Lowfat
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The term lowfat is a nutrient content claim regulated by the FDA for use on food labels. To say on the label that a food is "low" in something has a specific regulatory meaning, namely that a product can be eaten frequently without exceeding dietary guidelines for the component in question (e.g., fat).
For a product to be labeled "low fat", it must contain 3 grams or less of fat per serving.
In countries other than the US the term lowfat may just mean that there is less fat than one might normally expect. Maybe not.