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Cream of Coconut: Cream of Coconut works well as a sweetened condensed milk alternative, and can offer a wonderful tropical flavor to your desserts. Substitute it for sweetened condensed milk using a 1:1 ratio. Do not confuse this with Coconut Cream, Cream of Coconut is much sweeter, and sold in separate cans. Look for brands such as Coco Lopez, Roland, Coco Real, or Goya.
With its slightly caramelized flavor, evaporated milk is commonly used in custards and dishes in which a creamy texture is desired. Sweetened condensed milk is a mixture of whole milk and about 40 to 45 percent sugar, which is heated until about 60 percent of the water evaporates.