Shrink meaning : Shrinkage; contraction; recoil. (sometimes derogatory) A psychiatrist or psychotherapist. Loss of inventory, for example due to shoplifting or not selling items before their expiration date. To cause to become smaller. To become smaller; to contract. To cower or flinch. To draw back; to withdraw. To withdraw or retire, as from danger. To move back or away, especially because of fear or disgust.