India is likely to replace China as the most populous country in the world by next year and the world population is estimated to touch the 8 billion mark by Nov. 15, according to the United Nations estimates.

The report, released on World Population Day, said global population growth fell below 1% in 2020 and is growing at its slowest rate since 1950.

According to the latest U.N. projections, the world's population could grow to around 8.5 billion in 2030, 9.7 billion in 2050, and a peak of around 10.4 billion people during the 2080s. It is projected to remain at that level until 2100.

U.N. Secretary-General Antonio Guterres called 2022 a "milestone year" with "the birth of the Earth's eight billionth inhabitant."

The report, World Population Prospects 2022, put the population at 7.942 billion and forecast it will reach 8 billion on Nov. 15.

"This is an occasion to celebrate our diversity, recognize our common humanity, and marvel at advancements in health that have extended lifespans and dramatically reduced maternal and child mortality rates," Guterres said in a statement. "At the same time, it is a reminder of our shared responsibility to care for our planet and a moment to reflect on where we still fall short of our commitments to one another."