Let $K$ be a commutative compact hypergroup and $L^1(K)$ the hypergroup algebra. We show that $L^1(K)$ is amenable if and only if $pi_K$, the Plancherel weight on the dual space $widehat{K}$, is bounded. Furthermore, we show that if $K$ is an infinite discrete hypergroup and there exists $alphain widehat{K}$ which vanishes at infinity, then $L^1(K)$ is not amenable. In particular, $L^1(K)$ fails to be even $alpha$-left amenable if $pi_K({alpha})=0$.