A concentrated milk derived from a dairy liquid is provided which comprises a liquid aqueous dairy product having reduced calcium levels and macromolecular milk components at about a 3.5 times or greater concentration as compared to the dairy liquid from which the concentrated milk is derived, wherein substantially all macromolecular milk components in the concentrated milk are in an uncurded state, and wherein the concentrated milk does not gel on extended refrigerated storage. The calcium-reduced 3.5.times. or more concentrated milk is physically stable (i.e., non-gelling) during prolonged refrigeration storage and has increased protein functionality is provided.