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The phrase "are now declining" is correct and usable in written English.
It can be used to indicate a decrease or reduction in something that is currently happening.
Example: "The number of participants in the event are now declining, prompting organizers to reconsider their marketing strategy."
Alternatives: "are currently decreasing" or "are presently falling".
Exact(27)
Cuckoo populations are now declining in several countries.
Prices boomed there between 2003 and 2005, he said, and they are now declining slightly.
The towns that are now declining were once growing quickly, denuding other settlements, often in the countryside.
Some officials are now declining to take calls from certain reporters, concerned that any contact may lead to investigation.
So many homes have been built that prices in such cities are now declining quickly relative to incomes.
While historical data on happiness are limited, the available facts suggest that cities that are now declining were also unhappy in their more prosperous past.
Similar(33)
World population growth is now declining after its annual peak of 2.2 percent in the early 1960s.
"CD is now declining at its slowest rate for a decade.
The incidence of first-cousin union in that community is now declining," he said.
Global drug prohibition evolved and peaked during the 20th century and is now declining.
Aného (Anécho), another coastal town, was once the country's leading European trade centre but is now declining.
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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