Studies show a strong link between different types of cancer and processed meats.

Eating 50-grams of processed meat, or one hot dog a day, could give you a 21% risk of colorectal cancer, according to studies at the American Institute of Cancer Research.

Every year, about 143,000 Americans are diagnosed with colorectal cancer, and some 53,000 die from it.

A study in Taiwan also showed that children who eat cured and smoked meat can increase their risk for leukemia. Furthermore, a study in Australia found that processed meats increase women's risk for ovarian cancer, and regular consumers of processed meats increase their risk for diabetes by 41 percent, according to a review in the journal Diabetologia.

"A hot dog a day could send you to an early grave," stated Susan Levin, nutrition education director of the Physicians Committee for Responsible Medicine (PCRM). The committee, founded in 1985, works to promote preventative medicine and encourage higher standards for ethics and effective research.

"Processed meats like hot dogs can increase your risk for diabetes, heart disease and various types of cancer. Like cigarettes, hot dogs should come with a warning label that helps racing fans and other consumers understand the health risk." she said.

As part of an effort to raise awareness, PCRM sponsored a billboard near the Indianapolis Motor Speedway with an image of hot dogs sticking out of a cigarette pack with the warning "Hot dogs can wreck your health."