A Comprehensive Review of Bioactive Constituents, Health-Promoting Effects, Processing Technologies, and Industrial Applications of Sparassis crispa Sensu Lato

Sparassis crispa sensu lato (S. crispa) is a highly valued medicinal and culinary fungus rich in nutritional and bioactive compounds. Polysaccharides, particularly β-glucans, are its most extensively studied constituents, accounting for up to 43.6% of its dry weight—the highest concentration reported among edible fungi. Alongside proteins, terpenoids, phenolics, and ergosterol, these biomolecules confer diverse physiological benefits, including immunomodulatory, antitumor, antioxidant, anti-inflammatory, and neuroprotective effects, as well as the capacity to modulate gut microbiota. Consequently, S. crispa exhibits substantial market potential and is increasingly incorporated into functional foods, nutraceuticals, pharmaceuticals, and cosmetics. This review systematically summarizes the primary bioactive components of S. crispa sensu lato and their associated health benefits, with emphasis on recent advances in immunomodulatory, antitumor, and antioxidant activities. Furthermore, it critically compares the retention of active ingredients, product quality, and bioavailability of key processing technologies. These technologies include various drying methods, grinding techniques, extraction methods, and formulation systems. Despite significant research progress, challenges persist regarding optimal cultivation conditions and standardized industrial processing. Future perspectives highlight the necessity for intelligent cultivation strategies, the adoption of advanced processing technologies, and robust policy support to drive the sustainable development and commercial exploitation of the S. crispa industry.