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I have dealt with similar problem before. Here is what you can do: 1) First, extract two consecutive frames (which I guess you already have) 2) Calculate the optical flow of the frames. Optical flow basically uses image matching algorithms like SIFT etc to know the location of object in frame 2 based on its features in frame 1. Thus, it has the displacement of the object from its position in frame 1 to its new position in frame 2. So, optical flow helps us calculate the magnitude of displacement and the direction in which displacement occurred for of all the points in the frame 2 as compared to frame 1. 3) Now, we can interpolate the frame between the two frames using the simple algebra rule. Interpolation is predicting the position of object in a frame located between two given frames.
There are inbuilt functions to calculate the optical flow i.e motion estimation between two frames. You can find more details about optical flow function provided by OpenCV here.
With this function, implementing motion estimation and generating interpolated frame should not be a problem. I hope this helps.
