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!
Course Condiment, Dessert, Snack
Cuisine American
Keyword low carb condensed milk, sugar-free condensed milk
Prep Time 10 minutes
Cook Time 40 minutes
Total Time 50 minutes
Servings 30
Calories 68kcal


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


  • 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.


  • 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 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.
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 protein


Calories: 68kcal | Carbohydrates: 0.43g | Protein: 0.33g | Fat: 7g | Saturated Fat: 4g | Cholesterol: 25mg | Sodium: 6mg | Potassium: 11mg | Fiber: 0g | Sugar: 0g | Vitamin A: 235IU | Vitamin C: 0.1mg | Calcium: 10mg