Evaporated milk is a form of condensed milk made from homogenized milk. Cow's milk consists of roughly 3.5% milkfat, 8.5% non-fat solids and 88% water. Evaporated milk has about 60% of its water removed by evaporation. By definition, evaporated milk in the U.S. is not sweetened. If sugar is added, it will be called condensed milk or sweetened condensed milk.