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The phrase "a shrinking of their" is correct and usable in written English.
It can be used when discussing a reduction or decrease related to a group or entity's resources, rights, or other attributes.
Example: "The recent policy changes have led to a shrinking of their influence in the industry."
Alternatives: "a reduction in their" or "a decrease in their".
Exact(3)
In the past, he added, it "was very difficult for media C.E.O.'s to take on what is essentially a shrinking of their power base".
If the Fed prints too much money, the result is higher prices (or if companies can't raise prices, then a shrinking of their profit margins).
Republicans, who have come up with the mid-term locution of "Pledge to America" to appropriate a populist tone, have meanwhile, called for an end of the "government takeover" of Fannie and Freddie and a "shrinking of their portfolios".
Similar(57)
Civil-society critics in India now talk of a "shrinking of democratic space": their freedom of expression remains, but they know the consequences if they use it.
The other is for the wealthy, who control much of what the I.R.S. knows about their finances and who in recent years have paid a shrinking share of their incomes to sustain the civilization that makes their riches possible.
Population growth has provided a bit of a boost, but Americans have long spent a shrinking proportion of their income on food.
As people become richer, they spend a shrinking share of their income on the basics.
So they have spent a shrinking share of their budgets on some things—newspapers, magazines, books and recorded music while boosting what they spent on video games, DVDs and pay-TV.The second reason is the spread of online piracy.
By calling for a shrinking of government, he is promising to shrink the federal work force.
We are also witnessing a mass-commercialisation of legal education, and a shrinking of the curriculum.
Gove's vision is elitist and unopposed to a shrinking of the sector.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com