Meaning of “lite” in the English Dictionary

"lite" in American English

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liteadjective [ not gradable ]

us /lɑɪt/ infml

containing less fat or sugar than similar types of food and therefore less likely to make you increase your weight:

lite beer
Note: This spelling of light is used in advertising products. If used otherwise, it is usually intended to be humorous.

(Definition of “lite” from the Cambridge Academic Content Dictionary © Cambridge University Press)

"lite" in Business English

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uk /laɪt/ us

used in advertising to describe food or drink that contains less fat or sugar than usual:

lite vanilla ice cream
lite foods
A "lite bites" menu includes sandwiches, soups, and tortilla wraps.

[ after noun ] not as good, complete, serious, etc. as other things of the same type:

Such behaviour is part of the phenomenon of management lite - managing by numbers and formulas rather than judgment and method.
The new laws have been dubbed "child care lite" because of the radically reduced amount of funding attached.

(Definition of “lite” from the Cambridge Business English Dictionary © Cambridge University Press)