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Get your free copyResearch from retail analyst Mintel found that small cakes now hold a 44% share of the market, growing by 19% from 2011 to a value of £492 million.
One in four people also say they would like to see more cake sold in individual portions.
Muffins in particular have enjoyed recent success, with a 55% volume increase to 34 million kilograms being sold.
Emma Clifford, senior food analyst at Mintel, said, “The proliferation of sharing formats in other categories such as chocolate confectionery and biscuits has spurred cake manufacturers into action, with new product development in small cakes easily dominating the market, and sales in the sector enjoying an unrivalled boost in volume. The fact that the market share of small cakes - such as muffins and cake bars - has now exceeded that of the larger variety, reflects the role smaller cakes have forged in modern snacking lifestyles.
“The rapid growth in volume sales for sweet muffins can be partly attributed to the prevalence of mini muffins tapping into the bite-size trend and sharing occasions.”
Home baking also continues to remain popular, with four in ten wanting to learn how to improve their baking and ingredient packs and mixes enjoying a 100% growth in sales between 2009 and 2012.