Whipped cream and whipped creme fraiche are excellent substitutes for Cool Whip, according to Pastry Chef Online. Other options include whipped sour cream and whipped coconut cream.
The best type of whipped cream to use in place of Cool Whip is fresh cream whipped until it holds medium or firm peaks. Adding a small amount of sugar during whipping gives the cream a hint of sweetness. The best way to mimic the dense texture of Cool Whip is to whip the cream in a food processor, writes Pastry Chef Online.
Whipped creme fraiche is another popular Cool Whip substitute. Homemade creme fraiche is a mixture of 1 tablespoon buttermilk per cup of cream. After 36 hours, the mixture is ready for whipping.