The product development process is considered a strategic function for the organizations. In order to survive and be profitable in a competitive environment, companies adopt portfolio management. It is expected that an organization will be able to prior projects and make strategic decisions by using portfolio management methods. However, implementing those methods is considered one of the most important barriers for the companies since there is a gap between theory and practice. Food industries face this barrier, but considering that their product development process and portfolio management have specific features, this object of study is of a great importance. This paper analyses the method adopted by one of the most important food companies in Brazil. Some maladjustments were observed for the specific situation and a dynamic method, System Dynamics, was suggested for portfolio management. The adoption of this method for portfolio management in food companies should be studied in further research.