This is only 3 ingredients and so easy to make. Dairy free, egg free and tastes wonderful. It can be use in everything from your morning coffee to ice cream and keeps well in the refrigerator for up to 2 weeks.
Add the milk and sugar to a medium pot, set over medium heat and stir until the sugar is dissolved.Allow it to come to a boil and then turn the heat down, allowing it to simmer until it has reduced by half. This will take about 45 minutes. Stir occasionally to keep from burning. The milk will start to thicken slightly and start to become a more caramelized color.
Once it has reduced by half, remove from heat and add the vanilla, stir to combine. Pour into a heat safe container and allow to cool. Once cool, place in the refrigerator in an airtight container, should last up to 2 weeks. The condensed milk with seem a little thin but will thicken as it cools.
Notes
As far as the final yield for this recipe, I get between 1 cup and 1 1/4 cup. The consistency ( whether it be 1 cup or 1/14 cup) of the final product works for the recipes I use it in.