Ingredients for Kraft American cheese slices:

CHEDDAR CHEESE (CULTURED MILK, SALT, ENZYMES), SKIM MILK, MILKFAT, MILK, MILK PROTEIN CONCENTRATE, WHEY, CALCIUM PHOSPHATE, SODIUM PHOSPHATE, CONTAINS LESS THAN 2% OF MODIFIED FOOD STARCH, SALT, LACTIC ACID, OLEORESIN PAPRIKA (COLOR), NATAMYCIN (A NATURAL MOLD INHIBITOR), ENZYMES, CHEESE CULTURE, ANNATTO (COLOR).

It’s not health food, but if it’s less than 50% cheese it’s because of the milk/milk products added into it to make it meltier. The only thing making up more than 2% of it that isn’t cheese or a milk product is sodium and calcium phosphate. Different cheeses for different jobs.