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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.
Powdered skim milk, sugar, boiling water and melted butter are combined, but not cooked, in this substitute for canned condensed milk. This substitute for condensed milk is made by blending water, butter, sugar and dry milk.