Caramelization or Maillard Reaction?
I don’t think anyone can say for certain. In a nutshell, caramelized white chocolate is produced by heating white chocolate to around 260 degrees Fahrenheit and leaving it there for roughly 45 minutes, until it turns a pale shade of brown. But that’s easy, you might say, it’s a proven fact that caramelization of sugar doesn’t happen until sugar approaches 300 degrees Fahrenheit. The browning in the white chocolate must be a result of Maillard reactions — protein browning — which can occur below 300.
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