1. A method comprising: initiating, at a first virtual machine, allocation trace of memory consumption, wherein the first virtual machine resides at an application server of a first computer system; customizing the allocation trace by tagging one or more threads of a plurality of threads associated with the allocation trace, wherein customizing facilitates obtaining customized allocation trace statistic information specific to allocation objects associated with the one or more tagged threads, wherein tagging is performed in runtime, wherein the customized allocation trace statistic information is obtained by performing a memory-based sampling of the allocation objects, wherein the memory-based sampling includes sampling a stack trace to determine an amount of memory allocated to each of the allocation objects in a heap, wherein the amount of memory represents allocated memory consumption of each allocation object; extracting the customized allocation trace statistic information; and providing, from the first virtual machine, the customized allocation trace statistic information to a second virtual machine of the first computer system or a second computer system.