The Reds defeated Newcastle United on the final day of the 2013/14 campaign on Sunday but Manchester City did the job by beating West Ham United 2-0 at home to clinch their second trophy in three seasons.
After the match, Gerrard spoke of his devastation at being unable to break a 24-year title drought but was full of praise for City for being the best side over the entirety of the campaign.
"I'm absolutely devastated," Gerrard told Sky Sports.
"Personally gutted and gutted for the fans. They've been magnificent but we can't be too down because it's been a fantastic season and we need to bounce back for next year and try and go one better.
"It took me until I'm 33 to get the experience of a proper title race so the experience for these young lads is going to be vital and there is a lot of ability in the squad. It's growing and it's moving forward and hopefully we can keep improving it.
"We have to congratulate Manchester City because they've been the best over 38 games so congratulations to them."
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