The Coca-Cola Company has dropped its Coke Life brand from Australian shelves after spending two years and millions of dollars trying to launch the reduced-calorie beverage as it tries to adapt to an increasingly health-conscious market.

The soft drink giant launched the drink, made with the natural sweetener stevia, locally in February 2015 in an effort to lure back lapsed Coke drinkers with a product that was less unhealthy than regular Coke and tastier than the sugar-free Zero and Diet varieties.

Life's launch was followed by heavy supermarket discounting by Coca-Cola and its competitors.

But less than a year later, Coca-Cola and Australian bottler Coca-Cola Amatil started experimenting with the Life recipe to try and reduce the sugar content further, suggesting the brand was failing to sell as expected.