The result you want [‘apple’, ‘peach’,’banana’] is not the common element. You can make a dictionary to separate different classes of objects.
dict = {}
for item_list in list_of_lists:
if item_list[0] not in dict:
dict[item_list[0]] = []
dict[item_list[0]].append(item_list[1])
else:
dict[item_list[0]].append(item_list[1])
This will give you
dict = {'fruit': ['apple', 'peach', 'banana'], 'animal': ['cat', 'sheep']}