A replacement for sweetened condensed milk can be made by mixing the following ingredients: two eggs, one cup of brown sugar, one teaspoon of vanilla, 2 tablespoons of flour, a 1/2 teaspoon of baking powder and a 1/4 teaspoon of salt.
This sweetened condensed milk replacement can be used in desserts, pies and bars, according to Cooks.com. Sweetened condensed milk is made from milk, with about 60 percent liquid removed, and sugar added. It is high in calories, as it is 40 to 45 percent sugar, about 8 percent fat and 28 percent milk solids. It must also have Vitamin A added to comply with federal requirements.