Evaporated milk is a shelf-stable cow's milk that was invented at a time when refrigeration was scarce and is now an essential ingredient in many of our pantries. Although sometimes confused evaporated milk is different from condensed milk (which is heavily sweetened) and comes in a liquid form despite the name suggesting it may be dried/dehydrated.
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Evaporated milk on the other hand is made by evaporating 60% of the water in cow's milk after which the milk is homogenized and canned and then sterilized by heating.
Evaporated milk is not the same as condensed milk.
The advantages of evaporated milk include its long shelf life (up to 15 months) and the space saving (evaporated milk takes up about half the space of the liquid variety). The result of evaporation is that the final product is slightly darker and some say it has a slightly "cooked" flavor but otherwise the two are virtually indistinguishable.