We study the system of multibody interacting bosons on a two-dimensional optical lattice and analyze the formation of bound bosonic pairs in the context of the Bose-Hubbard model. Assuming a repulsive two-body interaction we obtain the signatures of pair formation in the regions between the Mott insulator lobes of the phase diagram for different choices of higher-order local interactions. Considering the most general Bose-Hubbard model involving local multibody interactions we investigate the ground state properties utilizing the cluster mean-field theory approach and further confirm the results by means of sophisticated infinite projected entangled pair states calculations. By using various order parameters, we show that the choice of higher-order interaction can lead to pair superfluid phase in the system between two different Mott lobes. We also analyze the effect of temperature and density-dependent tunneling to establish the stability of the PSF phase.
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