Babel Loader error when using ffmpeg.wasm in CRA react app

Question

I am trying to implement a video editor using ffmpeg-wasm in CRA react app.

Package dependencies :

"@ffmpeg/ffmpeg": "^0.12.10",
"@ffmpeg/util": "^0.12.1",

Below is a sample class that I am trying to implement:

import React, {useRef, useState} from 'react';
import { FFmpeg } from "@ffmpeg/ffmpeg";
import { toBlobURL, fetchFile } from "@ffmpeg/util";

function Trimmer() {
    const [loaded, setLoaded] = useState(false);
    const ffmpegRef = useRef(new FFmpeg());
    const videoRef = useRef<HTMLVideoElement | null>(null)
    const messageRef = useRef<HTMLParagraphElement | null>(null)

    const load = async () => {
        const baseURL = "https://unpkg.com/@ffmpeg/[email protected]/dist/esm";
        const ffmpeg = ffmpegRef.current;
        ffmpeg.on("log", ({ message }) => {
            if (messageRef.current) messageRef.current.innerHTML = message;
        });
        // toBlobURL is used to bypass CORS issue, urls with the same
        // domain can be used directly.
        await ffmpeg.load({
            coreURL: await toBlobURL(`${baseURL}/ffmpeg-core.js`, "text/javascript"),
            wasmURL: await toBlobURL(
                `${baseURL}/ffmpeg-core.wasm`,
                "application/wasm"
            ),
            workerURL: await toBlobURL(
                `${baseURL}/ffmpeg-core.worker.js`,
                "text/javascript"
            ),
        });
        setLoaded(true);
    };

    const transcode = async () => {
        const videoURL = "https://raw.githubusercontent.com/ffmpegwasm/testdata/master/video-15s.avi";
        const ffmpeg = ffmpegRef.current;
        await ffmpeg.writeFile("input.avi", await fetchFile(videoURL));
        await ffmpeg.exec(["-i", "input.avi", "output.mp4"]);
        const fileData = await ffmpeg.readFile('output.mp4');
        const data = new Uint8Array(fileData);
        if (videoRef.current) {
            videoRef.current.src = URL.createObjectURL(
                new Blob([data.buffer], { type: 'video/mp4' })
            )
        }
    };

    return loaded ? (
        <>
            <video ref={videoRef} controls></video>
            <br />
            <button onClick={transcode}>Transcode avi to mp4</button>
            <p ref={messageRef}></p>
        </>
    ) : (
        <button onClick={load}>Load ffmpeg-core</button>
    );
}

export default Trimmer;

I have installed the dependencies and when trying to start the application, it throws an error given below:

index.js:1 ./node_modules/@ffmpeg/ffmpeg/dist/umd/ffmpeg.js 55:4
Module parse failed: Unexpected character '#' (55:4)
File was processed with these loaders:
 * ./node_modules/babel-loader/lib/index.js
You may need an additional loader to handle the result of these loaders.
|   new Error("failed to import ffmpeg-core.js");
|   class i {
>     #e = null;
|     #t = {};
|     #s = {};

1. React - 16.14.0
2. NPM - 6.14.5
3. Babel Loader - 8.1.0