purina's Chief Executive W. Patrick McGinnis said sales in Latin American countries like Brazil are growing at nearly 20% a year, as incomes of pet owners rise. McGinnis also said Nestle is hiring more salespeople and pursuing acquisitions to strengthen its Latin American business. According to the article, Nestle reported nine-month sales growth and a total revenue of US$85.4 billion, helped by gains in emerging markets like Latin America.