CountryTraceRoute is a Traceroute utility, similar to the tracert tool of Windows, but with graphical user interface, and it's also much faster than tracert of Windows. CountryTraceRoute also displays the country of the owner of every IP address found in the Traceroute.
After the Traceroute is completed, you can select all items (Ctrl+A) and then save them into csv/tab-delimited/html/xml file with 'Save Selected Items' option (Ctrl+S) or copy them to the clipboard (Ctrl+C) and then paste the result into Excel or other spreadsheet application.

Note:Be aware that the actual country where the IP address is located might be different from the country of the IP address owner.