How is it possible to reduce the large default padding in mat-form-field?

I am working on an Angular application, using Material version 16. In the design specification the inputs are smaller with less padding, and I need to strictly follow that. How is it possible to reduce the padding of this mat-form-field?

<mat-form-field appearance="outline">
<mat-label>Outline form field</mat-label>
<input matInput placeholder="Placeholder">
<mat-icon matSuffix>sentiment_very_satisfied</mat-icon>
</mat-form-field>

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