This Keto Sweetened Condensed Milk recipe serves as the perfect replacement in any recipe calling for traditional, carb-heavy sweetened condensed milk. It also can be used as a frosting and a fat bomb base!

keto condensed milk in a glass with gold fork sticking out

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Sweetened condensed milk is the base for so many delicious treats. But what’s someone living the keto lifestyle to do when a cup of it contains a whopping 116g of carbs?! (And definitely no fiber in sight to subtract…)

Make a freakin’ awesome keto version, of course! 🙂 The best part is this keto version can also be used as a keto frosting and a keto fat bomb base (more on that later).

I can’t take total credit for this recipe — two genius low carb bloggers (credits to them in my recipe card!) posted recipes which I adapted to make my very own version of Keto Sweetened Condensed Milk. I have to say I am seriously in love with my version and can’t stop eating it.

(The funny thing about that is I actually cut out dairy nine years ago because I felt it contributed to breakouts. However, I make exceptions to test out every single dairy-containing recipe on this site. But this stuff? I haven’t gone a day without eating it since I made it. My skin has been fine so maybe I need to re-evaluate my dairy sensitivity. Or, this stuff is just magical…)

Even better, you only need three ingredients to make this recipe!

Ingredients Used in Keto Sweetened Condensed Milk

Heavy Whipping Cream

Swerve Confectioners Sweetener

Swerve Confectioners is an all-natural sweetener that looks, tastes, and measures just like real confectioners sugar! Because sugar alcohols do not count toward net carbs, it contains 0g net carbs.

4th & Heart Vanilla Ghee

This amazing vanilla-infused ghee is super creamy and has a sweet, buttery flavor to it. (Learn more about why I use ghee in the “Why use ghee in this recipe?” section below.)

How to Make Keto Sweetened Condensed Milk

keto condensed milk process shots ending with green spatula

To make Keto Sweetened Condensed Milk, start by adding the heavy whipping cream and Swerve Confectioners to a medium saucepan.

Bring the mixture to a boil. (Note that my photo was taken slightly before it was fully boiling… oops!)

Then reduce the heat so the mixture is at a simmer. Whisk it every few minutes until the volume is reduced by one-third. This will take about 35-40 minutes.

The consistency you’re going for is that of a runny pudding. Look at the photo with my spatula in the mixture — it only thinly coats the spatula. The mixture will thicken a lot when it cools.

keto condensed milk four process shots overhead view of pan

Once the mixture has reduced, remove the pan from the heat and whisk in the ghee. If you’re not using it right away, transfer it to an airtight jar. Can you see how much the mixture has thickened after I mixed in the ghee and started to put it in the glass jar? Compare how it sticks to the spatula in this photo to the previous one!

By the way, I highly recommend using a funnel to pour your Keto Sweetened Condensed Milk into your jar. You don’t want to waste a drop of this stuff!

keto condensed milk being poured from a bowl into a mason jar

Store your Keto Sweetened Condensed Milk in an airtight jar in the fridge. This condensed milk will solidify quite a bit in the fridge to the consistency of a thick frosting. To make it pourable again, just warm up the amount you need in a pan on low, or you can place the jar in a bowl of hot water. (Do not microwave it — it will change the texture.)

Why use ghee in this recipe? (And what is it?!)

Some homemade (keto or otherwise) sweetened condensed milk recipes use butter in addition to the dairy and sweetener; some use nothing at all. (In fact, traditional sweetened condensed milk is simply milk and sugar.)

The purpose of the butter, which is added at the end, is to add thickness and flavor to the finished product. However, in my version, I decided to use ghee. Ghee is essentially clarified butter, but it has been heated longer to bring out a richer, nuttier flavor than traditional clarified butter. I find the flavor of high-quality ghee (like the brand I mention in this post) to have a rich, even more “buttery” flavor (and more creaminess) than regular butter… so ghee it was in this recipe!

ghee used in keto condensed milk on a porch railing

Who can argue with a food that beautiful? And I used vanilla-flavored ghee, so there is no need to add vanilla flavoring. (If you’d prefer not to use vanilla-flavored ghee, see the recipe card for a substitute with butter and vanilla extract. I don’t think it turns out quite as good, but it definitely works.)

How to Use Keto Sweetened Condensed Milk as a Frosting

When you stick this stuff in the fridge, it thickens up to a frosting consistency. Feel free to spread it on your fat bombs, keto brownies, and other keto desserts!

How to Use Keto Sweetened Condensed Milk as a Fat Bomb

Pour Keto Sweetened Condensed Milk into fat bomb molds (click here for my favorite mold) and stick them in the freezer. About two hours later, you’ll have sweet and tasty fat bombs!

Important Notes about the Nutrition Facts for this Recipe

First, although many heavy whipping cream nutrition labels state 0g carbs, there are actually 0.4g carbs per tablespoon. Manufacturers can get away with this because of labeling laws. 🙁 This isn’t a huge deal when you use a small amount, but this recipe uses 2 cups of heavy whipping cream.

So, this recipe does contain carbs — 12.8g total, which I have divided across 30 servings on the nutrition label. The trickiness comes in because we’ll all condense the liquid just a bit different, so unless you’re using the whole batch, the macros won’t be exact. I suggest measuring how much condensed milk you end up with and using the total nutrition facts below to create your own per-serving nutrition:

Nutrition facts for the entire recipe: 2,040 calories / 12.8g carbs / 0g fiber / 210g fat / 9.9g protein

The good news is this recipe is still extremely low in carbs!

keto condensed milk with gold fork inside

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keto condensed milk with gold fork inside

Keto Sweetened Condensed Milk

This keto-friendly version of Sweetened Condensed Milk can be enjoyed in so many recipes!5 from 5 votes Print Pin RateCourse: Condiment, Dessert, SnackCuisine: AmericanKeyword: low carb condensed milk, sugar-free condensed milk Prep Time: 10 minutesCook Time: 40 minutesTotal Time: 50 minutes Servings: 30 Calories: 68kcal

Ingredients

  • 2 cups heavy whipping cream
  • 2/3 cup Swerve confectioners
  • 3 tbsp vanilla ghee, melted (see notes for substitution options)

Instructions

  • Add heavy whipping cream and Swerve to a medium saucepan, whisking to combine.
  • Bring to medium heat and wait for the mixture to come to a boil.
  • Once the mixture has come to a boil, lower the temperature so the mixture is at a simmer.
  • Whisk every few minutes until the volume of the mixture is reduced by one third. This will take about 35-40 minutes. At this point, the mixture will be the thickness of a runny pudding. This is okay! It will thicken quite a bit as it cools down.
  • Once the mixture has reduced, remove pan from heat and whisk in the ghee.
  • If not using right away, cool and store in an airtight jar in the fridge.

Notes

  • This condensed milk will solidify quite a bit in the fridge, to the consistency of a thick frosting. To make it pourable again, just warm up the amount you need in a pan on low, or you can place the jar in a bowl of hot water. (Do not microwave it — it will change the texture.)
  • If you would prefer not to use vanilla ghee, substitute with 3 tbsp butter and ½ tsp vanilla extract.
  • For a cinnamony variation, add one cinnamon stick to step 1. For a stronger vanilla flavor, add one whole vanilla bean. (Discard before adding ghee.)
  • Recipe adapted from sweetened condensed milk recipes from All Day I Dream About Food and My Montana Kitchen. Thank you for the inspiration! 

Important note about the nutrition facts for this recipeFirst, although many heavy whipping cream nutrition labels state 0g carbs, there are actually 0.4g carbs per tablespoon. Manufacturers can get away with this because of labeling laws.So, this recipe does contain carbs — 12.8g total, which I have divided across 30 servings for the purposes of the nutrition label. The trickiness comes in because we’ll all condense the liquid just a bit different, so unless you’re using the whole batch, the macros won’t be exact. I suggest measuring how much condensed milk you end up with and using the total nutrition facts below to create your own per-serving nutrition:Nutrition facts for the entire recipe: 2,040 calories / 12.8g carbs / 0g fiber / 210g fat / 9.9g proteinNutrition FactsKeto Sweetened Condensed MilkAmount Per ServingCalories 68Calories from Fat 63% Daily Value*Fat 7g11%Saturated Fat 4g25%Cholesterol 25mg8%Sodium 6mg0%Potassium 11mg0%Carbohydrates 0.43g0%Fiber 0g0%Sugar 0g0%Protein 0.33g1%Vitamin A 235IU5%Vitamin C 0.1mg0%Calcium 10mg1%* Percent Daily Values are based on a 2000 calorie diet.

Nutrition Disclaimer

Nutrition facts are included as a courtesy only. They are accurate to the best of our knowledge based on the ingredients and brands used, but their accuracy is not guaranteed. If applicable, sugar alcohols have already been removed from the total carb count.

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