the act of becoming less
"The shrinking loaf of bread looked dry and hard after sitting out in the sun all day."
The act of one who, or that which, shrinks; act of becoming smaller or moving timidly away.
"The shrinking of his shoulders signaled both a physical tightening from the cold and his reluctance to approach the stranger."
present participle of shrink
"The shrinking fabric pulled tight around my waist after I took it out of the dryer."