In the bowl of a stand mixer or a large bowl, beat the cream cheese and Coco Reál on medium speed until smooth, about 1 minute.
Scrape down the bowl's sides and add the sugar, shredded coconut, and coconut extract and beat on medium until smooth and combined, about 30 seconds.
Add the Cool Whip and beat until incorporated, about 1 minute. Top with toasted coconut and transfer dip to a serving bowl and chill until ready to serve. Serve with pie crust dippers, graham crackers, and vanilla wafer cookies. Dip can be stored in an airtight container for up to 1 week in the refrigerator.