Food security is an essential condition for sustainable development of the country, its national

security, especially in the context of the global crisis and the turbulence of the world economy.
Therefore, the development of food industry is an important task of the government. The special
significance of the food security aspect is determined by such factors as availability, economic
accessibility and ecological safety of food. The authors carried out a study of the Russian food
industry and defined the prospects of its further development in the context of the import
substitution strategy. The article presents the food industry growth model. It is based on a modified
Cobb-Douglas production function and it involves an innovation factor. Typology of Russian regions
in terms of development of the food industry was obtained on the basis of adapted portfolio analysis
matrices. The databases of the Federal State Statistics Service of the Russian Federation and the
data-line monitoring of the economic situation in Russia were the basis of the study