UHT stands for "ultra high temperature". Basically, the cream or milk is heated at 135C/275F for 1-2 seconds to kill bacteria then quickly cooled. It's used extensively in Europe. It makes dairy shelf stable without the need for refrigeration, for months (unopened). Downside is that the process kills ALL bacteria, even the beneficial ones. Flavor also isn't that great (compared to fresh). You can't use it to make cheese or yogurt. It doesn't behave like regular pasteurized dairy. For example, UHT cream doesn't whip up as easily as fresh or regular pasteurized cream. If you are making food that features cream as a main flavor, best to get fresh or pasteurized.
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Hope this helps.