Variations of the drink include ginger, groung nuts, vanilla and evaporated milk; these ingredients are not required but are used to make the taste sweeter. Another variation uses Cognac in place of Rum. Using Cognac produces a drink which is not as sweet but contains a much deeper and more complex taste. Coquito is served in shot glasses or small cups and it is usually sprinkled with grated nutmeg.
There is a pre-mixed Coquito on the market called Mi Abuelita, which was launched in Novemeber 2007 by The Abuela Company LLC. The founder of The Abuela Company is David Kanbar, former Executive VP of Skyy Spirits, owner and marketer of Skyy Vodka.