They found that each 50-gram portion of processed meat - which primarily includes pork or beef - consumed daily increases the risk of colorectal cancer by 18 percent.
The IARC also uncovered evidence of a link between red meat intake and increased risk of colorectal, pancreatic, and prostate cancers.
It is thought that cooking red meats at high temperatures - through frying or barbecuing, for example - is what contributes to an increased cancer risk.
According to the National Cancer Institute - a part of the National Institutes of Health (NIH) - cooking meats at high temperatures can lead to the production of heterocyclic amines (HCAs) and polycyclic aromatic hydrocarbons (PAHs), which are chemicals that have been shown to increase cancer risk in animal models.