The Serie A champions were beaten 2-0 at the Juventus Stadium on Wednesday after previously losing the first leg 2-0 and Buffon feels the Bundesliga giants were on another tier of quality.
"I thought we could have played at their same level tonight but Bayern proved I was wrong. I think they can win the Champions League," Buffon was quoted as saying on the official Uefa website.
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"They were in better shape, they played better, they have more experience - they're just better than us. We have to improve and grow up, the big difference between them and us is experience: they have played together for a few years and went far in Europe in the last few seasons.
"I knew they were strong but, to be honest, I did not think they were that strong. I was even more impressed tonight [Wednesday] than in Munich. Because in the first leg we did not give our all, but tonight we did; still, there was nothing we could do."
Juventus resume domestic action on Monday when they travel to Lazio.