I'm less concerned by the mealworms than I am by the inclusion of lichens and mushrooms in this product. However, I am surprised by how high up on the ingredient list mealworms appear, as that would seem to indicate that a substantial amount of mealworms were included in the recipe. I think of insects as a rare treat, not a dietary staple, for parrots.
And actually, looking at this ingredient list, I am rather baffled by how much fruit is being used. I have never seen a pellet with "mango" as the first ingredient. I have seen alfalfa-based pellets. Most pellets are grain-based, with corn, wheat, soy, barley, or rice as the first, second or third ingredient. This formula is so different from the average, I would not treat it as equivalent to standard pellets.
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After doing a little digging, it looks like this brand is aiming for a "grain-free" and low-heat processing pellet alternative. I like the attention to sourcing human-grade organic ingredients, but I question if this formula is actually appropriate as a base diet for most parrots, especially smaller seed-eating birds, like budgies. They should not be "grain-free". Seeds and grains are an appropriate part of their diet, along with fresh veggies and other things.
This food does not look UNsafe for small birds, but I would not feed it exclusively. Probably fine as a supplemental diet. I would lean away from the seller's recommendation to make it 50 to 75% of the bird's daily intake. That would involve putting a lot of faith in this recipe and I'm not convinced. I'd be more inclined to feed it closer to 20 to 40% of the diet at most.
A little off-topic, but it sounds like the person who makes this food is a bit eccentric and has some controversial ideas regarding parrot nutrition. I didn't dig into that side of things to deeply, but it helps explain to me why this pellet has some unexpected ingredients and doesn't have some common safe ingredients.
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But back to your original question, I am not sure how much nutritional benefit the birds would get from the ground-up carapace and exoskeleton of the mealworm, but the internal bits should be digestible for all birds. Mealworms are relatively high in protein and fat, which is one of the reasons why I generally don't recommend them to be fed in large amounts and why I was rather surprised to see them listed as the fifth ingredient in this product. That would make more sense to me for a bird species that eats a lot of insects in the wild, like some softbills, but it is not the case for the majority of parrots.