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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.
Note that evaporated milk is not the same thing as condensed milk. Condensed milk is also reduced by 60 percent, but it is heavily sweetened and usually used in baking and desserts. Evaporated milk can be used as a substitute for milk or cream, like in coffee and tea or poured over cereal.