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Turkey tail (Coriolus versicolor) belongs to the order Basidiomycota of the phylum Fungi, and is rich in proteins, polysaccharides, amino acids, and various inorganic salts. Its polysaccharides have significant therapeutic effects on treating hepatitis. Its fruiting body has the effects of clearing heat and reducing inflammation, and is clinically used to treat chronic bronchitis, chronic hepatitis, and other diseases. The research on the chemical composition of turkey tail mainly focuses on the polysaccharides (glycopeptides) extracted from the fruiting bodies of turkey tail, intracellular glycopeptides extracted from mycelium cultured by liquid fermentation, and extracellular glycopeptides extracted from fermentation broth cultured by liquid fermentation. Modern pharmacological research has confirmed that polysaccharides from turkey tail have pharmacological effects such as enhancing immunity, anti-tumor, hepatoprotective, antioxidant, and lipid-lowering.