At the heart of our brand is a passionate and engaged community called the Traegerhood, which includes everyone from casual grillers to competition pitmasters and professional chefs. Our flagship wood pellet grills are internet of things, or IoT, devices that allow owners to program, monitor, and control their grill through our Traeger app, which is used on more than 1.6 million mobile devices per month. We complement our innovative cooking technologies with a digital library of approximately 1,600 original recipes and Traeger Kitchen Live cooking classes, which receive over 144,000 weekly views. In addition, we offer consumable products, such as wood pellets, rubs, and sauces, that drive recurring revenue.

Leveraging our authentic brand and the Traegerhood, we have established an omnichannel distribution strategy led by retailers ranging from Ace Hardware and The Home Depot to Wayfair and Williams Sonoma. We complement this retail channel with direct to consumer sales through our website and Traeger app. We believe this accessibility has fueled our growth, as we have increased our revenue from $262.1 million in 2017 to $545.8 million in 2020, representing a compound annual growth rate, or CAGR, of 28%.

Today, we estimate that 60% of U.S. households own a grill, representing a total addressable market of approximately 75 million households in the United States. With approximately 2.0 million Traegers sold in the United States from 2016 to 2020, we estimate that our U.S. household penetration is only 3% of this total addressable market. As a result, we believe our potential market opportunity is massive.

(Note: Of the 23.5 million shares in this IPO, Traeger is selling only 8.82 million, while the selling stockholders are selling 14.71 million.)