I thought sweetened condensed milk would be one of those ingredients that I would not be able to find a dairy free substitute for, until I found this.
I found this recipe for a dairy free sweetened condensed milk from Go Dairy Free. It is a bit stickier than regular condensed milk, but it’s a great alternative for the real thing.
I’ve used this previously to make the black sesame ice cream and it worked very well. One batch makes an equivalent to a 14 oz can of sweetened condensed milk. If you don’t have the soy milk powder, there are other variations mentioned on the site. I’m pretty sure you can use regular nonfat milk powder instead of the soy milk powder to make a regular sweetened condensed milk.
3/4 cup white sugar
1/2 cup water
1 cup plus 2 TBSP soy milk powder
Combine sugar, water and soy milk powder in a nonstick saucepan (otherwise you’ll have a tough time cleaning your pan afterwards) and bring to a boil.
Reduce heat and cook until thick, about 15-20 minutes. Pour into a bowl and allow to cool.
Milk will thicken more as it cools. Store in refrigerator if not being used immediately.