Add the sugar and milk to a saucepan over medium heat. Stir to dissolve the sugar.
Cook over medium-low heat, stirring frequently, until reduced by half, 35-45 minutes.
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Notes
This recipe can be made with full-fat canned coconut milk, evaporated milk, or whole milk.With coconut milk, it will slightly darken in color as it cooks down and that is OK.The condensed milk will thicken as it cools. The best way to check if you have reduced it by half is to let it cool in a liquid measuring cup. If it isn't half of your original volume, add it back to the saucepan and continue to reduce it.Serving size is calculated as 2 tablespoons.This recipe was adapted from this AllRecipes recipe using evaporated milk.