Okay kiddo, let me explain what peroxide value is. Peroxide value is a way to measure how much bad stuff has gotten into food that can make it go bad. Think of it kind of like when you get a boo-boo and it starts to get yucky and infected - that's kind of what happens to food when it goes bad too!
So, when food goes bad, it can have something called peroxides in it. Peroxides are like little bombs that can damage the food and make it go bad faster. The peroxide value is a measure of how many of these little bombs are in the food.
Scientists can measure the peroxide value by putting a special chemical on the food that reacts with the peroxides. They can then measure how much the chemical reacts and that tells them how many peroxides are in the food.
The peroxide value is important because if there are too many peroxides in the food, it can be bad for us to eat. We don't want to eat food that can make us sick or taste bad! So, food companies use the peroxide value test to make sure their food is safe and tasty to eat.