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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.
Some sources do claim that you can add sugar to evaporated milk if you really need a replacement for condensed milk. According to these substitution rules, use 5 ounces of evaporated milk and 3/4 cup of sugar for every cup of condensed milk the recipe calls for.