TraceGains' Strong First Half Performance in 2024 Paves the Way for Another Excellent Year for the Networked Supply Chain Leader in Food & Beverage

News provided by

Jul 24, 2024, 09:00 ET

Global Demand Drives Revenue and Attracts Global ESG Partnerships to TraceGains Gather^® Networked Supply Chain Ecosystem

WESTMINSTER, Colo., July 24, 2024 /PRNewswire/ -- TraceGains, the global leader in networked compliance, quality, and innovation solutions for the food and beverage industry, today announced a strong first-half performance in 2024. Actively engaging food and beverage suppliers on TraceGains' global network has driven significant growth in users, supplier locations, and revenue, with international bookings surging over 50% year-over-year from notable client acquisitions in Europe. This impressive client growth, nearly surpassing all of 2023, includes several new customers such as 180 Snacks, Bariatrix, iSpice Foods, Jeni's Splendid, and Sweet Candy.

"Brands are capitalizing on our powerful TraceGains Gather^® network, and the result is a record number of contracts signed year to date," says Gary Nowacki, CEO and Co-Founder of TraceGains. "We've reached a critical mass with demonstrated 'network effects' where our value proposition multiplies as more companies join our ecosystem. We've designed the world's only networked supply chain ecosystem for food and CPG, and this increasing demand underscores the unparalleled value and efficiency it delivers."

Central to TraceGains' remarkable growth is its dynamic networked ecosystem, where buyers and suppliers seamlessly interact. User expansion aligns with robust bookings, with supplier locations surpassing 83,000 worldwide, and growing at an impressive 30% annually. TraceGains Gather^® is witnessing exponential growth, with over 900 new companies joining each month. Weekly active users on TraceGains Gather^® have surged by 120% in the past two years, coinciding with a 164% increase in marketplace ingredient searches. This powerful network not only drives customer acquisition but also generates valuable business leads for registered suppliers, who now manage over 550,000 ingredients, growing 20% annually.

"TraceGains is now in the unique position of offering exciting opportunities to enhance what compliance, product development, and supplier intelligence solutions mean in today's landscape, including the ability to deliver practical and integrated global ESG solutions today," Nowacki continued.

Amid global supply chain disruptions, TraceGains stands out as the premier platform for buyers, sellers, and third-party partners aiming to expand and leverage unique market synergies. This year, TraceGains unveiled integrated ESG solutions in collaboration with DitchCarbon, Sedex, and Sustained, with more innovations with HowGood launching this fall. These partnerships utilize AI and a proven method to seamlessly expose, integrate, and map critical ingredient and supplier location data directly against a brand's supply chain. Instead of expensive customer projects that only deal with a slice of a CPG company's supply chain, ESG from TraceGains assembles all the puzzle pieces into a holistic and affordable solution.

With award-winning solutions tailored for the Food & Beverage industry, rapid international expansion, a surge of new clients and new client bookings, TraceGains is poised for an exceptional second half of 2024.

About TraceGains
TraceGains is revolutionizing the food and beverage industry with advanced and integrated digital solutions for compliance, nutritional calculation and labeling, and new product development (NPD). Trusted by over 1,300 global clients, including half of the top 100 food and beverage manufacturers, the TraceGains network connects brands via a vast ecosystem of 83,000 supplier locations, along with a comprehensive database of 550,000 ingredients and products. Enriched with global horizon scanning and Environmental, Social and Governance (ESG) information, TraceGains automates processes and insights to navigate the inherent complexities of the global food and beverage industry.

SOURCE TraceGains