If you need a dairy-free alternative to sweetened condensed milk, you're in luck. It's easy to make sweetened condensed coconut milk at home! All you need is two ingredients, plus a little patience. I've been making this recipe for over 14 years, and it's perfect for sweetening iced coffee, fudge, coconut macaroons, and more.
Pour the coconut milk and honey into a small saucepan. Place the pan on the stove top over high heat and bring the liquid to a boil. (It's okay if the coconut solids look separate at first; they will melt into the liquid as it warms up.)
Once the coconut milk is rapidly boiling, lower the heat to a simmer. You should see bubbles on top of the milk still, but it shouldn't be rising up in the pan. Let it simmer for 45 minutes, or until it has reduced by half and looks caramel-like.
Let the mixture cool, then pour it into a storage jar with a lid. It will look like caramel while it's hot, but it will lighten in color significantly when chilled in the fridge overnight. (It still won't look white, but like a very light tan.) Use it within a week and store it chilled.
Notes
Nutrition information is for slightly less than a half cup of sweetened condensed coconut milk, assuming you get slightly less than 1 cup total from this recipe. This is automatically calculated using an online ingredient database, so it's just an estimate and not a guarantee.