Coconut milk whipped cream is dairy-free whipped topping in a nutshell. Or a coconut shell. Instead of using cow-dairy cream, you'll use full-fat coconut milk and whip it into stiff peaks. If you think about how whipped cream is made, you're basically transforming a liquid into a solid. The process involves introducing lots and lots of air bubbles into the liquid and then slowly, breaking down and emulsifying the fat. That's where those soft peaks form.