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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.
Not if it's sweetened. But otherwise you can add one can of water to a can of condensed milk. From what I understand, it's just somewhat creamier and can be used to cook with, â¦ drink, or in cereal just fine.