Is CoolWhip® a true whipped cream?

Not really. CoolWhip® is a brand of imitation whipped cream containing less than 2% milk product.  CoolWhip® is made of water, corn syrup and high fructose corn syrup, partially  hydrogenated coconut and palm kernel oil, less than 2% sodium caseinate, natural and artificial flavorings, xanthan and guar gums, polysorbate 80, sorbitan monostearate, and beta carotene. Note: Sodium caseinate is a milk protein, so CoolWhip® and products like it may be unacceptable to those avoiding dairy products.
 
Why manufacture an imitation “non-dairy” whipped cream that contains cannot be used by those who must avoid all dairy? The objective was to create a whipped cream-like product that could be distributed and merchandised  in a frozen state but stored in the refrigerator once it arrived home. This had never been accomplished before in food preservation.
 
Source(s):
Wikipedia.com "Cool Whip"