Warning: CocoaPods not installed [Mac + Flutter + VSCode + XCode + iOS Simulator]

When you install New Copy of XCode and try to run your application on iOS Simulator from VSCode. You may see this error:

Warning: CocoaPods not installed. Skipping pod install.
  CocoaPods is used to retrieve the iOS and macOS platform side's plugin code that responds to your plugin usage on the Dart side.
  Without CocoaPods, plugins will not work on iOS or macOS.
  For more info, see https://flutter.dev/platform-plugins
To install:
  sudo gem install cocoapods

CocoaPods not installed or not in valid state.
Error launching application on iPhone SE (2nd generation).
Exited (sigterm)

Solve this by Installing Cocoapods package in brew:

sudo gem install cocoapods

Do Pod Setup

pod setup

Done. Now try running Application again