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The phrase "already declining" is correct and usable in written English.
It can be used to describe a situation or condition that has been decreasing or deteriorating over time, often implying that this decline has been occurring for some time prior to the current moment.
Example: "The company's profits have been already declining for several quarters, raising concerns among investors."
Alternatives: "already decreasing" or "already diminishing".
Exact(58)
Audiences are already declining.
Behind him, boxing was already declining.
Demography is catching up with some of them: China's working-age population is already declining.
The many species that are already declining could become extinct if things continue as they are.
And social policy dumped too dense numbers of poor into already declining neighborhoods.
Mr. André said this percentage, in line with the fund industry average, was already declining.
"The unforeseen events on Sept. 11 have exacerbated an already declining operating trend".
I knew Bellow only in the last decade of his life, when he was already declining.
Enron-related pressure on earnings comes as corporate profits are already declining.
The drugs the doctors wanted to use would compromise his already declining blood count.
Similar(1)
The rule, put into effect in the 1930s, was intended to prevent short-sellers from accelerating the downward momentum of an already-declining stock.
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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