The cupcake phenomenon shows no slowing down with sales reaching £23.5m.

Newly released figures by the grocery analyst SymphonyIRI reveal the value of sales increased by 3.9% in the 12 months to 9 June, 2012, up from the £22.6m the year before.

It marks the second consecutive year of growth for the sector, which also increased by a whopping 20.8% between 2010 and 2011.

Although the figures do show a slowing of growth, there is still an increase, which in the current economic climate is a highlight.

Also, the latest figures from SymphonyIRI are only collated from grocery outlets - including the big four supermarkets of Asda, Tesco, Sainsbury’s and Morrisons - and therefore do no include the craft baker sector or the burgeoning market of home pro-bakers.

And the latest statistic also show the volume of sales as being flat. A staggering 109.9 million cupcakes were sold in the 52 weeks to 11 June, 2011 and this increased marginally to 111.03 million the following year, an increase of just 1%.

However, couple with the increase in the value of sales it means that cupcake producers are starting to charge more for their offerings.

Martyn Leek, editor of British Baker - the magazine behind  National Cupcake Week - said: “While sales are slowing slightly, these figures show there is still growth in the cupcake market. However, bakers, cupcakers and home businesses need to work even harder on their offerings.

“However, we know that this is happening across the country and testiment to this is the amount of innovation that was shown at National Cupcake Week Championship earlier this year. Our winners are ahead of the curve when it comes to trends, taste and style - and bakers out there should take note of the new wave of more exciting cupcakes coming through.”

• For more information on how to get involved with NCW see nationalcupcakeweek.co.uk or follow it on Twitter @CupcakeWeek.

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