Preheat oven to 350°F. Spray a 12” bundt pan with nonstick floured cooking spray (or butter and flour the pan).
Place the coconut in a small saucepan and heat over low heat, stirring almost constantly, for a few minutes, until the coconut browns. Immediately remove to a plate to cool. (Coconut burns easily, so be sure to watch it carefully.) Reserve 1/4 cup of the toasted coconut for the topping of the cake.
Place cake mix, pudding mix, oil, eggs, cinnamon, and almond milk in a large bowl. Beat with a hand mixer until just combined (mixture may be slightly lumpy). Stir in the shredded carrots and toasted coconut.
Pour cake batter into prepared pan. Bake for 38-45 minutes, until a toothpick comes out clean near the center. Cool completely before frosting.
To make the frosting: beat butter and cream cheese with a hand mixer until smooth. Add salt and 1 cup of powdered sugar, beat until smooth, then mix in remaining cup of powdered sugar and vanilla. Mixture should be smooth and spreadable. Spread or pipe on cake as desired. Sprinkle with reserved toasted coconut.
Store loosely covered in the refrigerator for up to 3 days. Unfrosted cooled cake can be wrapped well in plastic wrap and frozen for up to one month.