abnehmend
decreasing
Becoming smaller in amount, size, strength, or intensity; becoming less.
Das Interesse an der Veranstaltung war in den letzten Wochen stark abnehmend.
Interest in the event had been sharply decreasing in recent weeks.

decreasing / waning
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decreasing
Becoming smaller in amount, size, strength, or intensity; becoming less.
Das Interesse an der Veranstaltung war in den letzten Wochen stark abnehmend.
Interest in the event had been sharply decreasing in recent weeks.

'Abnehmend' (decreasing / waning) is the present participle of the separable verb 'abnehmen' (to decrease / to lose weight). The verb means 'to become less' or 'to lose weight', and this meaning transfers directly to the adjective.
Die Zahl der Teilnehmer nimmt seit Wochen ab.
The number of participants has been decreasing for weeks.
You can use 'abnehmend' (decreasing / waning) like a normal adjective before a noun, or use it as an adverb to describe an event or development. In the first case it is declined; in the second it remains unchanged.
Eine abnehmende Nachfrage führt zu sinkenden Preisen.
Decreasing demand leads to falling prices.
In its general meaning, 'abnehmend' (decreasing) is often combined with abstract concepts. Typical phrases are 'abnehmendes Interesse' (decreasing interest), 'abnehmende Kraft' (decreasing strength), or 'abnehmende Bedeutung' (decreasing importance).
Mit abnehmender Kraft konnte der Sportler das Tempo nicht mehr halten.
With decreasing strength, the athlete could no longer maintain the pace.
You can almost always recognize this special meaning from the word 'Mond' (moon). The phrase 'abnehmender Mond' (waning moon) is a fixed collocation in astronomy and folk belief.
Der Kalender zeigt an, wann zunehmender und abnehmender Mond ist.
The calendar shows when the moon is waxing and waning.
increasingly / waxing
'zunehmend' and 'abnehmend' are opposites. With 'zunehmend', something becomes more, larger, or stronger. With 'abnehmend', something becomes less, smaller, or weaker. This applies to quantities, interest, pain, or other developments. The words are also opposites when talking about the moon: the 'zunehmende Mond' (waxing moon) becomes more visible, while the 'abnehmende Mond' (waning moon) becomes smaller. They can be confused because both are built in the same way and describe a change. What matters is the direction: 'zu-' means more here, while 'ab-' means less.

Bei abnehmendem Mond wirkt der Himmel jede Nacht etwas dunkler.
During a waning moon, the sky seems a little darker each night.
Nach der Nachricht wächst das Interesse an dem Kurs zunehmend.
After the news, interest in the course is growing increasingly.