Condensed milk is a dairy product, meaning it’s made of cow’s milk. Water is removed and sugar is added to make a thick consistency milk which is used in a lot of dessert recipes in many countries around the world. These days even vegan substitutes for condensed milk can be made at home using non-dairy milk like soy milk, coconut milk etc.
Low-fat and non-fat versions of condensed milk is also available in the market these days. One can be used instead of the other in most of the recipes without compromising on the taste and texture.