Coconut cream is very similar to coconut milk but contains less water. The difference is mainly consistency. It has a thicker, more paste-like consistency, while coconut milk is generally a liquid.
Coconut cream can be made by simmering 1 part shredded coconut with one part water or milk until frothy, then straining the mixture through a cheesecloth, squeezing out as much liquid as possible; this is coconut milk. The coconut milk is refrigerated and allowed to set. Coconut cream is the thick non-liquid part that separates and rises to the top of the coconut milk.