Condensed milk is cow’s milk from which about 60 percent of the water has been evaporated. In snacks it is almost always sweetened condensed milk: sugar is added before or during evaporation and makes up around 40 to 45 percent of the final product, acting as a preservative so the thick, creamy syrup keeps without refrigeration. The unsweetened version is called evaporated milk.
The heat used to concentrate it gives condensed milk a light caramel note. In bakery it adds milky richness, sweetness and moisture to cakes, and it is a classic ingredient in Thai desserts and pastry fillings.
Condensed milk comes from milk, a major allergen. On SeekSnack it is used in Euro Cake - Hokkaido Milk and in the Shoei Tokyo Sweet Banana Gift Box.

