The organisation described the colour as a dynamic periwinkle blue hue with a vivifying violet-red undertone.
Blending the faithfulness and constancy of blue with the energy and excitement of red, this happiest and warmest of all the blue hues introduces an empowering mix of newness, it added.
Leatrice Eiseman, executive director of the Pantone Colour Institute, said: As we move into a world of unprecedented change, the selection of Pantone 17-3938 Very Peri brings a novel perspective and vision of the trusted and beloved blue colour family.
Encompassing the qualities of the blues, yet at the same time possessing a violet-red undertone, Pantone 17-3938 Very Peri displays a spritely, joyous attitude and dynamic presence that encourages courageous creativity and imaginative expression.
Laurie Pressman, vice president of the Pantone Colour Institute, added: The Pantone Colour of the Year reflects what is taking place in our global culture, expressing what people are looking for that colour can hope to answer.
Creating a new colour for the first time in the history of our Pantone Colour of the Year educational colour program reflects the global innovation and transformation taking place.
As society continues to recognise colour as a critical form of communication and as a way to express and affect ideas and emotions and engage and connect, the complexity of this new red-violet-infused blue hue highlights the expansive possibilities that lie before us.
Recent Pantone colours of the year:
Prepared on the basis of information from Print Week