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Evaporated milk is simply milk with about 60% of its water removed. It is unsweetened, which is the detail people get wrong, and it is easy to make from scratch if you have milk and 25 minutes.
Best for: An exact match
Gentle simmer, stir occasionally, do not boil hard.
Best for: Most savoury and baked uses
Slightly richer, works everywhere.
Best for: Rich sauces and custards
Richer than the original.
Best for: Dairy-free
Adds a light coconut flavour.
Evaporated and sweetened condensed milk are not interchangeable in either direction. Condensed milk is roughly 40% added sugar; swapping one for the other ruins the dish. In pumpkin pie and similar custards, evaporated milk is providing the set as well as the richness, so a thin substitute gives a loose filling.
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Simmer 2¼ cups of whole milk gently until it reduces to 1 cup, roughly 25 to 30 minutes, stirring occasionally. Do not let it boil hard or it will catch.
No. Both are reduced milk, but sweetened condensed milk contains about 40% added sugar and pours like syrup. Evaporated milk is unsweetened and pours like thin cream.
Not directly at the same volume, since the water content is much higher and the dish will be thin. Either reduce the milk first, or use half-and-half at 1:1.
Reduced whole milk is the closest match, at 2¼ cups milk simmered down to 1 cup. An exact match. Gentle simmer, stir occasionally, do not boil hard.
Reduced whole milk (2¼ cups milk simmered down to 1 cup) if you want the closest result, or Half-and-half (1:1) for most savoury and baked uses. Which one is right depends on what the evaporated milk was doing in the dish.
Related guides: Sweetened Condensed Milk · Half-and-Half · Heavy Cream · Milk · All guides