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Arsenal went into Wednesday’s second leg at the Allianz Arena with a 3-1 deficit after a tame showing at the Emirates Stadium left the club with little hope of qualifying for the quarter-finals.
However, a spirited Arsenal performance saw the Gunners valiantly fight to a 2-0 win, but exit on away goals, and Walcott believes the squad should be credited despite their exit from the competition.
"Our mistakes in the first leg cost us," Walcott told reporters. "You can’t do that at the top level, but you have to give the guys credit for our away performance.
"We went out with pride, worked hard and worked for each other. We need to do that more often. It’s a weird feeling at the moment.
“Bayern are a top-class team. They can hit you on the break and they’re very well organised, but I felt we were very well organised too and we matched them all over the park. It just wasn’t meant to be. It was very difficult out there."