The paper is concerned with a theoretical explanation of the experimentally observed effect of non-monotonic field dependence of the effective magnetic permeability of ferrofluid emulsion. In a weak magnetic field, the growth of the induced droplet magnetic moment is faster than the linear one due to the droplet elongation accompanied by the reduction of the demagnetizing field. Thus, the emulsion magnetic permeability increases in weak magnetic fields. Further strengthening of the external magnetic field cannot lead to a significant decrease of the demagnetizing field, as the droplets are already highly elongated. On the other hand, the magnetic susceptibility of the ferrofluid reduces with the field strength. Hence, the effective magnetic permeability of the ferrofluid emulsion starts decreasing. The developed theoretical model describes well the experimental observations
