Peak Evaporated Milk (pack of 12) Evaporated Milk is a versatile, shelf-stable dairy product that replaces milk and cream in cooking. With less water than whole milk, this concentrated milk is richer and creamier than whole milk. Rainbow Milk stands for health and vitality offering a range of long life dairy products and derivatives including long life milk, milk powder, evaporated milk, sweetened condensed milk and cream.