The present invention relates to a process for producing a foamed material, wherein a composition in the form of emulsion with a matrix-forming component, a surfactant component and a near-critical or supercritical blowing agent component is submitted to a lowering of pressure. The blowing agent component further comprises a hydrophobic co-component, which is soluble in supercritical CO2 at a pressure of ≧150 bar, is insoluble in subcritical CO2 at a pressure of ≦40 bar and is insoluble in the matrix-forming component and furthermore is present in a proportion from ≧3 wt % to ≦35 wt % of the blowing agent component. It further relates to a composition in the form of emulsion to be used herein and a foamed material obtainable by the process according to the invention.