Evaporated milk is fresh milk that has been heated until about 60% of the water content has evaporated. The cooking process here leaves a slight caramel flavour to the shelf-stable milk. Condensed milk or sweetened condensed milk is fresh milk that has been heated until about 60% of its water content has evaporated and contains about 40 to 45% of sugar. This results in thick, sweet, shelf-stable milk that can be used in many desserts and drinks.