The global cocoa market is poised to face a supply shortfall for the first time in three years as a strengthening El Niño threatens production across key growing regions, according to Asia’s top processor. A deficit of 300,000 to 400,000 tons is expected in the 2026-27 season, said Brandon Tay Hoe Lian, the chief executive officer of Malaysia-based Guan Chong Berhad. That compares with a surplus of about 100,000 tons a year earlier, with the weather risks to crops set to coincide with steadying demand, he said in an interview on the sidelines of the CAA International Cocoa Conference in Singapore.