Peroxide value is a measure of the extent to which lipid oxidation has occurred in fats and oils, indicating the presence of peroxides and hydroperoxides formed during oxidative deterioration. This value is crucial in evaluating the freshness and quality of fats, as high peroxide levels can lead to off-flavors, odors, and potential health risks. Understanding peroxide value helps in assessing the effectiveness of antioxidants in preventing lipid oxidation and maintaining the stability of food products.