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Longman Dictionary of Contemporary English
evaporated milk
noun
EXAMPLES FROM CORPUS
▪ Gina Smouse notes that by using low-fat evaporated milk and egg substitute, the fat content of the pudding will be lower.
▪ Reconstituted evaporated milk costs less than fresh, fluid whole milk.
▪ Use evaporated milk for an inexpensive, rich milk in cooking. 7.
▪ Use nonfat dry milk and evaporated milk for whipping whenever suitable.
▪ When diluted with an equal volume of water, evaporated milk equals whole milk in composition.
▪ Whisk the evaporated milk until it thickens, then fold into the chocolate mixture with the orange rind.
Wiktionary
evaporated milk

n. Milk that has been concentrated by evaporation, often sold canned.

WordNet
evaporated milk

n. milk concentrated by evaporation

Wikipedia
Evaporated milk

Evaporated milk, known in some countries as unsweetened condensed milk, is a shelf-stable canned milk product with about 60% of the water removed from fresh milk. It differs from sweetened condensed milk, which contains added sugar. Sweetened condensed milk requires less processing since the added sugar inhibits bacterial growth.

The product takes up half the space of its nutritional equivalent in fresh milk. When the liquid product is mixed with a proportionate amount of water, evaporated milk becomes the rough equivalent of fresh milk. This makes evaporated milk attractive for shipping purposes as it can have a shelf life of months or even years, depending upon the fat and sugar content. This made evaporated milk very popular before refrigeration as a safe and reliable substitute for perishable fresh milk, which could be shipped easily to locations lacking the means of safe milk production or storage.

The process involves the evaporation of 60% of the water from the milk, followed by homogenization, canning, and heat-sterilization.