The current research focused on algae from the waters of the Black Sea—Chaetomorpha linum, Ulva intestinalis, Ericaria crinita, and bioreactors—Chlorella spp. and Arthrospira platensis/cyanobacterium/. Pigment content, total phenolic content, and antioxidant capacity were investigated for their use as pharmaceutical, food, and cosmetic ingredients. E. crinita exhibited the highest antioxidant activity by ORAC and HORAC (463.3 µmol TE/g and 463.3 µmol GAE/g) and the highest total content of polyphenols and rutin of the investigated algae. Lower protein content was found in saltwater algae than in freshwater algae. For the first time, biologically active substances from the Bulgarian A. platensis and Chlorella spp., produced in a bioreactor, have been quantitatively identified. A. platensis contained rutin (141.25 mg/100 g), naringenin (42.17 mg/100 g), quercetin (26.74 mg/100 g), kaempferol, and quercetin-3-β-glycoside. Phenolic acids were isolated: neochlorogenic (172.27 mg/100 g) for lyophilized and 5783 mg/100 g for convection-dried A. platensis. It has been found that the protein content in A. platensis (convection dried) and Chlorella spp. (lyophilized) was nearly 54% higher than that of green algae U. intestinalis from Varna. The lyophilization process reduced the protein content of A. platensis samples by almost 20%. The high protein content of convection-dried A. platensis (43.4%) and lyophilized Chlorella spp. (43.7%) identified them as suitable emulsifiers in colloidal and emulsion systems.
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