Wild-caught shrimp and prawns are the single most numerous group of animals directly killed for human food consumption on the planet. Recent scientific developments have led to greater understanding of the probability that at least some species of shrimp are sentient beings and, should that be the case, policies that could improve shrimp welfare. We begin with an overview of global shrimp fisheries and their characteristics. The world's shrimp fisheries can be understood as a spectrum between large, industrial trawlers in developed and developing countries (e.g. Western Europe, the Americas, Russia) and small-scale fisheries for subsistence in developing countries (e.g. South-East Asia, East Africa). Each has different implications for animal welfare, particularly in light of human wellbeing challenges associated with shrimp fisheries. Secondly, we turn to the emerging science of shrimp welfare and examine recent developments in government and industry policy. In large-scale trawl fisheries, animal welfare can be improved by installing electrical stunning equipment; continuing existing work on bycatch reduction; and optimising on-board processes to reduce the stress endured by shrimp during capture and slaughter. In small-scale fisheries, improving government capacity and supply chain practices may bring benefits for communities in the short-term while opening up opportunities for more specific shrimp welfare policies in the long-term. Thirdly, we provide a new dataset of the estimated numbers of individual shrimp caught by country and species. Drawing on this data, we provide a description of the shrimp fishing industry in the world's top 25 countries by estimated catch of individual shrimp. By our estimates, the wild-catch shrimp industry catches 37.4 trillion individual shrimp (36.3 trillion sergestids, 781 billion carideans, and 287 billion penaeids). Finally, we explore the ethical implications of the probability that shrimp and prawns are capable of feeling pain and the welfare policies that could be adopted.