Since 2000, the Pantone Color Institute has declared a particular color "Color of the Year". Twice a year the company hosts, in a European capital, a secret meeting of representatives from various nations' color standards groups. After two days of presentations and debate, they choose a color for the following year.

The selected color connects with the zeitgeist. “The Pantone Color of the Year forecasts a state of mind,” said Feras Irikat, color expert and director of marketing and design for Lunada Bay Tile.

To arrive at the selection each year, Pantone’s color experts at the Pantone Color Institute comb the world looking for new color influences. These can include the entertainment industry and films in production, traveling art collections and new artists, fashion, all areas of design, popular travel destinations, as well as new lifestyles, playstyles, and socio-economic conditions. Influences may also stem from new technologies, materials, textures, and effects that impact color, relevant social media platforms and even upcoming sporting events that capture worldwide attention.

For 23 years, Pantone’s Color of the Year has influenced product development and purchasing decisions in multiple industries, including fashion, home furnishings, and industrial design, as well as product packaging and graphic design.

Pantone named Viva Magenta the 2023 Color of the Year. Descending from the red family, Viva Magenta is inspired by the red of cochineal, one of the most precious dyes belonging to the natural dye family as well as one of the strongest and brightest the world has known.

“We are living in a very unconventional time," said Laurie Pressman, vice president, Pantone Color Institute. "Through the last few years, we have gone through so many things, but it has become abundantly clear that our experience with COVID has played a dominate influencing us psychologically and physically."

"In this age of technology, we look to draw inspiration from nature and what is real," said Leatrice Eiseman, executive director, Pantone Color Institute. "Pantone 18-1750 Viva Magenta descends from the red family, and is inspired by the red of cochineal, one of the most precious dyes belonging to the natural dye family as well as one of the strongest and brightest the world has known.”