SPECIFIC FEATURES OF THE FOCUS OF INNOVATION AND INVESTMENT PROJECTS AT FOOD INDUSTRY ENTERPRISES

Abstract

This article examines the specific nature of innovation and investment projects in the food industry. It proposes building a project portfolio that takes into account the realities and characteristics of the current state and future prospects of development, which shape the strategic goals of enterprises in both external and internal environments. It is proposed to take into account the industry-specific nature of food-producing enterprises and adapt it to the changing characteristics of the modern environment and differentiated consumer demands. The relationship between project specifics and environmental factors has been identified, which will facilitate the initial stage of justifying the selection of an enterprise’s innovation and investment projects. Among the external environmental factors in project selection, it is proposed to prioritize global trends in industrial development (particularly in food production), the country’s actual macroeconomic specifics and development prospects, as well as the strategic direction of competitors’ activities. In terms of accounting for global trends, projects should focus on resource conservation, energy efficiency, scaling up food production, health restoration and preservation, and meeting environmental sustainability requirements. When considering the country’s macroeconomic specifics, it is proposed to implement projects to ensure operations under wartime conditions (full or partial relocation, differentiation of raw material sourcing areas and logistics), as well as projects that will facilitate enterprises’ orientation toward EU markets (compliance of food products with EU requirements). Taking the competitive environment into account, depending on the adopted overall strategy, will influence the selection of projects aimed at maintaining or increasing the competitiveness of products and the enterprise, as well as acquiring new key competencies. Within the enterprise’s internal environment, the following factors must be considered when selecting projects: the state of the enterprise’s technical and technological base, production capacity and its utilization rate, the launch of new products, product quality, the skill level of the workforce, the availability of digital technologies, and the adequacy of financial resources. Taking into account a number of internal environment factors, it is proposed to focus projects on upgrading the technical and technological base in primary, auxiliary, and support production, on the implementation of Lean technologies, on production diversification, etc. For food industry enterprises, project activities should emphasize the widespread use of biotechnologies.