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1 Substitute coconut oil on a 1-1 ratio for oil or butter. Melt the oil and cool it to just above room temperature before measuring it.  Use a ratio of 3/4 to 1 when substituting coconut oil for shortening. Use the oil in its solid state or melt it first.
Fat + Liquid â If the coconut milk is used in a baked good, then you can simply replace it with a combination of oil or dairy-free margarine and additional liquid. The liquid could be a low fat milk alternative, juice, or water. Whatever you feel goes best with your recipe.oconut oil is one of the few dairy-free fats, which has a high ratio of saturated fat, like dairy. This makes it solid at cooler room temperatures, offering more versatility and a somewhat buttery texture. Nonetheless, it isnât required for baking or cooking.