The product is certified by the Vegan Society as suitable for anyone following a vegan diet.
The baking ingredient will go on sale with Ocado in September, and Morrisons in October in the UK, and Tesco in the UK and Ireland in October.
Marketing lead for dairy brands UK, Vittoria Simms, said, "Our new Vegan Condensed Milk Alternative has been in development for 18 months, bringing the plant-based, dairy-free trend straight into the kitchen for home baking. We have seen the desire to bake at home and experiment with new ingredients really boom this year, with a 61% rise in sweet baking in March and April.
"It has been a challenge for vegans to find suitable alternatives to make dairy or caramel-based sweets treats or desserts, without having to compromise on taste, texture or appearance. Carnation Vegan has a very simple taste with a hint of lightly toasted oats, which makes it very versatile for a wide variety of baking and sweet treats."
The latest plant-based innovation joins last year's launch of Nescafé Gold's dairy alternative lattes in oat, coconut and almond variants.