In a medium-sized saucepan, combine the coconut milk, maple syrup (or agave syrup), vanilla extract, and a pinch of salt.
Heat and Simmer:
Place the saucepan over medium heat. Stir the mixture constantly until it starts to simmer.
Reduce Heat:
Once it begins to simmer, reduce the heat to low. Allow the mixture to simmer gently for about 45 minutes, stirring occasionally. Make sure it doesn’t boil.
Thicken the Mixture:
Continue simmering until the mixture reduces by about half and reaches a thick, creamy consistency. This process can take anywhere from 45 minutes to an hour. Stir more frequently towards the end to prevent burning.
Cool Down:
Once thickened, remove the saucepan from heat and let the condensed milk cool completely.
Store:
Pour the vegan condensed milk into a clean, airtight container. It will thicken further as it cools. Store it in the refrigerator for up to 2 weeks.
Tips:
Shake the can of coconut milk well before opening, as the cream and water can separate.
For a sweeter condensed milk, you can add a bit more maple syrup or agave syrup to taste.
If you prefer a smoother texture, you can blend the mixture with an immersion blender after it has cooled slightly.