A liquid toner of the present invention comprises particles containing a foaming inhibitor and an electrically insulating dispersion medium dispersing the particles therein. One preferred liquid toner comprises
copolymer resin particles and an electrically insulating dispersion medium, the
copolymer resin particles containing a
copolymer resin composed of at least two different
monomer components including a first and a second
monomer components and a foaming inhibitor, and the copolymer resin particles being dispersed in the dispersion medium, wherein the copolymer resin and the dispersion medium are related to each other such that (i) a difference
DELTA (
delta p1-
delta d) between a SP value
delta p1 of a homopolymer composed only of the first
monomer component and a SP value delta d of the dispersion medium is not smaller than 1.0, (ii) a difference
DELTA ( delta p2- delta d) between a SP value delta p2 of a homopolymer composed only of the second monomer component and the SP value delta d is not larger than 1.0, and (iii) a difference
DELTA ( delta p1- delta p2) is at least 0.5, and each of said copolymer resin particles has a configuration in which a core portion insoluble in the dispersion medium is surrounded with an outer
skin portion soluble or swellable in the dispersion medium. A foamed product having a convexo-concave pattern is formed by applying the foaming inhibitor on a foamable preform in a prescribed pattern via an on-demand printing method such as an electrostatic
record or an electrostatic
image transfer with the use of the above described liquid toner, and then foaming same.