The effective macroscopic response of nonlinear elastomeric inhomogeneous materials is of great interest in many applications including nonlinear composite materials and soft biological tissues. The interest of the present work is associated with a microsphere composite material, which is modelled as a matrix-inclusion composite. The matrix phase is a homogeneous isotropic nonlinear rubber-like material and the inclusion phase is more complex, consisting of a distribution of sizes of stiff thin spherical shells filled with gas. Experimentally, such materials have been shown to undergo complex deformation under cyclic loading. Here, we consider microspheres embedded in an unbounded host material and assume that a hydrostatic pressure is applied in the 'far-field'. Taking into account a variety of effects including buckling of the spherical shells, large deformation of the host phase and evolving microstructure, we derive a model predicting the pressure-relative volume change load curves. Nonlinear constitutive behaviour of the matrix medium is accounted for by employing neo-Hookean and Mooney-Rivlin incompressible models. Moreover a nearly-incompressible solution is derived via asymptotic analysis for a spherical cavity embedded in un unbounded isotropic homogeneous hyperelastic medium loaded hydrostatically. The load-curve predictions reveal a strong dependence on the microstructure of the composite, including distribution of microspheres, the stiffness of the shells, and on the initial volume fraction of the inclusions, whereas there is only a modest dependence on the characteristic properties of the nonlinear elastic model used for the rubber host.