This paper is a reformulation of the simplified unit-cell and Mori-Tanaka micromechanics theories in their applications to nonlinear magnetoelectric analysis of two-phase 0-3, 1-3 and 2-2 composites. We elucidate the similarity between the two models insofar as concentration-factor matrices are concerned. The representations of the bulk magnetostrictive and piezoelectric phases are based on nonlinear constitutive equations. Due to material nonlinearity, the mathematical frameworks are accomplished via incremental formulation that provides a system of linear algebraic equations at each increment which is obviously a great advantage over nonlinear one. The derived nonlinear composite constitutive relations that govern the hysteresis behavior of composites are implemented to study the composite composed of Terfenol-D and PZT constituents. The responses of this composite to a complete cycle of magnetic field are shown and the micromechanics predictions are compared in light of existing experimental data.