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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.
As for Evaporated milk, one half of the water from the cowâs milk is evaporated then it is being homogenized, canned and then sterilized. Condensed milk has a lesser process than evaporated milk. Condensed milk is much sweeter since it is added with sugar while evaporated milk is a rough equivalent of fresh milk.