Evaporated milk is just regular milk with about 60% of its water removed. Enter how much evaporated milk your recipe calls for to see both homemade methods.
Evaporated milk is made by heating regular milk to evaporate about 60% of its water content, concentrating the milk solids and giving it a slightly caramelized flavor and thicker body. You can approximate this at home by simmering regular milk down by roughly that same proportion, or by mixing nonfat dry milk powder into water at a higher-than-normal concentration, which thickens and concentrates the milk without any cooking.
Source: The reduction ratio and dry-milk-powder method follow the substitution guidance published by Nestlé Carnation, the leading evaporated milk brand.
Not directly in most recipes — evaporated milk is more concentrated and thicker than regular milk, so using it straight would add too much liquid and too little richness. Reduce it first, or use the dry-milk-powder method.
It's very close, though canned evaporated milk develops a subtle caramelized note from commercial high-heat processing that a quick stovetop reduction won't fully replicate.
In a pinch, yes, for cooking and baking (not whipping) — it's lower in fat than heavy cream, so the result will be slightly less rich.
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